Market Focus Shifts to Megacap Tech Earnings Amidst S&P 500’s Record Run

As the S&P 500 continues its remarkable ascent, notching its 11th closing record of 2025 this week, investor attention is now squarely fixed on the impending earnings reports from tech giants Alphabet and Tesla. These highly anticipated releases, expected after the bell today, July 23, mark the unofficial start of earnings season for the megacap technology sector, a group whose performance has significantly influenced market direction in recent years.

While broad market indexes like the S&P 500 and Dow Jones Industrial Average have seen modest gains, fueled in part by recent developments such as the U.S.-Japan trade agreement announced earlier this week, the tech-heavy Nasdaq Composite has experienced some headwinds, notably from a dip in chip stocks. Analysts like Ryan Detrick of Carson Group acknowledge underlying skepticism but maintain a positive outlook for a ‘summer rally’ that, defying initial unpopularity, appears to be unfolding.

Beyond the tech behemoths, a busy earnings day also includes reports from Hasbro before market open, followed by Chipotle Mexican Grill and Mattel after the close. Early indications from the earnings season are promising, with approximately 85% of reporting S&P 500 companies surpassing Wall Street’s profit expectations so far. On the economic front, traders are also closely monitoring existing home sales data released this morning, adding another layer of insight into the current market landscape.

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