We are stepping into what might be the most consequential week of the Q4 earnings season. The spotlight is squarely on the AI complex, but we also have a massive slate of consumer and enterprise tech names ready to set the tone for the rest of the quarter.
Here is the breakdown of the key events and macro themes to watch.
The Macro Themes
The AI Bellwether: Wednesday afternoon is all about NVIDIA (NVDA). Investors are currently wrestling with elevated valuations and heavy AI spending in mega-cap technology stocks. The market will be looking for clear evidence that this massive infrastructure spend is translating into durable returns, otherwise, a broader rotation out of mega-cap tech could unfold.
Enterprise Tech & Software: Software is suddenly a bad word in markets and we have major reports from Salesforce (CRM), Snowflake (SNOW) and Workday (WDAY). Those are three companies that have been beaten up. It's hard to imagine they're going to say anything to convince market's that AI won't be disruptive so even on strong earnings we could see a 'sell the rip' trade.
The Consumer & Housing: Household spending has been slowing sequentially, and recent retail sales data has been essentially flat. We will get a direct look at consumer resilience and the state of the housing/renovation market via Home Depot (HD), TJX (TJX), and Domino's Pizza (DPZ).
Earnings Schedule
Monday, February 23 AM: GeneDx, Domino's Pizza, Axsome, Dominion Energy, Stepan, Freightos, Emera, Freshpet, Easterly Government Properties, Lincoln Tech
PM: hims & hers, BWXT, Kratos, Keysight Technologies, Primoris, Diamondback Energy, JBT Marel, Ovintiv, ONEOK, Offerpad
Tuesday, February 24 AM: Cipher Mining, Home Depot, DigitalOcean, NRG Energy, Leonardo DRS, FIS, Xometry, Amer Sports, Life Time, Planet Fitness
PM: AMC, MercadoLibre, CAVA, Axon, Zeta, Navitas, Workday, Tempus, Unisys, HP
Wednesday, February 25 AM: Hut 8, TJX, Trinity Capital, Photronics, Circle, Valens, Recursion, Ionis, Blackstone Secured Lending, BMO
PM: NVIDIA, The Trade Desk, Salesforce, Snowflake, IonQ, Synopsys, Array Technologies, Pure Storage, VICI Properties, Nutanix
Thursday, February 26 AM: D-Wave, Celsius, Vistra Energy, ACM Research, Eos, Baidu, Q, Rackspace, Warner Bros. Discovery, Gigacloud Technology
PM: CoreWeave, Rocket Lab, Marathon Digital, Innodata, Dell, OPKO, SoundHound, Zscaler, Duolingo, Compass Diversified
Friday, February 27 AM: Energy Fuels, 1stDibs, Endeavour Silver, Globalstar, Via, Arbor, TCP Capital, Sunstone, NW Natural, Amneal
