Nail-Biting Tech Earnings Season Ahead After Nasdaq Rout

With technology stocks on track for their biggest annual decline on record, the earnings season has a lot riding on it.

A tumultuous first half wiped out $5.6 trillion in market value from the Nasdaq 100 Index through the end of June, with rate hikes hitting stocks valued on future earnings, inflation driving up costs, and the threat of recession weighing. At the same time, earnings estimate cuts by analysts have been lagging, leaving room for big surprises and dramatic post-earnings moves.