Big tech on deck… Google, Microsoft, Amazon, and Meta are set to report, but slow growth (and high costs) could zap results. Last quarter, Microsoft missed sales expectations as PC and cloud demand cooled. Google disappointed as YouTube ads sagged. And despite Meta's cost slashing, analysts expect it to report its sixth straight quarter of declining profit. Tech stocks have jumped this year on hopes that the Fed would start cutting rates, but it may not be enough for a profit rebound.
Next stop… cleanup. Norfolk Southern will report for the first time since one of its trains derailed in Ohio in February. The rail giant faces suits from the DOJ and Ohio, among others, after the disaster spilled toxic chemicals. Norfolk says it’s paid out $28M for cleanup so far, but the full price tag could be much higher. Since 2012, Norfolk’s workforce has shrunk 39% and its accident rate has spiked 80%. Experts think understaffing could be an industry-wide challenge. Last week, rival Union Pacific delivered muted #s.