The Dow and other indices surged Monday in anticipation of the upcoming earnings week, reflecting expectations for how the current quarter might influence the remainder of the year. This week will see big tech earnings, including Amazon (AMZN), Apple (AAPL), Google (GOOGL), Meta (META), Microsoft (MSFT), and Advanced Micro Devices (AMD), among others.
In morning trading, the Dow Jones Industrial Average added 323 points, or 0.77%. Meanwhile, the S&P 500 gained 0.4%, and the tech-heavy Nasdaq composite rose 0.5%.
Meanwhile, oil prices have dropped significantly, with West Texas Intermediate futures trading at approximately $67.30 per barrel. This decline followed Israel’s limited attack on Iran, which notably spared energy and nuclear facilities.
What to expect from Meta and Microsoft earnings
Wall Street is projecting double-digit profit and sales growth from Facebook parent Meta Platforms as the tech giant continues to ramp up its artificial intelligence efforts. Meta is expected to report earnings per share of $5.21 when it posts third-quarter results after the bell Wednesday, according to estimates compiled by FactSet (FDS+0.49%). That’s a profit of $13.49 billion, up more than 16% from period a year ago.
Meanwhile, Microsoft (MSFT+0.13%) is set to report earnings for its fiscal first quarter on Wednesday, after disappointing artificial intelligence sales in the last quarter. The tech giant is expected to report revenues of $64.57 billion for the first quarter of fiscal year 2025, according to analyst estimates compiled by FactSet (FDS+0.49%).
– Rocio Fabbro and Britney Nguyen contributed to this article
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