By John Persinos
The stock market rally is getting tested this week, as crucial data and events come pouring in. It's crunch week for investors.
About 20% of the S&P 500 are scheduled to report quarterly earnings this week, including tech giants Alphabet (NSDQ: GOOGL), Amazon (NSDQ: AMZN), Apple (NSDQ: AAPL), and Meta Platforms (NSDQ: META). Also on deck are Caterpillar (NYSE: CAT), General Motors (NYSE: GM), McDonald's (NYSE: MCD), and Starbucks (NSDQ: SBUX).
Overall, earnings season so far has been sub-par. As of this writing, the blended earnings decline for the S&P 500 for the fourth quarter of 2022 is -5.0%, according to research firm FactSet. If -5.0% is the actual decline for the quarter, it will represent the first time the index has posted a year-over-year drop in earnings since Q3 2020 (-5.7%).
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