Why the broader U.S. stock market has ‘a lot riding’ on Big Tech earnings

A small group of technology giants have fueled U.S. stock-market gains this year, creating high anticipation for their soon-to-be-released earnings reports.

Big Tech stocks have driven 86% of the S&P 500’s performance so far this year, according to the note, citing seven stocks including Apple Inc. AAPL , Microsoft Corp. MSFT , Google parent Alphabet Inc. GOOGL . , Amazon.com Inc. AMZN , Nvidia Corp. NVDA , Facebook parent Meta Platforms Inc. META and Tesla Inc. TSLA . Most of these companies will report their first-quarter earnings this week and next.

Results for Apple, whose 7.1% weight in the S&P 500 index SPX is the largest among Big Tech companies, will be released next week, according to the note. Big Tech companies have been “holding up” U.S. large-caps stocks in 2023, said Colas. “Without them, the S&P 500 would only be up 1.1 percent on the year.”

Shares of the iShares Russell 1000 Growth ETF IWF have jumped around 12% so far this year, according to FactSet data, at last check. But this month, the fund is down around 1.7% based on Tuesday afternoon trading levels.

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