Mag 7 Earnings Test the Broadening Narrative

This week's earnings from Microsoft, Meta, Apple, and Amazon are the critical test. MSFT surged 9% after earnings, while META slumped, creating a mixed tech picture. AAPL and AMZN report tonight. If the remaining reports disappoint, the rotation out of tech could accelerate and the S&P 500 may struggle to hold without tech leadership. AI spending and capex plans are the key questions. PCE/GDP data today added to the macro mix.