Earnings live: Reddit stock tanks 21% on 'choppy' Google search referrals, Amazon and Apple swing

Earnings live: Reddit stock tanks 21% on 'choppy' Google search referrals, Amazon and Apple swing

Updated Fri, July 31, 2026 at 5:52 PM GMT+3 1 min read

Earnings season kicked into high gear this week, and quarterly results are leading to volatility in stocks. The main focus was on Big Tech earnings on Wednesday and Thursday.

Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), and Amazon.com (AMZN) followed Alphabet's (GOOG, GOOGL) and Tesla's (TSLA) earnings last week, which sent the tech sector into a tailspin.

Overall, it's shaping up to be a strong earnings season for the S&P 500 (^GSPC). According to FactSet data, analysts estimate the year-over-year S&P 500 earnings growth rate for the second quarter will be 23.2% — above the five-year average of 16.4% and the 10-year average of 10.3%.

If that holds, it will mark the second consecutive quarter of earnings growth above 20% for the index and the seventh straight quarter of double-digit growth.