Big Tech Earnings Loom as Key Test for S&P 500

Markets brace for Thursday's quarterly results from Alphabet, Meta, Amazon and Microsoft, which together comprise over 18% of the S&P 500 and could drive major index moves amid AI capex pressures. After recent all-time highs in the S&P 500 and Nasdaq, investors focus on revenue growth versus margin hits from heavy spending: Alphabet est. $107B rev (+19% YoY), EPS $2.67 (-5%); Meta $55.57B (+31%), EPS $6.65 (+3%); Amazon $177B (+14%), EPS $1.65 (+4%); Microsoft $81.4B (+16%), EPS $4.06 (+17%). Commentary on AI investments, layoffs and capex guidance will signal near-term direction.