Apple leads big tech earnings, UK Budget and Nonfarm Payrolls

Investors will be looking to the usual suspects to deliver the heavy lifting for equities. It’s a monster week for big tech earnings, with Apple, Amazon, Alphabet, Microsoft and Meta all due to report. With about one-fifth of the S&P 500 reported so far, the average 5% EPS beat so far is decent, whilst corporate sentiment has improved to a record high and mentions of weak demand fell to 2-year lows. Elsewhere, all eyes are on the UK’s new chancellor, Rachel Reeves, and possible far-reaching changes to the UK’s fiscal outlook with the Budget set piece on Wednesday. US jobs data will also be watched closely along with the advanced GDP reading for Q3 and core PCE inflation. 

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