Week ahead: Meta, Tesla, Netflix report after Nasdaq's 4.5% weekly drop

How last week went: The S&P 500 lost nearly 2%, its biggest weekly decline since late June, and the Nasdaq fell 4.5%, ending a four-week winning streak, CNBC reported; the Dow rose 0.7%, Investopedia said. The selling followed CNBC's report, citing sources, that Anthropic's third-quarter revenue was $16.8 billion, up from $11.6 billion in the second quarter but raising questions about how fast AI growth can keep up with spending. Data-center operator CoreWeave fell 25% for the week, its biggest weekly drop since November 2025, as its credit default swaps reached distress levels.

The calendar (times PT): Tuesday: General Motors results at 3:30 a.m. (call 5:30 a.m.); Netflix results at 1:01 p.m. (executive interview 1:45 p.m.); United Airlines after the close. Wednesday: AT&T before the open; Meta (call 1:30 p.m.) and Tesla (call 2:30 p.m.) after the close. Thursday: Procter & Gamble and American Airlines before the open. SpaceX also reports this week, Investor's Business Daily said. In all, 70 S&P 500 companies report, according to CNBC, and Alphabet, Microsoft and Amazon follow next week, with Apple on Nov. 2, per Investopedia.

Meta and Tesla: This is Meta's first quarterly report since it launched its Muse AI agent on Sept. 8, and its stock is up more than 15% since then, CNBC said. Analysts expect Meta's earnings per share to be about 460% higher than a year earlier, per LSEG. Tesla is expected to report about a 14.5% drop in earnings and a roughly 1% decline in revenue. Its third-quarter deliveries fell 2% from a year earlier but beat estimates. Wolfe Research told clients it sees a possible SpaceX merger and the robotaxi business as potential positives for Tesla.

Netflix: The streamer is expected to post about 40% earnings growth, per LSEG, but its stock has struggled after its last five reports, CNBC said. Last week it announced about 1,000 layoffs, roughly 6% of its staff, and replaced its chief content officer. Its second-quarter numbers were largely in line, but it forecast slower revenue growth, Investopedia noted.

The case each way: Bulls point to results so far. About 45 S&P 500 companies have reported, and 85% beat earnings estimates, FactSet data cited by CNBC show. Bears point to the debt behind the AI build-out. Goldman Sachs traders wrote Friday that AI credit spreads are at their widest of the year and that "AI Capex has likely peaked," making financing and returns "the debate rather than the next near term earnings revision."

What would change the story: A Meta report showing AI spending turning into faster revenue growth would ease the debt worries that hit CoreWeave. Weak Tesla margins or a cut to Meta's outlook would add to them. Any comment from Elon Musk on a Tesla-SpaceX merger, which neither company has announced, could move both stocks.

Futures and oil prices are from CNBC's live coverage as of 8:46 p.m. ET Sunday and will change before Monday's open. Analyst expectations are LSEG consensus figures reported by CNBC, not company guidance. Report times are from CNBC and Investopedia, converted to PT. SpaceX's earnings are listed this week by Investor's Business Daily; we could not confirm the exact day from a second source.