Week Ahead: Alphabet & Tesla in focus as “MAG 7” earnings kick off

• 2 of ‘Magnificent 7’ set to publish earnings on Wednesday
• Alphabet ↑ 4% month-to-date, 11% away from ATH
• Tesla ↓ 21% year-to-date
• Alphabet: Shares could move 5.3% ↑ or ↓ post earnings
• Tesla: Shares could move 5.6% ↑ or ↓ post earnings

The week ahead is stacked with high-impact events and corporate earnings from the largest companies in the world:

Sunday, 20th July 

• JP225: Japan upper house election

Monday, 21st July 

• CN50: China loan prime rates
• NZD: New Zealand CPI
• UK100: UK Prime Minister Keir Starmer speech
• USDInd: US Conference Board leading index

Tuesday, 22nd July

• AUD: RBA meeting minutes
• NZD: New Zealand trade
• NGN: Nigeria rate decision
• TWN: Taiwan export orders, jobless rate
• US500: US Richmond Fed manufacturing index, Fed Chair Jerome Powell speech

Wednesday, 23rd July

• EUR: Eurozone consumer confidence
• TWN: Taiwan industrial production
• USDInd: US existing home sales
• NAS100: Alphabet, Tesla earnings
• President Donald Trump speech on A.I.

Thursday, 24th July

• CAD: Canada retail sales
• EUR: ECB rate decision, Germany PMI & Consumer confidence
• JPY: Japan S&P Global Manufacturing PMI
• UK100: UK S&P Global Manufacturing PMI, Gfk Consumer Confidence
• US500: Initial jobless claims, S&P Global Manufacturing PMI, Intel earnings

Friday, 25th July

• GER40: Germany IFO business climate, Volkswagen earnings
• UK100: UK retail sales
• EUR: ECB survey of professional forecasters
• JPY: Japan Tokyo CPI
• SG20: Singapore industrial production

Earnings season is in full swing with US banks reporting strong results. Next up will be results from big tech companies, which may inject fresh volatility into US equity markets.

Two of the so-called ‘Magnificent 7’ tech titans will be under the spotlight.

1)  Alphabet

Alphabet, the parent company of Google reports its second-quarter earnings on Wednesday 23rd July after US markets close. 

Its shares gained 14% in Q2 amid strong AI product demand and growth in the cloud business. However, bulls may need a fresh catalyst to push Alphabet’s year-to-date gains out of the red. 

This could come in the form of strong earnings and robust advertising revenue growth.

Beyond earnings, updates on its cloud, ad business and AI innovations will be in focus. 

Markets are forecasting a 5.3% move, either up or down, for Alphabet stocks post earnings.

2) Tesla

Tesla is also set to release its second-quarter earnings on Wednesday after the close of US trading.

It’s been a rough year for the EV maker thanks to the political drama between Elon Musk and Donald Trump. Earlier this month, Trump threatened to withdraw government subsidies from Elon Musk’s companies – further weighing on Tesla shares.

Tesla is down over 20% year-to-date and could extend losses if its latest quarterly results are below market expectations.

Markets are forecasting a 5.6% move, either up or down, for Tesla stocks post-earnings.

What does this mean for FXTM’s NAS100

• FXTM’s NAS100 tracks the underlying benchmark Nasdaq 100 index.
• Alphabet and Tesla are part of the top 10 constituents, making up just over 10% of its weight.
• The index is up 10% since the start of 2025, recently hitting a fresh all-time high above 23100.
• Key levels of interest can be found at 23500, 23000 & 22600.