IXIC: Nasdaq Composite Leads Rally with 1.6% Gain as Big Tech Soars Ahead of Earnings

Tech-heavy index advanced on investors’ bets on solid earnings figures by the exclusive Magnificent Seven club.

• The Nasdaq Composite IXIC shot higher by 1.6% Tuesday as investors swooped into tech companies ahead of their big earnings reveal. America’s biggest companies are lined up to present financial updates for the first quarter this week and investors are optimistic over growth and profit prospects. In other words, peak earnings season is upon us.
• About 180 companies from the S&P 500 are posting results this week and Big Tech will headline the rush-hour reporting. Tesla TSLA had its turn already and if it weren’t for CEO Elon Musk, shares could’ve been floating at a new low for the year. The EV maker posted a 55% drop in profits from a year ago. Thankfully, Musk sparked the enthusiasm by announcing that an affordable EV model is coming by early 2025.
• Next up, social media giant Meta META is on deck to report Wednesday, after the bell. The parent of Facebook, Instagram, and WhatsApp is on a tear this year with shares up more than 43% since the start of January. Microsoft MSFT and Google parent Alphabet GOOGL report results Thursday.