IXIC: Nasdaq Futures Erase Gains as Markets Brace for Big Tech’s Q3 Earnings Reports

America’s major tech firms are up next on the earnings board with Microsoft, Alphabet, Meta, and Amazon set to unveil Q3 financials.

  • Futures contracts tied to the Nasdaq Composite IXIC erased gains to drop 0.6% after floating 0.2% to the upside in pre-market hours Monday. On the heels of a week painted in dark red, the tech-heavy index is bracing for its main characters’ quarterly updates. All three major indexes closed last week in losses despite broadly positive earnings data.
  • On tap to deliver third-quarter financials this week are America’s best and brightest. Microsoft MSFT reports Tuesday after the closing bell, joined by Google parent Alphabet GOOGL. Facebook’s owner Meta Platforms META is on deck Wednesday. And ecommerce giant Amazon AMZN is up Thursday.
  • The general market sentiment suggests increased investor cautiousness after the 10-year Treasury yield almost hit the 5% mark for the first time since 2007. Higher bond yields are casting a shadow over an otherwise solid earnings season – of all S&P 500 companies that have rolled in their updates, 73% have topped Wall Street’s consensus views.

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