Alphabet results to set tone for big tech on advertising, cloud: Report

All eyes are on Alphabet Inc.’s earnings report to set the tone for how megacap technology companies fared in the second quarter.

Alphabet, which has gained more than 16% since its blowout first-quarter report, needs to show that spending on AI is continuing to drive revenue in its cloud and advertising businesses. The results also come on the heels of a broader tech selloff, with the Nasdaq 100 Index tumbling nearly 6% in just over a week. That, in addition to tough comparisons with last year, has created a cautious backdrop ahead of Tuesday’s earnings release.