With US quarterly earnings likely to hit record highs this week, investors should be watching closely to see if the results of big tech corporations will reverse recent stock price declines.
By observation, the S&P 500 technology sector has plunged nearly 6% in just over a week due to growing expectations of US interest rate cuts coupled with political shifts.
Aggregate forward earnings for S&P500 firms have hit new record highs this year indicating strong performance and this means calendar second quarter earnings could help technology regain the spotlight.
It should also be noted that technology sales were largely influenced by the Joe Biden administration's warning about potential restrictions on the sale of semiconductor chips to China and Donald Trump's comments that Taiwan should pay the US for protection.
Tesla and Google-parent Alphabet will both report quarterly earnings on July 23, 2024, but results will start from the "Magnificent Seven" group of stocks that have been driving the market since early 2023.
It will also be followed by the quarterly earnings of IBM and ServiceNow scheduled for 24 July 2024 while Texas Instruments on 23 July and Qualcomm on 24 July which will reveal data from space chips*.
*A type of Key Item related to sidequests that you can find anywhere in Doodle World
Visa, Coca-Cola, Lockheed Martin, Ford and General Motors are also set to report earnings with investors keen to hear the firm's views on how strong consumers are and what the prospects for future economic growth are.
