What to Expect in Markets This Week: Meta, Tesla Report; Airlines, Streaming Giants' Results Due

Earnings season picks up this week, with two Magnificent 7 members' results taking center stage. Meta Platforms and Tesla will hand in their quarterly numbers on Wednesday, kicking off a series of reports from Big Tech. Alphabet, Microsoft and Amazon are slated to join the fun next week, followed by Apple on Nov. 2. (Nvidia, the most valuable member of the group, won't report for some time.) The tech sector -- and the seven biggest names in it -- have played an outsize role in the stock market's recent gains. Meta will address investors weeks after releasing a widely-embraced AI agent and tailoring the tool for businesses. The momentum comes after Meta's investment in AI weighed on its profits last quarter. Investors are also watching Tesla's investments. The electric vehicle company missed earnings estimates last quarter as it spent heavily on autonomous vehicle and robot projects. Tesla's third-quarter EV deliveries came in ahead of estimates, and it last week showed off the Roadster, a sports car capable of dashing through the air. But Tesla is also facing a probe into the safety standards surrounding Cybercab, its driverless ridesharing service. The results due in the week ahead may also offer insight on credit card spending and media streaming. Travel, too, with four airlines slated to report: Airline executives were optimistic this spring that consumers would pay higher airfare, but air travel was down about 5% year-over-year in September, and Delta Air Lines recently issued a softer-than-expected outlook. Market Recap The major indexes recorded mixed results for the week. The Dow industrials rose 0.7%, while the S&P 500 fell 2%. A tough week for tech shares weighed particularly on the Nasdaq, which retreated 4.5%, ending a four-week streak of wins. A hotter-than-expected inflation reading fueled speculation that the Fed will continue raising rates, while memory stocks fell after a Chinese firm said it had made an advancement in memory chip production. For more, read Friday's market recap here. This Week's Top Events Here's a list of major events happening this week. TradingView publishes a more detailed calendar, but clicking the link will take you off the Investopedia site. * Tuesday, Oct. 20: General Motors (GM) is slated to release its third-quarter results at 6:30 a.m., followed by a conference call at 8:30 a.m. GM wants to expand its defense business and recently announced a partnership with weapons manufacturer Lockheed Martin (LMT). * Tuesday: Netflix (NFLX) is set to publish its third-quarter results at 4:01 p.m. ET and host a live interview with executives at 4:45 p.m. ET. The streaming giant's second-quarter numbers were largely in line with expectations, but the company forecast that revenue growth would slow. The streamer announced layoffs last week. Spotify (SPOT) also reports this week. * Wednesday, Oct. 21: Lam Research Corp. (LRCX) is set to discuss its "September quarter" results on a conference call at 5 p.m. ET, with the numbers expected earlier in the afternoon. The company, which produces chipmaking equipment, has enjoyed strong demand during the AI buildout. * Wednesday: IBM (IBM) is scheduled to publish its third-quarter results and host a conference call at 5 p.m. ET. The software giant's stock plunged after it handed in disappointing preliminary results last quarter. IBM said clients were spending less on software and more on server and memory products, which have seen prices surge in recent months. * Wednesday: Meta Platforms (META) is slated to issue its third-quarter results after the stock market closes, followed by a conference call at 5:30 p.m. ET. The social media giant made a record amount of revenue in the second quarter, but earnings came up short of expectations, and shares slid. * Wednesday: Tesla (TSLA) is scheduled to report its third-quarter results after the closing bell, followed by a live question-and-answer webcast at 5:30 p.m. ET. * Thursday, Oct. 22: American Airlines (AAL) is scheduled to host a conference call on its third-quarter results at 8:30 a.m. ET, with the figures expected shortly before then. The airline beat estimates last quarter, but shares fell when it released a downbeat forecast. United Airlines (UAL), Alaska Air Group (ALK) and Southwest Airlines (LUV) also report this week. * Thursday: Procter & Gamble (PG) is slated to hold a conference call on its fiscal first-quarter results at 8:30 a.m. ET, with the numbers expected before then. The company behind Tide and Pampers missed revenue estimates last quarter, sending its stock downward. * Thursday: Comcast (CMCSA) is scheduled to release its third-quarter results and host a conference call at 8:30 a.m. ET. Company shares took off this summer when the internet and wireless provider announced plans to spin off its media arm, NBCUniversal. AT&T (T) also reports this week. * Thursday: Western Digital (WDC) is set to release its fiscal first-quarter results after the closing bell and hold a conference call at 4:30 p.m. ET. The memory and data storage company beat expectations last quarter. Toshiba's plans to double its hard-disk-drive capacity recently weighed on the sector. More Investopedia Reads Wells Fargo CEO Charlie Scharf says positive aspects of the economy outweigh risks, Aaron McDade reports. Amazon CEO Jeff Bezos suggested that retirees stick to index funds while acknowledging that bubbles can hurt investors, Crystal Kim writes. Many Americans may get a break on heating costs this winter, Diccon Hyatt reports.

What to Expect in Markets This Week: Meta, Tesla Report; Airlines, Streaming Giants' Results Due

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