After four quarters of disappointing earnings, the giants are back on a winning streak that is leading the whole US market upwardsWith a handful of tech stocks responsible for almost all of the S&P 500′s gains in 2023, there is a lot riding on their earnings. Photograph: ReutersLast week was a significant one for some of the world’s biggest tech stocks, with Microsoft, Google parent Alphabet, Facebook, and Amazon all reporting earnings.
Microsoft, Facebook, and Amazon all blew past analyst expectations last week and were rewarded with big share price gains. Alphabet’s stock gains were more muted, although the company also topped earnings and revenue estimates.Shareholders will be relieved. Big tech companies largely missed estimates over the last four quarters, notes Datatrek Research’s Nicholas Colas. Furthermore, there was little room for error, given the recent huge run-up in tech stocks.
Index investors, too, will be eagerly following the fortunes of tech stocks. Colas notes that just seven tech stocks – Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla – have been responsible for almost all of the S&P 500′s gains in 2023. There is, he says, “a lot riding” on tech stock earnings. It’s a case of so far, so good.
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