Beat the Street: Meta, Microsoft, Alphabet, Amazon among big earnings; oil reverses gains

(Video Transcript Summary)

Tech giants report earnings

In this episode of Beat the Street on IGTV, host Angela Barnes previews the upcoming earnings season and important economic data.

We learn that big tech companies like Meta (formerly known as Facebook), Microsoft, Alphabet (the parent company of Google) and Snap will be revealing their financial results.

But they're not the only ones – companies like Amazon and Coca-Cola will also be in the spotlight. And there's a big acquisition to talk about too – Chevron plans to buy its smaller rival Hess for $53-billion.

We then dive into the trading session on the IG platform, where we see that the S&P 500, NASDAQ, and Dow Jones Industrial Average are all experiencing losses. It's been a rough week for stocks overall, with concerns about rising interest rates causing some negative performance. And speaking of interest rates, the US 10-year Treasury yield is up over 5%, which could potentially affect the value of the US dollar.

Our host also shares upcoming economic data that traders should keep an eye on, including things like US purchasing managers’ index (PMI) data, EIA crude oil inventories, gross domestic product (GDP) figures, durable goods orders and initial jobless claims. Traders are being cautious because these reports could have an impact on potential interest rate hikes.

VIX peaks at higher levels

To help us navigate through all this, Angela is joined by Liz Derking from tastylive in Chicago. She tells us that the volatility index (VIX), which shows how uncertain the market is, is at higher levels. She also mentions an interesting trend - the past 15 Mondays have seen a lot of upward movement in the market. Traders are eagerly waiting to see if this trend continues. Liz also tells us that the upcoming earnings reports from the ‘Mag 7’ of tech (Microsoft, NVIDIA and Google) could really shake things up.

Throughout the video, we get insights into the major companies reporting earnings this week. General Motors and Chevron are facing challenges in the electric vehicle (EV) space, while Microsoft and Alphabet's advances in artificial intelligence have us intrigued. We also get a glimpse at Meta's revenue guidance and Amazon's plans for drone delivery. And let's not forget about the earnings reports for Exxon Mobil and Chevron, two major oil and gas companies, which are anticipated on Friday.

As the video wraps up, Angela covers other corporate news, like China investigating Apple iPhone maker Foxconn and the recent tensions in the Middle East affecting oil prices. And for all you commodities enthusiasts out there, our host discusses WTI and Brent crude, as well as gold, in relation to recent geopolitical events.