It’s the biggest week yet for this earnings season, particularly for megacap tech names. Google parent Alphabet, Microsoft, Facebook parent Meta, Apple and Amazon all are scheduled to deliver quarterly reports. Companies have generally reported solid results, with some exceptions. This trend has contributed to volatility in the market as investors look for a bottom. On Friday, stocks surged to cap their best week since June, even as the Federal Reserve gears up to raise rates again while inflation remains hot.
China’s ruling Communist Party wrapped up its congress this weekend, leaving no doubt about President Xi Jinping’s authority. He is in line for a third term as president and is poised to stay on for longer than that, as the core leadership group around him is now even more stocked with loyalists.