FAAMG Earnings to Take Center Stage Next Week Amid a Suddenly Choppy Market
Wall Street’s third-quarter earnings season shifts into high gear next week with some of the biggest names in the market set to release their latest financial results.
With the S&P 500 and Nasdaq Composite coming under pressure in recent sessions amid a plethora of worries, including prospects of higher interest rates as well as mounting geopolitical tensions in the Middle East, most of the focus will once again be on the ‘Big 5’ group of mega-cap tech companies.
The benchmark S&P 500 is down roughly 7% from its late-July highs, cutting its year-to-date gain to 11.4%. The pullback has wiped out most of the blue-chip Dow Jones Industrial Average’s 2023 gains.
Earnings from Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Meta Platforms (NASDAQ:META), Amazon (NASDAQ:AMZN), and Apple (NASDAQ:AAPL) will be significant considering these five stocks make up a substantial amount of both the S&P 500 and Nasdaq and have accounted for most of their gains this year.
As such, there will be a lot on the line when the so-called ‘FAAMG’ group of mega-cap companies report their respective results in the week ahead.
Google-parent Alphabet will be the first ‘FAAMG’ company to report earnings when it delivers its latest quarterly results after U.S. markets close on Tuesday, October 24, at 4:00 PM ET.
Analysts have become increasingly bullish ahead of the print, according to an InvestingPro survey: of the 28 analysts surveyed, 27 upwardly revised their GOOGL earnings forecast, while only one made a downward revision.
Source: InvestingPro
Consensus estimates call for Alphabet to report Q3 profit of $1.45 per share, rising nearly 37% from EPS of $1.06 in the same quarter a year earlier, as the search giant continues to reap the benefits of
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