Big Tech Sell-Off, Midterms and Jobs Report Set Up a Huge Week on Wall Street
After a steep tech sell-off on Alphabet and Amazon misses, Wall Street faces a packed week: Apple and Palantir Monday, midterms Tuesday, and the October jobs report Friday.
Wall Street is heading into a packed week after a steep tech sell-off, with blockbuster earnings, Tuesday's midterm elections and the October jobs report all on deck.
Last week opened with promise for Big Tech earnings — until Tuesday. Lackluster results from Alphabet, Amazon and Intel sent the tech complex into a steep sell-off, ending a wild week that began with Anthropic's S-1 filing.
At Alphabet, a miss on both revenue and profit sent shares falling 13%, as CEO Sundar Pichai said that while the company's search division had grown, the money wasn't keeping up as AI cuts into search monetization. At Amazon, a double miss on earnings and revenue triggered a sell-off that even strong cloud growth at AWS couldn't stop.
The week ahead opens Monday with earnings from Apple and Palantir, alongside Tower Semiconductor and Lattice Semiconductor in the chip sector.
Tuesday shifts the focus to politics, as the midterm elections are set to influence everything from control of Congress and the Iran war to the data center boom. AMD and Marathon Petroleum also report Tuesday, and the government releases JOLTS data in the first major labor market update of the week.
Wednesday and Thursday bring earnings from Toyota, ConocoPhillips, Eaton, Arm Holdings and McDonald's, alongside more economic data.
It all sets up Friday's October nonfarm payrolls report, the banner data release of the week.