Even if it is not the most important week of quarters earnings season, it will still be the most important.This is because Big Tech will all report and the five companies Google parent Alphabet Inc. AMZN, -0.51%, Amazon.com Inc. AMZN -0.51%, Apple Inc. AAPL -1.20%, Facebook Inc. FB, +15.30% and Microsoft Corp. MSFT -1.23% can decide the future direction of the market at this time in history.These stats are from Dow Jones Market Data Group.These five Big Tech companies accounted for more than one-fifth the market capital of the S&P 500 Index SPX (+1.01% as at the end of second quarter, 22%).As of the second quarter's end, the ratio was 22%. They provided close to 10% of total sales for the 500-member index and 18% of total profit in the first quarter (9.7% and 17.8% respectively).The percentage of profit that Big Tech provided actually declined from 2020 when it provided almost a quarter the index' full-year earnings at 23.8% and 9.1% respectively.The five companies will announce their earnings and sales figures for the second quarter in the next week. This is due to back-to school and holiday shopping slowing down. According to FactSet analysts, they will report a profit of almost $60 billion on sales exceeding $310 billion.These estimates are probably conservative. According to FactSet, 88% have exceeded analysts' average earnings per share estimates this quarter and 86% have beaten revenue reports by nearly a quarter. John Butters, senior earnings analyst, said that both of these figures would set records for overall surprise percentage.For example, Facebook and Google are expected to surpass estimates of distance after Snap Inc, another online ad-sales company. Last week's reports by SNAP, +23.82%, and Twitter Inc. TWTR. +3.05% exceeded all expectations, helping Alphabet and Facebook reach record stock heights along with Snap.Also see: Alphabet earnings preview and Facebook earnings previewStock movements are unlikely to be affected by the numbers these companies report, especially after Friday's big bounce. Forecasts have become more important for investors as the wait continues to see how long this boom in corporate earnings will continue. During the COVID-19 pandemic, all five companies were cautious with their forward-looking statements.Apple has stopped giving guidance during the pandemic. This will make it difficult to play the annual parlor game and get facts from the financial forecast about the iPhone's release. Microsoft will probably close its fiscal year by surpassing the records it set the previous year by a healthy amount. However, it won't likely provide financial guidance for the entire year. This is similar to what executives have done in past years.Full earnings preview: What will Apple have to say at earnings time about the next iPhone? Perhaps more than usualMany Big Tech forecasts shared were understated. This can help keep expectations low and deliver big wins. Amazon was the exception, topping the highest end of its forecast sales by 2.3% in the quarter. This equates to $2.5 billion more. This was the closest Amazon got to a prediction of Big Techs $1.2 Trillion pandemic year. It beat the top end its quarterly guidance by 3.8% and 3.4%, respectively, looking backwards from the fourth quarter.Expect at least two big earnings beats, and lots of questions about the future as these reports flood in over the next week. Apple, Google, and Microsoft expect to report Tuesday afternoon after the close of markets. Facebook reports Wednesday afternoon, and Amazon reports Thursday afternoon.Call to schedule your eventTesla Inc. The markets listen when Elon Musk, Tesla TSLA, -1.9% Chief Executive, speaks.One of Silicon Valley's most controversial CEOs has sent cryptocurrency like bitcoin BTCUSD and dogecoin DogeUSD, +11.54%, and +15.09% on wild rides with his tweets, pronouncements, and tweets so far this year. But when he launches the weeks after-hours earnings slate Monday morning, Tesla and its stock should be the main focus.There are many issues that the manufacturer of electric cars can discuss, as usual. The departure of an executive will require that Tesla's Semi roadmap be reviewed. Also, gross-margin effects from the ongoing semiconductor shortage, which is a problem in the entire automotive industry, will need to addressed.Full Tesla earnings preview: Semi truck and Cybertruck pickup, chip shortage in focusTesla will likely address plans to sell advanced driver-assistance features to subscribers as part of a subscription package. Consumer Reports has also voiced concerns about Tesla's approach to autonomous driving. The recent announcement by Musk that Superchargers would be open to electric vehicles from other manufactures, as well demand amid fierce competition in China, will also be important topics to watch out for.You should also be on the lookout for chip-shortage commentary by other, more conservative automakers such as Ford Motor Co., -0.65%, and chip supplier Qualcomm Corp. QCOM (+1.71%).Mattel Inc. and Hasbro Inc.Analysts raised concerns last week about the possibility of this happening after parents bought toys outside of season in order to keep their children entertained at home during the COVID-19 epidemic. This put a strain on the industry's supply chain. If Santas workshop has problems, executives will address them when Hasbro HAS reports Monday, and Mattel Mattel MAT follows Tuesday.These are the numbers to be on the lookout forBoeing Co.s bottom line. Boeing BA, +0.29% will likely post another loss for the quarter. However, analysts believe that the loss will be much larger than the consensus. According to Vertical Research analysts, Boeing will announce another huge 2Q loss. The free cash outflow for the quarter is estimated at $2.8bn. Benchmark analyst Josh Sullivan predicted that Boeing would lose $1 per share. This is in contrast to the current average analyst estimate of 83 cents per share.This week's earningsAccording to FactSet, only one-third (30%) of the Dow Jones Industrial Average DJIA components (+0.68%) and more than one third (up to 180) of the S&P 500 components are expected to report earnings over the next week. Notable reports from other indexes include Shopify Inc. SHOP in Canada (+3.09%) and Spotify Inc. SPOT (-0.22%) reporting on Wednesday morning. This will cause confusion between the companies with similar names, as well as the growing Silicon Valley software company Twilio Inc., +1.07% on Thursday afternoon.
