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Finance

Earnings live: Google stock drops on capex concerns, ServiceNow pops

· · 1 min read

Wall Street is coming into a busy week of earnings with high expectations.

Second quarter earnings continue to roll in, with updates from Alphabet (GOOG, GOOGL) and Tesla (TSLA) highlighting today's reports.

The pair, along with US chipmaker Intel (INTC), offered a crucial update on artificial intelligence demand as investors remain torn about huge capex commitments for the AI build-out. IBM (IBM), GE Vernova (GEV), Texas Instruments (TXN), and AT&T (T) also report Q2 results on Wednesday.

Overall, it's shaping up to be a strong earnings season for the S&P 500 (^GSPC). According to FactSet data, analysts estimate the year-over-year S&P 500 earnings growth rate for the second quarter will be 24.7% — above the five-year average of 16.4% and the 10-year average of 10.3%.

If that holds, it will mark the second consecutive quarter of earnings growth above 20% for the index and the seventh straight quarter of double-digit growth.

Tags: Money Business
Read full story on Yahoo Finance

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