Big Tech earnings drop this week. Here’s what Wall Street is watching.

We might be a week away from Election Day, but there’s plenty to chew on in the meantime.

This week is a big one for financial markets. The personal consumption expenditures index, the Fed’s preferred inflation gauge, is due Thursday. The October jobs report follows on Friday. We’ll also get a third-quarter GDP report.

That data will be the last bit of info the central bank gets before making a decision next week about rate cuts, writes B-17. Traders are expecting the Fed to make a standard quarter-point cut.

We’re also getting financial check-ins from some of the biggest companies in the world. Big Tech earnings start today, with roughly $12 trillion in market cap reporting over three days.

Here’s what to look out for:

Tuesday

Alphabet: Last time, analysts wanted details on whether Google’s AI bets were paying off. Executives can point to the slew of updates to Google Search unveiled earlier this month. But the company has bigger concerns than justifying tech spend. An August antitrust ruling against Google threatens to upend the entire organization.

Wednesday

Meta: Wall Street wants to know how much capex Meta will churn through in 2025, so we might get a forecast. Mark Zuckerberg hasn’t shied away from saying his company will keep spending big on AI, and the market hasn’t minded. Meta’s shares are up almost 67% this year, trailing only Nvidia among its Magnificent 7 peers. Judging by Meta Connect 2024 and its CTO’s comments, the tech giant wants to own the market for AI-powered wearables.

Microsoft: Things haven’t been as optimistic at Microsoft, where analysts hammered the company’s AI spend. It doesn’t help that reviews for Copilot AI are mixed. Microsoft’s big early bet on OpenAI is also evolving. The startup is trying to shed its non-profit tag, but the relationship shows signs of strain.

Thursday

Amazon: The e-commerce giant offers a valuable look at the strength of the US consumer. AWS’ strategy in our new AI-driven world is also an area of focus. But Amazon’s ballooning pile of cash and short-term investments — set to hit $127.4 billion by year-end — might be what Wall Street cares about most.

Apple: iPhone revenue has been a sore spot for Apple, partly due to diminishing sales in China. A new iPhone coupled with Apple Intelligence hopes to address that lull. And questions are swirling about the future of Apple’s other big 2024 release: the Vision Pro.