Big Tech and Autos Set Tone This Week

The biggest earnings week of the autumn kicks off today. Over 1,500 companies report globally between Monday and Friday.

Microsoft posts results on Wednesday after the close, with analysts watching cloud growth and AI spend. Amazon follows on Thursday. Together they account for more than $6.5 trillion in market cap. Intel also reports Thursday, a read-through for the semiconductor sector.

Tuesday brings Coca-Cola, S&P Global and Centene before the open. Chipotle and eBay report after Wednesday's close alongside Amphenol.

In Europe, the auto sector dominates the second half of the week. Mercedes-Benz reports Tuesday. Dutch car registration data, which leads Mercedes revenue by 26 days with a strong fit, is running 6% below the same quarter last year. That is a cautious backdrop for the print. Volkswagen and Renault both report Thursday. Austrian car data, which leads Volkswagen revenue by 18 days, is also tracking down 6% year on year. For Renault, Dutch registrations are running 19% below prior-year levels on the same lead. Kia Corporation reports Monday, where Austrian data points to revenue tracking 9% above year-ago levels.

No IPOs are scheduled in the next seven days.

The Russell 2000 ranking cut-off falls Thursday. Vaxcyte sits on both the exit and entry lines simultaneously, with a 4.4% daily move enough to determine which index it lands in.