Wall Street Gains Ahead of Big Tech Earnings

Wall Street’s major indices mostly edged higher on Monday, 28 July, with the S&P 500 and Nasdaq Composite again crossing into record territory, while the Dow Jones pulled back slightly. The gains reflect what seems to be quiet confidence going into the busiest stretch of earnings season, with over 150 S&P 500 companies set to report quarterly results this week.

Among the highlights this week are members of the “Magnificent Seven”: Meta Platforms (META) and Microsoft (MSFT) report on Wednesday, 30 July, with Apple (AAPL) and Amazon (AMZN) following on Thursday, 31 July.

TL;DR

• Markets drifted higher Monday, with the S&P 500 and Nasdaq setting new records. Investors looked past US-EU tariff headlines and ahead to a packed earnings week and a key Fed decision on interest rates.

• Over 150 S&P 500 companies report earnings this week, including tech giants Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).

• Meta and Microsoft report on Wednesday. Meta’s AI spending and ad growth will be the focus of the report, while Microsoft’s update on Azure and broader enterprise AI adoption will be closely watched.

• Apple and Amazon report Thursday, with Apple’s AI roadmap and Amazon’s cloud and ad business performance likely to dominate investor attention.

S&P 500 & Nasdaq Hit Record Highs

It was another low-volatility drift into record high territory on Monday, 29 July, as markets shrugged off news of a US-EU trade deal announced over the weekend by US President Donald Trump. 

Investors will now turn their attention to the two-day Federal Reserve meeting starting today (Tuesday), with a decision on US interest rates to be made tomorrow. President Trump reiterated his call for the Fed to lower rates on Monday, pressure that Fed Chair Jerome Powell has so far resisted.

However, the main driver for stock markets this week could be second quarter earnings from the mega cap technology stocks. (Source: CNBC)

Apple Q3 Earnings: AI Strategy in Focus

Apple is set to report its fiscal third-quarter earnings after the market closes on Thursday.

Wall Street expects Apple’s revenue for the June quarter to rise 4% year-over-year to $89.34 billion, including $40.23 billion from iPhone sales, a 2% increase, and $26.82 billion from services, marking 11% growth.

Attention will firmly be on Apple’s AI strategy. Investors are looking for updates on Apple Intelligence, the company’s new suite of AI tools. Unlike Google-parent Alphabet (GOOGL), which recently lifted its expected capital spending to $85 billion, Apple is not likely to announce a similar ramp-up in investment.

Amazon Q2 Results: AWS Growth Expected

Amazon is set to report Q2 2025 earnings after the market closes on July 31.

Revenue is expected to come in around $162 billion, reflecting a 9.5% year-on-year increase and placing results near the top of the company’s guidance range. Operating income is forecast at approximately $16.7 billion, up nearly 14%. Adjusted earnings per share are projected at $1.32, marking an 8% rise.

At the core of Amazon’s growth is AWS, which continues to expand its AI offerings. Looking ahead, Amazon is expected to maintain steady earnings growth through 2026, supported by rising cloud adoption and momentum in its advertising business, even as broader macroeconomic conditions remain uncertain.

Meta Q2 Earnings: Ad Revenue & AI Spending Watch

Meta reports Q2 earnings on Wednesday, 30 July, after the close.

Meta is expected to post a 14.7% rise in total revenue to $44.81 billion, with digital ad sales contributing the majority. Earnings per share are forecast to climb 14% to $5.88.

The Facebook parent has rallied 31% since its Q1 results, driven by optimism around easing trade tensions and aggressive AI expansion. Recently, Meta has made headlines with big-ticket hires and ambitious infrastructure plans, including a proposed data centre the size of Manhattan and significant funding into AI startups.

A key focus will be whether Meta raises its full-year capital spending forecast again, after already boosting it to a $68 billion midpoint. Heavy AI-related costs could pressure free cash flow, though some relief may come from new tax incentives.

Microsoft Q4 Results: Azure & AI Integration Key

Microsoft is due to report earnings on Wednesday afternoon.

This quarter, revenue is expected to rise 14.1% to $73.86 billion, with adjusted earnings forecast at $3.38 per share. While the growth pace may be slightly slower than a year ago, Microsoft has consistently outperformed expectations, having topped revenue forecasts every quarter for the past two years.

Investors will be watching closely for updates on Microsoft’s AI integration, particularly in its Azure cloud platform and productivity tools. As the company embeds generative AI features more deeply into its offerings, attention is also turning to the broader risks and operational demands AI presents.

Conclusion

With markets hovering near record highs, this week’s earnings from the biggest tech names could prove decisive. Strong results may reinforce the rally, while any disappointment (particularly around AI spending) could test investor confidence.

*Past performance does not indicate future results. The above are only projections.

FAQs:

When is Apple reporting earnings?

Apple is scheduled to report its fiscal Q3 earnings after the market closes on Thursday 1, August.

When is Microsoft reporting earnings?

Microsoft is confirmed to report its Q4 fiscal 2025 earnings after the close on Wednesday, 30 July.

Which Big Tech companies are reporting earnings this week?

Meta and Microsoft report on Wednesday, followed by Apple and Amazon on Thursday.

Why are tech earnings important for the stock market?

Tech giants like Apple, Microsoft, Meta, and Amazon have a major influence on market indices, so their results often set the tone for broader market sentiment.

What time do earnings reports come out?

Most companies report after market close (4 PM ET) or before market open (6-8 AM ET).