Global stocks start the week on a mixed note as investors remained cautious about the ever-increasing coronavirus cases and worsening US-China relations. While on Tuesday US futures and Nasdaq composite recovered from the previous session lows as investors braced for another big round of corporate earnings. On Friday last week, the NASDAQ Composite ended lower for a second consecutive week after mixed earnings results from INTEL (NASDAQ: INTC). Intel shares plunged 16% after the chipmaker revised downwardly its guidance for Q3 and delayed the release of its next-generation chips. IBM, Microsoft, and SNAP these are the other major technology company shares dropped last week after reporting quarterly earnings.
This week the main attention will be on the earnings season with more of the FAANG group of companies reporting their quarterly earnings. Facebook, Apple, Amazon, and Alphabet are among the big giants to report this week. These are the most popular momentum stocks which are largely responsible for the stock market’s gains over the past few years and these four Big Tech combines for more than $5 trillion in market value.
Tech stocks steady ahead of Q2 earnings
Advanced Micro Devices (NASDAQ: AMD) kicks off tech earnings on Tuesday. The chipmaker will announce its second-quarter 2020 financial results after market close on Tuesday. Meanwhile, Facebook (NASDAQ: FB) said on Monday that the company plans to report second-quarter earnings Thursday instead of Wednesday "due to a scheduling conflict." Along with Facebook, the other tech giants Alphabet Inc. (NASDAQ: GOOGL) and Apple Inc. (NASDAQ: AAPL) is scheduled to report second-quarter 2020 results on Thursday after market close. $AAPL stocks fell last week after the company delayed its iPhone launch to October and the shares have climbed 20% this year.
The largest e-commerce company Amazon (NASDAQ: AMZN) is slated to report its earnings after the markets close on Thursday. AMZN stock has surged around 30% since the company reported its first-quarter earnings on April 30. The stock rally added $13 billion to Amazon CEO Jeff Bezos’s wealth, pushing his net worth to $189 billion and cementing his position as the world’s richest man.
There are few other major companies also reporting quarterly results this week.
- McDonald’s Corp (NYSE: MCD) – before the markets open on Tuesday.
- Starbucks Corporation (NASDAQ: SBUX) – after market close on Tuesday.
- Visa Inc (NYSE: V) - after market close on Tuesday.
- Pfizer (NYSE: PFE) - before the markets open on Tuesday.
- Harley-Davidson (NYSE: HOG) - before the markets open on Tuesday.
- eBay Inc. (NASDAQ: EBAY) – after market close on Tuesday.
- Boeing Co (NYSE: BA) - before the markets open on Wednesday.
- Spotify Technology (NYSE: SPOT) - before the markets open on Wednesday.
- PayPal (NASDAQ: PYPL) - after market close on Wednesday.
- Qualcomm Inc. (NASDAQ: QCOM) – after market close on Wednesday.
- Mastercard NYSE: MA - before the markets open on Thursday.
- Gilead Sciences (NASDAQ: GILD) - after market close on Thursday.
- Exxon Mobil Corporation NYSE: XOM - before the markets open on Friday.
- Pinterest Inc. (NYSE: PINS) - before the markets open on Friday.
- Caterpillar Inc. NYSE: CAT - before the markets open on Friday.