What Should Investors Expect From…

This article summarizes previews and market data published October 18–20, 2026 for informational purposes. It is not investment advice. Results released on Wednesday may differ from the expectations described here.

Key Takeaways

Tesla and Meta both report third-quarter results on Wednesday, October 21, after the close, with Tesla's call at 5:30 p.m. Eastern, one of the busiest points of an earnings week that includes 70 S&P 500 companies.
The Nasdaq fell about 4.5% last week, its worst stretch since June, and the S&P 500 lost about 2%, before a partial rebound on Monday, when the Nasdaq rose about 1.4% midday.
LSEG expects Tesla's earnings per share to fall about 14.5% and revenue to decline about 1% from a year ago, even though deliveries hit a record 486,532 vehicles and beat estimates of about 461,000.
Meta reports its first results since launching the viral AI agent Muse, with attention on its heavy AI spending: one summary lists 2026 capital expenditure guidance of $130 billion to $145 billion, raised.
Netflix's drop of about 6% after hours on Tuesday, despite beating profit estimates, shows how sharply the market is punishing disappointing outlooks.

The setup: a market that needs earnings to steady it

Wall Street enters Wednesday after a bruising week for tech. The Nasdaq's roughly 4.5% decline, driven by an AI trade that has lost some of its shine, was followed by a rebound on Monday, but analysts framed this week as a test of whether earnings can steady a market losing its tech leadership. Oil near $100 a barrel and the Federal Reserve's October 27–28 meeting add pressure, and the economic calendar is light, so company results are likely to move stocks more than data releases. A Yahoo Finance preview called out lingering doubts about AI spending as the "yikes" hanging over the sector.

Netflix gave an early example. It beat profit estimates on Tuesday but cut its full-year ad forecast, and its shares dropped roughly 6% after hours.

Tesla: a record quarter for deliveries, a tough one for earnings

Tesla's delivery figure was one of the few clean beats of the year: 486,532 vehicles, down about 2% from a year earlier but well ahead of estimates, and the stock jumped on the news. Earnings are a different matter. LSEG forecasts a 14.5% drop in earnings per share and a revenue decline of close to 1%. Wolfe Research expects Tesla's earnings to come in below consensus in what it called a tough quarter for auto stocks, while pointing to a potential merger with SpaceX and the robotaxi business as possible positives.

Investors will look for several things:

Margins and cash flow. Second-quarter operating margin was only about 1.4% with negative free cash flow, so improvement would matter.
Autonomy progress. Updates on robotaxi miles and full self-driving subscriptions are central to the valuation.
Spending plans. Capital expenditure is expected to exceed $25 billion this year, and any change would affect the cash outlook.
Roadster and SpaceX commentary. Last week's Roadster unveiling renewed merger speculation, though nothing has been announced.

Tesla shares closed Friday near $354.72 and rose about 4% on Monday.

Meta: the AI spending question

Meta's report is the first since the launch of Muse, its personal AI agent, and the discussion centers on how much the company is spending to build AI and whether revenue growth justifies it. A tech-insider summary of the prior quarter said the stock fell 8% even after a $6.18 adjusted EPS print, and listed 2026 capex guidance of $130 billion to $145 billion after a raise, which shows the market's sensitivity. The company's advertising growth, margins, and any change to the capex range will drive the reaction. The figures here come from a secondary summary, so confirm them against Meta's filing.

Other names and signals this week

Netflix and General Motors reported Tuesday, IBM reports Wednesday alongside Tesla and Meta, Procter & Gamble follows Thursday, and American Express closes the week on Friday. A Benzinga item this week also carried an expert's warning that stress at AI-debt-funded companies such as CoreWeave could spread, which is part of why investors are watching how AI infrastructure spending is financed as well as how much is spent.

What this means if you follow these stocks

Focus on guidance and spending, not just the beat or miss. Netflix showed that a profit beat can still produce a selloff when the outlook disappoints.
Expect large moves. Both Tesla and Meta have fallen or surged by high single digits on past reports.
Separate headline news from financial results. For Tesla, the Roadster is a long-dated product, while margins and autonomy metrics bear on the near-term story.
Check the actual numbers. This preview was written before the results, so compare the released figures with expectations.

Frequently Asked Questions

When do Tesla and Meta report earnings? Wednesday, October 21, 2026, after the market close. Tesla's call is at 5:30 p.m. Eastern.

What do analysts expect from Tesla? LSEG projects earnings per share down about 14.5% and revenue down about 1% from a year ago.

Why is Meta's report important? It is the first since the launch of its AI agent Muse, and investors want to see whether heavy AI spending is paying off in revenue growth.

How did the market do last week? The Nasdaq fell about 4.5%, its worst week since June, and the S&P 500 lost about 2%.

Sources & References

CNBC, "Meta, Tesla earnings preview: Week of Oct. 19"
Yahoo Finance, "A big 'yikes' still hangs over the AI trade as Meta and Tesla report: What to watch this week"
Gotrade, "US Market Week Ahead: Meta and Tesla Earnings in Focus"
Tech-Insider, "Meta, Tesla, Netflix Lead a 70-Company Earnings Week"
StockTitan, "Earnings Calendar for the Week of October 19, 2026"
Money Morning, "Netflix's $70 Test After Tech's Worst Week Since June"
Yahoo Finance, "Stock market today: Dow slips, Nasdaq, S&P 500 rise as the AI trade rebounds"

What Should Investors Expect From Tesla and Meta Earnings on Wednesday After the Nasdaq's Worst Week Since June?