Get ready for a wild ride! Investors are bracing themselves for the latest tech earnings and economic data, causing futures to slip. Don’t miss out on the action!

Get ready for a wild ride on Wall Street this week! Investors are eagerly awaiting earnings reports from tech giants like Alphabet, Microsoft, Amazon, and Meta Platforms, which have been propping up the markets this year. The big question is whether these companies will beat already-lowered first-quarter estimates and keep the rally going.

So far, the earnings season has been off to a strong start, with big banks reporting better-than-expected results and allaying concerns about a contagion from the banking crisis in March. Coca-Cola is set to report before the opening bell on Monday, and early indicators are positive, with the stock edging up 0.3% in premarket trading.

According to Refinitiv IBES data, nearly 76% of the S&P 500 companies that reported results through Friday beat analysts’ first-quarter profit estimates, which is above the long-term average of 66.3%. Forecasts for earnings have also improved marginally, with analysts now expecting a profit contraction of 4.7% versus a 5.1% decline estimated at the start of April.

But it’s not just earnings reports that investors are watching. This week, we’ll also see early readings of first-quarter U.S. GDP, personal consumer expenditure index (PCE) for March, and consumer confidence numbers for April. These reports will be closely scrutinized for signs of an economic slowdown, which could impact the Federal Reserve’s monetary policy path.

Money market traders have priced in an 85% chance of the Fed hiking rates by 25 bps next month, as per CME Group’s Fedwatch tool. At 06:00 a.m. ET, Dow e-minis were down 80 points, or 0.24%, S&P 500 e-minis were down 9 points, or 0.22%, and Nasdaq 100 e-minis were down 19.5 points, or 0.15%.

Meanwhile, Bed Bath & Beyond Inc’s shares tumbled 41.5% as the home goods retailer filed for Chapter 11 bankruptcy protection after it failed to secure funds to stay afloat. First Republic Bank, whose shares have sunk 88% this year triggered by the U.S. banking crisis, is set to report results after market closes on Monday.

Stay tuned for a week of high-stakes market moves!

(Reporting by Sruthi Shankar in Bengaluru; Editing by Vinay Dwivedi)

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