Four Tech Giants Report Q2 Earnings This Week as Fed Decision Looms

This week, Microsoft and Meta are scheduled to report earnings after market close on Wednesday, July 29, followed by Apple and Amazon on Thursday, July 30. Approximately 34% of S&P 500 constituents will release quarterly results this week.

Meanwhile, the Federal Reserve's policy committee will announce its interest rate decision on Wednesday. Markets are currently pricing in roughly a 30% probability of a rate hike this week. Implied volatility expectations for the earnings announcements are elevated: Meta at 7.4%, Amazon at 6.6%, Microsoft at 6.4%, and Apple at 3.7%, with the broader S&P 500 expected to see moves around 1.85% this week.