Update:

After the closing bell, there were several modestly encouraging signs from smaller companies.

Cadence Design, makers of software that chip companies use to lay out the circuits of their chip designs, beat revenue expectations by almost three percent, better than its average revenue beat.

And networker F5 Networks beat on sales and profit and forecast this quarter’s revenue in line with expectations, so at least things are not falling apart for networking equipment, it would appear, though F5 is not a giant company, so it may not be the best indicator.

There were solid results as well from NXP Semiconductors, a very broad vendor of chips into all the world’s industries; and solid results from Celestica, the contract electronics manufacturer. That’s encouraging given that Celestica also has broad exposure to the economy.

Earlier:

It’s that time of the quarter, time for Apple, Alphabet, Microsoft, Amazon, and Meta to report earnings, so we can see if the strongest franchises are showing any signs of slowing based on macroeconomic worries. So efficient, to have it all nicely wrapped up in one week!

I’ve already discussed the case of Amazon, the estimates for which haven’t moved much so far. There’s been no change since last week’s article.

For Apple, estimates are also mostly steady, a few hundred million chopped off here or there, nothing major. Alphabet’s June quarter estimate has been cut by several hundred million, and this year’s outlook was cut by a few billion dollars and the outlook for next year, seven billion dollars lower.