All eyes will remain on big tech this week with MSFT, AMZN, META and AAPL set to report for Q2During this second peak week of the Q2 season nearly 2,500 companies are set to report) got the reporting party started last week on Tuesday after-the-bell to little fanfare. Disappointing results from both those names led to a general selloff on Wednesday which saw theclocking their worst performance since 2022. Weakness was obvious in Tesla’s results, which missed EPS expectations by $0.
The bar was set high coming into the Q2 season with little room for error for corporations releasing results. Despite the recent rotation out of tech, many of these names still have very rich valuations and investors want to see that they are justified by strong fundamentals. Thus far, the trend of investors rewarding positive surprises less than usual and punishing negative surprises more than usual remains in play.
This week we get results from a number of large companies on major indexes that have pushed their Q2 2024 earnings dates outside of their historical norms. Ten companies within the S&P 500 confirmed outlier earnings dates for this week, eight of which are later than usual and therefore have negative DateBreaks Factors*.
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