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Luke Kawa

Here’s how much traders think megacap tech stocks will move after earnings this week

It’s a monster week for earnings, with over half of the Magnificent 7 reporting this week after Google and Tesla released quarterly results after the close last Wednesday.

Meta and Microsoft are slated to report after the close on Wednesday, with Amazon and Apple’s latest figures due after 4 p.m. ET on Thursday.

Nvidia, the straggler of the group, doesn’t release its quarterly results until August 27. But in a sense, the hyperscalers’ capex outlooks are a collective preview of the chip designer’s earnings.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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