It's A Mega Earnings Week
The upcoming election is top of mind for most people right now, but investors first have mega-cap earnings to deal with this week.
There are currently six $1+ trillion market cap companies in the US, and as shown below, they now have a combined market cap of more than $15 trillion.For comparison, at the market's low in March 2009 during the Financial Crisis, the market cap of the entire S&P 500 was just over $6 trillion.
Ten years ago these six companies (AAPL, AMZN, GOOGL, META, MSFT, NVDA) had a combined market cap of less than $1.5 trillion, so they have essentially "ten-bagged" (+1,000%) their market caps in the last decade!
You can easily start a watchlist that lets you track things like price charts, overbought/oversold levels, and earnings info for baskets of stocks, and below is a snapshot of price charts for a quick watchlist we made of the five mega-caps that are reporting earnings this week.
At the moment, all five are trading above their 50-day moving averages, but Meta (META) is the only one that's currently trading above where it was when the group peaked back in July.The last few months have definitely been a rest period for the mega-caps, and it will be interesting to see if Q3 earnings results this week can wake them from their slumber.
(Click on image to enlarge)
As shown below, Alphabet (GOOG) is the first of the mega-caps to report, with numbers expected after the close today.Microsoft (MSFT) and Meta (META) will report tomorrow after the close, followed by Apple (AAPL) and Amazon (AMZN) after the close on Thursday.
On average, the five mega-caps reporting this week are up 28.5% year-to-date, with MSFT up the least at +13.7% and META up the most at +63.6%.Amazingly, these five stocks are projected to report roughly $430 billion in combined sales for Q3.
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