Contracts on the S&P 500 and Nasdaq 100 fluctuated before turning green. Twitter Inc. gained as much as 2.1%, narrowing the gap to Elon Musk’s offer price ahead of the Oct. 28 court-issued deadline for the deal.
While the path of US interest rates remains at the center of investors’ attention, their focus this week will also be on earnings of megacap technology companies, among the key profit-growth engines for the S&P 500. The five biggest tech firms by revenue — Apple Inc., Microsoft Corp., Alphabet Inc., Amazon.com Inc. and Meta Platforms Inc. — are projected to report the steepest contraction in earnings in three years, data compiled by Bloomberg show.
“It’s clear demand is slowing but so far we’ve seen pockets of tech like software, cloud computing still being quite resilient,” said Laura Cooper, a senior investment strategist at BlackRock International Ltd., on Bloomberg TV. “We will be watching for any signs of cracks coming through that could put a dent to some of these earnings expectations.”
