US equities had a cautious overnight session ahead of this week’s major tech reports. Microsoft, Meta Platforms, Apple, and Amazon are likely to determine whether tech stocks can bounce back from last week’s declines. So far, with just over 40% of S&P 500 having now reported, according to FactSet, Q2 blended earnings growth is running at +9.8%, up ~100 bp from end of June. Blended revenue growth rate is +5.0%. In addition, 78% have beaten consensus EPS expectations, in line with one-year average, while 60% have beaten on revenue, below the 63% average. Earnings beats are being rewarded less than average and misses being punished more than average, a theme we have flagged.