(Bloomberg) — The start of the “Magnificent Seven” earnings season failed to impress investors after a powerful rally that drove the US stock market to a record-breaking run.
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A $290 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) dropped in late hours. Alphabet Inc. retreated despite posting revenue that beat expectations. The company’s chief signaled investors will have to be patient to see concrete results from artificial-intelligence investments. Tesla Inc. slid after profit fell short of estimates and the electric-vehicle giant delayed its Robotaxi event to October.
Early Look at Magnificent Seven Earnings Fails to Impress
“Given that profit expectations are high for the ‘Magnificent Seven,’ these companies will have a lot to prove,” said Anthony Saglimbene at Ameriprise. “At the same time, their outlooks will likely be heavily scrutinized in comparison to elevated…
