TLDR
- Major technology corporations including Alphabet, Amazon, Meta, Microsoft, and Apple unveil quarterly results this week
- Federal Reserve policy meeting concludes Wednesday with rates anticipated to remain unchanged at 3.5%-3.75%
- Justice Department concluded criminal probe into Fed Chair Jerome Powell, smoothing Kevin Warsh’s confirmation process
- Analyst projections show Magnificent Seven earnings expanding 25% in 2026 versus 11% for other S&P 500 constituents
- Major oil producers Exxon and Chevron announce results Friday amid Middle East geopolitical tensions
The most action-packed earnings period of the quarter begins this week as five global technology powerhouses prepare to release financial results.
Alphabet, Amazon, Meta, and Microsoft are all scheduled for Wednesday. Apple rounds out the group on Thursday.
These corporations comprise five members of the Magnificent Seven, a collection of dominant technology enterprises that have powered substantial market appreciation in recent periods.
Tesla has previously disclosed its numbers. Nvidia remains as the sole outstanding member scheduled to report later this earnings cycle.
The Magnificent Seven experienced turbulence entering 2026. During March’s final trading week, the collective shed approximately $850 billion in combined market capitalization. By month’s conclusion, all seven stocks registered year-to-date losses.
Market conditions have since reversed course. The Roundhill Magnificent Seven ETF has delivered 13% returns across the previous month, outpacing the S&P 500’s 9% advancement.
Morgan Stanley projects the group’s bottom-line profits will expand 25% in 2026, substantially exceeding the 11% growth forecast for the S&P 493 remaining components.
AI Spending in Focus
Market participants will scrutinize commentary regarding artificial intelligence infrastructure investments. Both Meta and Microsoft have generated uncertainty lately — Meta disclosed 8,000 workforce reductions, while Microsoft extended voluntary departure packages to certain employees.
Alphabet indicated earlier this year that capital expenditures would approximately double. Amazon CEO Andy Jassy characterized the company’s semiconductor division as “on fire.”
Apple shareholders will analyze remarks from incoming CEO John Ternus, who assumes leadership responsibilities from Tim Cook.
Broader equity indices concluded last week with upward momentum. The S&P 500 advanced 0.8% Friday and climbed 0.6% for the five-day period. The Nasdaq surged 1.6% Friday, producing a 1.5% weekly gain. The Dow declined 0.2% daily and 0.4% weekly.
Fed Holds Steady — and Powell Gets Good News
The Federal Open Market Committee convenes Tuesday and Wednesday, with the policy announcement scheduled for 2 p.m. ET Wednesday. Market pricing indicates a 99.5% probability of rates maintaining the 3.5%-3.75% target range.
Fed Chair Jerome Powell also received favorable personal developments Friday. The Justice Department terminated its criminal investigation into Powell concerning budget excesses during Federal Reserve facility renovations.
The Senate Banking Committee has arranged a Wednesday morning session that may include voting on Kevin Warsh’s appointment as incoming Fed chair. Warsh represents President Trump’s selection to succeed Powell upon his term expiration in May.
Thursday delivers the PCE inflation data for March, projected to register 3.5% on an annual basis, elevated from the prior 2.8% reading.
Energy sector leaders Exxon and Chevron disclose earnings Friday, with investors monitoring potential impacts from the Iran situation on petroleum supply routes through the Strait of Hormuz.
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