Slowing profit growth is removing some of the invincibility surrounding the stock market’s technology giants as they prepare to report earnings this week. Whether they can reverse that trend will go a long way to determining if the rally in equities can keep going.
The five biggest companies in the S&P 500 Index by market capitalization — Apple Inc., Nvidia Corp., Microsoft Corp., Alphabet Inc. and Amazon.com Inc. — are projected to post average earnings growth of 19% in their third-quarter results, according to data compiled by Bloomberg Intelligence. While that would handily top the S&P 500’s projected 4.3% increase, it also would represent their slowest collective expansion in six quarters, BI data shows.
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