Wall Street readies for Big Tech earnings reports
It’s all about Big Tech. The five largest companies in the S&P 500 — Apple, Microsoft, Amazon, Facebook, Alphabet — are set to report this week.
Why it matters: These heavyweights will overshadow most of the other 150+ reporting companies, in what will be the busiest earnings week of the quarter.
- We should hear more about labor and supply chain issues from Amazon, and how Apple projects the chip shortage to affect its production, Franklin Equity Group's Grant Bowers says.
Context: Snap set the tone for tech volatility last week with its forecast that supply chain issues would crimp digital advertisers’ spending — and that Apple’s latest iOS privacy updates were also disrupting the ad business.
- Snap’s stock sank 25% on the news, and Alphabet, Facebook and Twitter (which also reports this week) were down as well.
Meanwhile, a new round of Facebook whistleblower documents isn’t going to make the social media giant’s investor call any easier.