By Dhirendra Tripathi
Investing.com -- Stocks rose Monday as investors prepared for an onslaught of corporate earnings reports, especially in big tech.
Tesla Inc (NASDAQ:TSLA) hit $1 trillion in market value after Hertz Global Holdings (OTC:HTZGQ) Inc (OTC:HTZZ) announced it had ordered 100,000 electric vehicles for its rental fleet to be added by the end of next year.
That was a boost to the S&P 500 overall. PayPal Holdings Inc (NASDAQ:PYPL)also helped by dropping an idea to buy the social media site Pinterest (NYSE:PINS).
Energy continues to surge ahead of a United Nations climate conference in Glasgow, Scotland, this weekend. Oil prices hit multi-year highs again on Monday, as producers only gradually add to supply while reopening economies are demanding more fuel.
This week more than one-third of the S&P 500 will report earnings, starting off Monday evening with Facebook. After Snap Inc (NYSE:SNAP)’s earnings report last week, investors are worried that Facebook’s ad revenue will be hit by changes in privacy rules for Apple (NASDAQ:AAPL) device users, who now have to opt-in to see targeted ads from social media apps.
So far this earnings season, so good. Reuters reported that analysts expect S&P 500 earnings to rise 34.8% from the same period last year, citing data from Refinitiv.
Investors are also hearing about how management is dealing with supply chain issues and rising material costs. Kimberly-Clark Corporation (NYSE:KMB), the maker of household paper products, cut its profit outlook for this year because of higher costs.
Here are three things that could affect markets tomorrow:
1. Facebook earnings
Facebook Inc (NASDAQ:FB) will report its third-quarter numbers after the closing bell Monday. The social media giant is seen reporting a revenue of $29.58 billion and profit per share of $3.19, according to analysts tracked by Investing.com.
2. Google earnings
Google-parent Alphabet (NASDAQ:GOOGL) Inc Class C (NASDAQ:GOOG)’s third-quarter revenue is seen at $63.47 billion with profit per share coming in at $23.75. It reports Tuesday after the closing bell.
3. Microsoft earnings
Microsoft Corporation (NASDAQ:MSFT) is expected to clock a first-quarter revenue of $43.93 billion and earnings per share of $2.07. It also reports Tuesday.