Four of the United States' big tech firms, accounting for nearly a fifth of the S&P 500's total value, report results on Thursday on the heels of a bruising Congressional hearing to look into alleged abuse of their global dominance.
) post financial results on the same day and investors wonder if they can deliver enough to extend a rally that has been central to Wall Street’s recovery since March.
“It’s simply momentum,” Leo Kelly, founder of Verdence Capital Advisors, told the Reuters Global Markets Forum, ahead of the results, due after the closing bell. Similarly, Facebook and Google are contending with a collapse in marketing spending. Refinitiv analysts estimate Facebook could generate its slowest revenue growth - around 3% - since it became a public company.
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