Big Tech earnings... drop together. Apple, Microsoft, Amazon, Google, and Meta report quarterly numbers this week. Last quarter, the "Big Tech 5" demolished earnings. Amazon and Apple had their best first quarters ever, Google's profit more than doubled, and Microsoft posted its strongest growth since 2018. The Nasdaq index, which is dominated by the Big Tech 5, is up 17% this year. Despite reopenings, some online pandemic habits seem to have stuck, and even intensified. But tougher antitrust regulation could spell trouble for the "Tech 5" down the line.
Oil or caviar?... You're feeling it at the pump: US gas prices are up 45% from last year. After oil prices plunged in March 2020, OPEC cut oil production to stop the free fall. Now, the powerhouse org of 14 oil-exporting countries has agreed to boost production, as oil prices hit their highest levels in more than two years. We'll see if higher prices helped Shell, Exxon, and Chevron when they report earnings this week. The oil giants are also facing pressure to embrace renewable energy.