It’s a monster week for earnings, with over half of the Magnificent 7 reporting this week after Google and Tesla released quarterly results after the close last Wednesday. Meta and Microsoft are slated to report after the close this afternoon, with Amazon and Apple’s latest figures due after 4 p.m. ET tomorrow.

Here’s how much traders think megacap tech stocks will move after earnings this week:

Meta has tended to have the biggest post-earnings move of the bunch, averaging a swing of 7.4% over its quarterly earnings since Q2 2014. This quarter it also has the biggest range of options-implied movement of the group, with traders eyeing a 5.8% change.

Apple and Microsoft, on the other hand, have tended to be the most stable after earnings, with each averaging an absolute move of 3.8% over the past 10 years. This go-round, Microsoft’s expected to move within 3.9% after earnings, and Apple’s expected to remain within 3.5%.

In the middle is Amazon, which has an options-implied move of 5% and has averaged 6.1% over the past few years.

Nvidia, the straggler of the group, doesn’t release its quarterly results until August 27. But in a sense, the hyperscalers’ capex outlooks are a collective preview of the chip designer’s earnings.

The Takeaway

The information the market gets over the coming days is going to be incredibly useful for determining where the market goes from here. These four companies not only represent a big chunk of the value of the largest indexes in their own right, but there are also a lot of companies that sell things to them and a whole lot of companies that are their customers.

Smartphones are entering their “made in India” era

For the first time ever, India has officially edged out China to become the top smartphone supplier to the US — and the shift in shipments year over year is dramatic, as our chart shows. China’s share more than halved over the same period, with the electronics powerhouse now falling to third place to another Asian country.