Will the tech bulls or bears prevail next week?

As the market braces for the decision by the FOMC in the coming days for reiteration of its higher-for-longer interest rate monetary policy to further cool inflation towards its long-term target of 2%, investors will also be closely watching the latest quarterly earnings and outlook on 2 November by Apple, the bellwether of US technology sector, for signs of the health the overall economy, as demand slowdown after successive rate hikes threatens to tip the world's largest economy into a recession.

With mixed earnings announced by other big techs, neither the bulls nor the bears are calling the shots on Apple's earnings. With lacklustre demands for its latest product launches, such as latest iphone 15, rumored restrictions of use in the public sector of its largest market in China, rising competitions and looming antitrust law suits, I'm cautious of $Apple(AAPL)$  downside risks and would prefer to add on stock price weakness post-earnings release.

$Tesla Motors(TSLA)$ 's fundamentals have been called into question after its earnings miss and a slew of bad news including prevailing price war with its peers in their bids to defend market shares and make electric vehicles more affordable to the mass markets, leading to diminishing profit margins. Recently announced pull-back by Hertz on its EV plans does not help too, citing falling resale value and rising maintenance costs. The leading American car rental company has acquired 35,000 Tesla vehicles that are far shy of the 100,000 Teslas that Hertz originally said it had expected by the end of last year.

I think $Alphabet(GOOG)$ has been oversold on underwhelming cloud earnings despite overall earnings beat and its cloud business accounting for only around 10% of its revenue. Hence, I'm expecting a short-term rebounce in the coming days after the dust has settled.

$Amazon.com(AMZN)$ has reported growth from strength to strength in its cloud business and maintained market leadership. However, the rally post-earnings appears to have run ahead of its fundamentals, with Microsoft hot on its heels on cloud computing and rising competition on e-commerce.

Similarly, $Meta Platforms, Inc.(META)$ Bullishhas a strong third quarter that saw its earnings beat expectations, but unlike Amazon, its stock price dipped following a cautionary outlook by the company. I believe that the market has been undervaluing Meta Platforms which should have further room for appreciation when the company unlocks the values of its long-term investments in metaverse.

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