A lot of significant Big Tech earnings reports are due out this afternoon, and the market is already significantly down. Each of the S&P 500, Dow 30 and Nasdaq Composite are currently down about 1%. Why are stocks declining right now?
In any case, investors appear to be a little uneasy ahead of certain crucial results calls.
In fact, today's earnings from IT heavyweights Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) are scheduled to be released after the bell. Year-to-date (YTD), the shares of Alphabet and Microsoft have both fared admirably, rising by almost 18% and 16%, respectively.
According to this year's pattern, analysts are expecting a good earnings beat today. In fact, 70% of corporations have surpassed earnings predictions while 60% of companies have above Wall Street sales projections for the time period. Despite the fact that this is technically below their long-term average, investors should be happy as we move deeper into the second quarter following 2022's dismal stock performance.
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