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Stocks open higher in big tech earnings week

Stocks open higher in big tech earnings week


Stocks opened higher on Monday to kick off what is shaping up to be a busy earnings week, suggesting the market is regaining momentum after a sharp sell-off.

The S&P 500 index is down more than 5 percent this month. Geopolitical tensions in the Middle East spooked investors late last week and added to concerns closer to home about high inflation that have recently weighed on the stock market.

Investors are bracing for a Big Tech earnings bonanza this week, with many of the Magnificent Seven companies all reporting results, alongside other well-known names.

Who are the Magnificent Seven?

The Magnificent Seven is a name given to a collection of largely technology-based companies that are among the most valuable in the world and whose stocks dominate the market. Technology stocks have generally been supported by enthusiasm over developments in artificial intelligence.

Learn more: Find out which seven great stocks made our list of best stocks

The Magnificent Seven

  • Alphabet (Google)
  • Apple
  • Amazon
  • Meta (Facebook)
  • Microsoft
  • Nvidia
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Tesla logo and Wall Street sign
A Tesla logo on a smartphone with Wall Street and the New York Stock Exchange in the background. Tesla will release its quarterly results on April 23.

Avishek Das/SOPA Images/LightRocket via Getty Images

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Tesla will report its first quarter results on April 23, after a difficult start to the year for Elon Musk's electric vehicle giant. Massive layoffs at the company were announced in early April and the stock price has fallen more than 40 percent since the start of the year.


Things are looking up for Meta, the parent company of Facebook and Instagram, which is up about 38% year to date, making it the second-best performer this year after the chipmaker Nvidia electronics. Mark Zuckerberg's company has seen its advertising business grow and is capitalizing on the AI ​​madness. It recently rolled out the latest version of its large language model, Llama 3.

Learn more: Compare the best growth stocks

Microsoft, Google

The other two members of the Magnificent Seven that released their results this week are Microsoft and Google, which have also reaped the rewards of their investments in AI technologies. Wall Street is bullish on both companies.


Amazon is expected to release its next earnings report on April 30.

Apple, Nvidia

Apple and Nvidia are expected to share their respective results in May. Nvidia shares fell 10% on April 19 to $762 per share, their lowest price since February. Apple, meanwhile, has seen its shares fall more than 11% this year as the iPhone maker faces slowing growth and falling sales.

Highlights from this week's earnings reports:

  • Monday: Verizon, German software publisher SAP
  • Tuesday: Visa, Tesla, PepsiCo, Lockheed Martin, Spotify, General Motors
  • Wednesday: Meta, IBM, Boeing
  • Thursday: Microsoft, Alphabet, Google parent company, AstraZeneca, Intel
  • Friday: Exxon Mobil, Chevron

Other economic highlights this week include new home sales data for April 23 and weekly jobless claims for April 25.

Update, 4/22/24, 9:15 a.m. ET: This story has been updated with additional information.