Big Tech stocks have a high earnings bar to clear

📆 10/29/2024 7:30 AM
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Wall Street will get earnings reports from five members of the so-called Magnificent Seven this week. There's a lot at stake for the stock market.

Wall Street will get earnings reports from five members of the so-called Magnificent Seven this week. There's a lot at stake for the stock market. Google- and YouTube parent Alphabet is slated to post its third-quarter figures Tuesday after the close. Meta Platforms and Microsoft are due Wednesday. Apple and Amazon are on deck for Thursday. The reports come at a tricky time for investors.

"With tech valuations having recovered more than 15% from their August lows, the bar is high for the sector to strongly 'beat and raise,'" Marcelli said in a note. Technical patterns based on price charts aren't too favorable either heading into megacap tech earnings. The Technology Select Sector SPDR Fund in June hit its highest relative level to the S & P 500 since March 2000 , when the dot com bubble peaked. Since then, it has rolled over.

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