SPX: S&P 500 Futures Turn Up as Magnificent Seven Readies for Rush-Hour Earnings

On the docket for this week: reports from Tesla, Facebook parent Meta, Microsoft and Google parent Alphabet. What’s not to like?

Key Points:

• S&P 500 futures modestly higher.
• Big Tech gears up to report earnings.
• About 180 S&P 500 names report this week.
• Futures tied to the S&P 500 ticked up 0.3% Monday morning as traders and investors were preparing for peak earnings season. It’s the week of Big Tech reports and markets are excited. A roster of highflying technology companies, collectively called Magnificent Seven, will headline this week’s rush-hour earnings traffic. Will artificial intelligence help lift up profits and lead to a rebound in the S&P 500, which just suffered its worst week in 12 months by dropping more than 3.5%?
• Tesla TSLA is on tap for Tuesday after the bell. The EV maker is the worst performer not only in the Mag 7 club, but also in the entire S&P 500 this year with shares down 40%. Facebook parent Meta META reports Wednesday, again after the bell. The social media behemoth has outperformed peers with its shares up nearly 40% since the start of January. Microsoft MSFT and Google parent Alphabet GOOGL report results Thursday.
• The other names in the highly elite group aren’t reporting for another week or more. Amazon AMZN and Apple AAPL disclose financial statements next week. And AI darling Nvidia NVDA is slated to reveal numbers on May 22. By the looks of it, eventful times are ahead with roughly 180 S&P 500 companies reporting over the next five trading days.