Big Tech earnings next week could revive a weakening market, or at least give investors direction on where stocks go from here. Next week will turn the spotlight on the majority of the Magnificent Seven, who started the year strong but have fallen off recently. Tesla reported on Tuesday that Meta Platforms will launch on Wednesday. Thursday was a double win for Alphabet, the parent company of Google and Microsoft. But those results come at a time when investors are nervous, uncertain where the market will go after expectations of interest rate cuts were pushed back and geopolitical tensions increased recently in the Middle East. , as well as a spike in Treasury bond yields. On Friday, the S&P 500 fell more than 5% from its 52-week high; it also fell below 5,000, a level the broader index only reached for the first time in February. Wall Street is hoping next week's large-cap tech results will give investors a better sense of where artificial intelligence trading will go from here, as the tech recovery could lift index. They also hope diverse consumer commentary will help investors better understand the state of the economy. “The weekly income is the most important, but I really think this income is the most important,” said Kim Forrest, founder at Morrison Capital. will be when we can find the direction of the market.'” On Friday, the S&P 500 and the tech-heavy Nasdaq Composite notched weekly losses. More gains, or buying opportunities? Look Overall, the Magnificent Seven's standards are high, even if there are growing differences between the names. Tesla, for example, will be in the spotlight next week from the electric vehicle maker, which has been the second-worst performer in the S&P 500 this year as it faces slowing sales and growing competition from China This week, Deutsche Bank downgraded the stock shares from buy to hold after Reuters report on possible scrapping of a low-cost car. In response, CEO Elon Musk said Reuters was “lying”. investors understand how to make money from artificial intelligence, find insight into Google's growing cloud business, as well as Microsoft's Copilot chatbot “These will give us some of the best indications of AI demand,” said investors at Thornburg Investment Management. Additionally, “We expect earnings to be quite good for at least Microsoft and Meta. look at recent earnings momentum.” Horizon Investments' Scott Ladner urged caution ahead of the reports due to high expectations around megacaps. However, he said any pullback of tech stocks could all give investors a chance to start “eating” on additional exposure While the investment chief predicts more volatility in the coming weeks,. “Especially with AI trading, those expectations have increased,” Ladner said It might be a little cautious to get exposure to those names before earnings because that threshold is quite high,” Ladner added: “But if we do have a sell-off related to zero releases hit those increased expectations, then we think it's probably a better buying opportunity than a selling opportunity at that point.” He also advised investors to start adding to their capacity exposure to other interesting assets such as those in Europe or small caps, which could soar after central banks cut interest rates later this year. Wall Street is also predicting comments from consumer-facing companies next week that could provide insight into the state of the economy. Investors are hoping that consumer spending, which has supported the economy as prices rose, remains strong. For example, Visa earnings results will be announced. “From an emotional standpoint, consumers don't feel very good, but they haven't acted that way in years,” Horizon's Ladner said. “So the more important thing we're looking at this quarter is are consumers still acting like they're in good shape? Even if they're feeling a little discouraged because they're not like the prices they're paying for things, are they still paying those prices? Are they still borrowing? I think this consumer-facing company will probably recover quite well in the second half of the year.” On the economic front, next week will also release first-quarter gross domestic product figures polled by FactSet is predicting the US economy will grow 3.1%, in line with previous figures. All times ET Monday, April 22 8:30 a.m. Index Chicago Fed National Operations (March) Earnings: Verizon Communications, Ameriprise Financial , Truist Financial Tuesday, April 23 8 a.m. Construction Permit Final (March) 9:45 a.m. PMI Prelims Composite (April) 9:45 a.m. Markit PMI Manufacturing Prelims (April) 9:45 a.m. Services Prelims Markit PMI (April) 10 a.m. New Home Sales (March) 10 a.m. Only Richmond Fed numbers (April) Earnings: Baker Hughes , Visa , Enphase Energy , Tesla , NextEra Energy , Freeport-McMoRan , Philip Morris International , Halliburton , United Parcel Service , PepsiCo , Lockheed Martin , Raytheon Technologies , GE Aerospace Wednesday, April 24 8:30 a.m. Durable Goods Order Preliminary (March) Earnings: Chipotle Mexican Grill, International Business Machines, Lam Research, Ford Motor, Associated Technologies, Waste Management, Medical Services Global , Raymond James Financial , Meta Platforms , Boeing , Hilton Worldwide Holdings , AT&T Thursday, April 25 8:30 a.m. Unemployment Claims Continue (April 13) 8:30 a.m. GDP (Q1) 8:30 a.m. Initial Inquiries (April 20) 8:30 a.m. Wholesale Inventory Snapshot (March) 10 a.m. Pending Home Sales (March) 11 a.m. Fed Manufacturing Index in Kansas City (April) Earnings: T-Mobile US , Capital One Financial Corp, Intel , Western Digital , Microsoft, Alphabet , Comcast , American Airlines Group , Southwest Airlines , Valero Energy , Caterpillar , Tractor Supply , Royal Caribbean Group , PG&E, GE Vernova Friday, April 26 8:30 a.m. PCE Deflation 8:30 a.m. Personal Consumption Expenditures 8:30 a.m. Personal Income 10 a.m. Michigan Sentiment NSA Final Income: T. Rowe Price Group , Colgate-Palmolive , Exxon Mobil , Chevron , AbbVie , Phillips 66