Wall Street enters its busiest week of earnings season with a single question hanging over markets: will mega‑cap tech confirm or calm growing fears about runaway AI spending? With 175 S&P 500 companies reporting — including Meta, Microsoft, Apple, and Amazon — investors are bracing for results that could reset expectations for the rest of the year.

Earnings Season At A Glance

According to FactSet, 86% of S&P 500 companies are reporting earnings above consensus estimates, with 27% having released results.

Earnings Estimates Summary

When combining actual results with consensus estimates for companies yet to report, the S&P 500’s blended earnings growth rate for the quarter is 37.9% year over year, above the 23.3% expectation at the end of the quarter. Notably, the expected earnings growth rate for calendar year 2026 is 27.3%, while the estimated growth for 2027 is 15.3%.

Tech Weakness Pulls The S&P 500 Lower

The S&P 500 fell 0.6% last week amid weakness in big technology companies and ongoing hostilities with Iran. The Magnificent 7 — Microsoft (MSFT), Meta Platforms (META), Amazon.com (AMZN), Apple (AAPL), NVIDIA (NVDA), Alphabet (GOOGL) and Tesla (TSLA) — were........

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