*TECH STOCK RALLY FACES MAJOR HURDLE IN WEEK AHEAD AS MEGACAP EARNINGS SEASON STARTS - $DIA $SPY $QQQ $MSFT $TSLA 🇺🇸🇺🇸
) on Thursday. Apple, the largest U.S. company by market value, and Google-parent Alphabet report the following week.
Fourth-quarter earnings in the tech sector are expected to have declined 9.1% from a year ago, compared to a 2.8% decline for S&P 500 earnings overall, according to Refinitiv IBES. A critical question for many megacaps, once heralded for their stellar growth, is whether they can increase revenue and profits significantly while cutting costs in the face of a possible recession.
Alphabet Inc said Friday it is cutting about 12,000 jobs, or 6% of its workforce, the latest tech giant to announce layoffs. Microsoft on Wednesday said it would eliminate 10,000 jobs while Amazon started notifying employees of its own 18,000-person job cuts. "The biggest positive could be if they could show a control of expenses while keeping at least reasonable growth intact," said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey."It’s a hard balancing act."Valuations for tech and megacap companies have moderated after last year's selloff, though they still stand above those of the broader market.
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