Wall Street in the haze of the tech selloff as the AI promise lingers – Earnings Scorecard

As investors navigate through the frenzy of quarterly disclosures, the market’s turbulent anticipation of major tech companies’ results, a crucial Federal Reserve policy meeting, and key employment data is palpable. In a season marked by a whirlwind of corporate earnings announcements, stock reactions amidst macroeconomic events revealed a patchwork of varied performances across sectors such as communication services, consumer discretionary, and technology.

This week’s earnings scorecard presents a complex picture: with 80% of companies exceeding profit expectations, reflecting signs of strength despite broader economic headwinds. On the revenue front, over half of the reporting firms have surpassed forecasts, hinting at a mixed by generally positive trajectory in corporate performance.