Meta Platforms, Tesla, Space Exploration Technologies, Netflix, and a host of chip, software, and aerospace firms are set to report quarterly results, as volatile stocks and bonds look set for another turbulent week in earnings season. Meta and Tesla are due to report on Wednesday, starting the period of Big Tech results.
Alphabet, Microsoft, and Amazon will report next week, with Apple set to report on Nov. 2. Nvidia, the most valuable member of the group, will report later. The technology sector, and in particular its seven largest companies, has been a key driver of the recent rise in stocks.
Last Week Market Recap:
Major US indexes ended the week on a mixed note as the Dow Jones Industrial Average gained 0.7% while the S&P 500 dropped 2%. The Nasdaq Composite Index closed down 4.5% as technology stocks came off their winning streak of four consecutive weeks.
A hotter-than-expected inflation reading increased expectations that the Federal Reserve may continue to raise interest rates. Memory chip stocks fell after a Chinese firm announced a major breakthrough in the production process. For a detailed look at Friday’s closing bell, see the linked market recap article.
This Week’s Key Earnings and Economic Events:
Investors are also nervous about the artificial-intelligence trade as SpaceX, Meta Platforms and Tesla report earnings this week. Such concerns dragged the Nasdaq Composite down last week, with semiconductor stocks hit particularly hard.
The U.S. reporting season picks up pace next week, with investors eager to see strong performances. LSEG IBES forecasts that the companies in the S&P 500 index will report a third-quarter profit increase of more than 30% year over year.
The VanEck Semiconductor ETF dropped for nine straight sessions, shedding 10.5% in the week, the biggest weekly drop since April 2025.
Preliminary S&P Global PMIs and the University of Michigan consumer-sentiment survey for October will provide indicators on fourth-quarter economic growth and inflation. With the Federal Reserve's policy blackout period starting October 17, economic data and corporate earnings will guide rate expectations for the remainder of the month
Key Market Catalysts to Watch This Week:
Meta Starts Big Tech Earnings Season, While WDC Gauges AI Memory Appetite
Heavy spending on AI data centers and infrastructure is expected to be one of the key drivers of growth. Goldman Sachs projects that five AI hyperscalers, including Meta, will spend a combined amount of $1.2 trillion on capex next year. Investors are waiting to see if the investments will pay off and generate profits.
Meta Platforms heads into Wednesday’s third-quarter report on a rally, buoyed by interest in its Muse AI assistant. Investors will look for details on monetizing Muse, the Meta Enterprise Platform, and the company’s AI spending plans, including potential 2027 investment guidance. FactSet analysts expect earnings of $6.67 per share, versus $1.05 a year earlier—or $7.25 excluding a one-time tax charge and revenue of $63.31 billion, up 24%.
Meta, valued at approximately $1.8 trillion, has seen its shares rise in recent weeks following the launch of its Muse AI assistant. Western Digital is also due to report, with analysts expecting earnings per share of $4.08 on revenue of $4.13 billion.
Musk’s AI Ambitions and Robotaxi Push Meet an Earnings Reality Check
Tesla is poised to report its third-quarter results Wednesday post market after unveiling several new models, including the Cybercab, Semi and Roadster. FactSet analysts are forecasting per-share earnings down 10% to 45 cents, and revenue down 0.5% to $27.935 billion, reflecting tough year-earlier comparisons. Cash burn is forecast to rise to $4.285 billion, as capital expenditures rise.
Investors are likely to be interested in any news about the Cybercab and Tesla's broader autonomous-driving ambitions, as well as the timeline for its Optimus humanoid robot. The company's recent unveilings of new vehicles have sparked investor interest in these long-term projects ahead of the earnings report.
SpaceX is expected to report its first positive adjusted earnings per share, with estimates ranging from 14 cents to a more recent consensus of 23 cents. Revenue is expected to be $12.89 billion, up from $7.81 billion in the second quarter and $4.694 billion a year earlier, as the company increasingly sells excess AI computing capacity. Cash burn is still expected to be substantial at $10.8 billion as the company makes significant investments, while its stock price traded below its 50-day moving average last week.
Netflix, IBM, Airlines and GE Cap a Busy Week of Earnings
In addition to the major technology companies, this week’s earnings reports will highlight demand, corporate spending, and travel. The companies to watch in addition to the big names in tech are Netflix (NFLX), IBM, GE Aerospace (GE), and major airlines United Airlines (UAL), American Airlines (AAL), and Southwest Airlines (LUV).
In after-hours trading on Friday, the SPDR S&P 500 ETF (SPY) declined 0.26%, the Invesco QQQ Trust (QQQ) dropped 0.27%, and the SPDR Dow Jones Industrial Average ETF Trust (DIA) decreased 0.21%.
Oil Services, Refiners, Railroads and Steel Giants Roll Into Earnings Season
SLB, the oil-field services giant counting on an increase in its use of artificial intelligence, will report third-quarter results on Oct. 23. It is expected to report revenue of approximately $9.27 billion, up nearly 4%, and adjusted earnings of 62 cents per share, down 10%. Halliburton (HAL) reports on Oct. 20, with forecasts calling for earnings to hold near 58 cents per share and revenue of $5.58 billion. Valero (VLO), the largest independent U.S. oil refiner, will report on Oct. 22, with analysts forecasting a jump in earnings of 779% to $20.90 per share, while revenue rises almost 35% to $43.36 billion.
Major railroads are also due to report. CSX is expected to report a jump of 21% in earnings on Wednesday, having recovered from two down years in a row. Union Pacific (UNP) and Norfolk Southern (NSC) report on Thursday, with the former set to report a 13% increase in earnings and the latter a 6% increase. Sluggish freight traffic and rising fuel prices are headwinds, and the proposed $8.5 billion acquisition of Norfolk Southern by Union Pacific is facing lengthy regulatory review. CSX is against the deal, which would create a coast-to-coast railroad.
Cleveland-Cliffs (CLF) and Steel Dynamics (STLD) complete the list of industrial stocks that will report. Cleveland-Cliffs, expected to report early Monday, is forecast to report 21 cents in earnings per share, marking its first profitable quarter in nine, and a 20% increase in revenue to $5.695 billion. Steel Dynamics reports after the close, with analysts projecting earnings to double to $5.47 per share and 33% higher revenue of $6.429 billion.