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All Eyes on Big Tech Earnings and the FOMC Meeting

Big Tech earnings meet a pivotal Fed decision as the Nasdaq 100 comes under pressure. Can Alphabet, Microsoft, Amazon and Intel deliver on margin expectations as AI borrowing grows? Explore the week’s biggest tests.

The heaviest week of technology earnings opens with the Nasdaq 100 below its 50-day moving average. Alphabet and Microsoft report on Wednesday, the day of the Federal Reserve's decision, and Amazon and Intel follow on Thursday.

Fed funds futures now price a smaller chance of a hike on Wednesday, and the 10-year Treasury yield fell 15 bp in the week to 4.99%. Lower yields have not carried technology shares, which have given back their late-September breakout after the October 22 selloff in chip and AI shares. The reports test two expectations at once. Analysts expect the S&P 500 net margin to rebuild toward 16% by mid-2027, a path that leans on Information Technology, while the cost of insuring Amazon's debt has risen far faster than the market's as AI borrowing grows.

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