Happy Wednesday! Earnings season is in full swing, and all eyes are on Meta (META) and Microsoft (MSFT), as the two tech giants gear up to report results after the market close today. Dive into our previews for key themes, analyst estimates, outlook and other market-moving news.

Also, we’ll take a look at the winners and losers from yesterday’s busy earnings day with Starbucks (SBUX), Visa (V), Booking Holdings (BKNG), Boeing (BA), Royal Caribbean (RCL) and more reporting results.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Meta Q2 Earnings Preview: 11 Straight Revenue Beats On The Line With Stock Near All-Time Highs

Earnings season is in full swing, and all eyes are on Meta, which reports after hours today.

With Wall Street buzzing, and shares of Meta hovering near all-time highs, the tech giant comes in riding a wave of 11 straight revenue beats. Will it continue?

The company has also been on a spending spree as it races to lead the AI arms race. While earnings estimates will be closely watched, the real intrigue is the story behind it all.

From escalating AI investments to the rapid growth of Threads, Meta is making bold moves that could reshape its long-term narrative. Investors are watching closely for signs that ad revenue is accelerating, AI spending is starting to pay off and platforms like WhatsApp are ready for serious monetization. With volatility expected and investor sentiment at a high, one thing is clear — this report could be a turning point.

Is Meta’s strategy about to pay off? Read on for the full earnings breakdown and what to watch before the company reports this afternoon.

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Yesterday: U.S. indexes finished near the lows Tuesday, halting a six-day winning streak that had lifted the S&P 500 to record highs, as investors assessed corporate earnings and looked ahead to the Federal Reserve’s policy decision. The S&P 500 slipped 0.3%, the Dow fell 0.5%, and the Nasdaq dropped 0.4%, marking the first session in a week without a new high. Treasury yields declined sharply, and oil prices jumped nearly 4% after renewed geopolitical tensions and potential sanctions on Russia. Economic data showed consumer confidence rose more than expected in July, but signs of labor market softness emerged as job openings declined. A sharp fall in imports narrowed the trade deficit, prompting a boost in second-quarter GDP estimates, though underlying growth still remains sluggish.

On Our Radar: Analysts and investors will turn their attention to the Federal Reserve’s interest rate decision later today. As of now, markets see a 98% chance the Fed will hold rates steady at 4.25%–4.5%. On the earnings front, Meta (META) and Microsoft (MSFT) will headline a slate of major earnings reports that will be released after hours today.

Shares of AMD rallied to hit a new 52-week high on Tuesday as shares surged past $175. The chipmaker is now up 134% since April’s tariff-driven lows, outperforming Nvidia’s 105% gain. But that wasn’t the only big mover of the day…

Discover how the market is moving with our interactive heatmap — filter by market cap and zoom in for deeper insights. Click any box to explore specific sectors or assets in detail.

Stay ahead of the market with real-time alerts on price spikes, unusual options activity, block trades, halts, opening gaps and more. Benzinga Pro gives you the power to customize your alerts, so you only get the signals that matter to you. Try it FREE for 14 days and react faster than the rest of the market.

On This Day In 2002…

U.S. President George W. Bush signed the Sarbanes-Oxley Act into law, a landmark piece of legislation aimed at preventing future accounting scandals like Enron’s infamous collapse. The law introduced stringent reforms to corporate governance, financial reporting and auditing practices, with the goal of restoring investor confidence in the wake of high-profile corporate fraud cases. Key provisions included harsher penalties for corporate fraud, the creation of the Public Company Accounting Oversight Board (PCAOB) and requirements for CEOs and CFOs to personally certify the accuracy of financial statements.

QUOTE OF THE DAY

“Investment is most intelligent when it is most businesslike.”

— Benjamin Graham

Microsoft Q4 Earnings Preview: Can The Tech Giant Beat Forecasts For 10th Straight Quarter?

Microsoft is back in the spotlight as it prepares to release its fourth-quarter earnings report after the market close.

With shares up more than 30% in the past three months, earnings and expectations are sky-high for the company that is closing in on a $4 trillion valuation. With nine straight revenue beats and 11 consecutive EPS surprises, the company is flirting with perfection. But with its stock trading at all-time highs, the pressure is on to prove that AI and cloud growth are more than just buzzwords.

Wall Street will be watching closely, especially around AI monetization and Azure’s momentum. Microsoft has been the poster child for the tech sector, but whether it can keep the rally going is far from guaranteed. The market is watching not just for another beat — but for a signal that the AI revolution is turning into durable, scalable revenue.

Read on for the full earnings breakdown and what to watch before the company reports this afternoon.

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