NKE, MU, AMZN Report Earnings

The S&P 500 Index has pulled back 3.4% from its highest level this year amid ongoing AI-related jitters.

After peaking at 7,618 in May, the index has retreated to around 7,350.

This article highlights some of the top constituent stocks to watch this week, including well-known names such as Nike (NYSE: NKE ), Micron (NASDAQ: MU ) and Amazon (NASDAQ: AMZN ).

Nike to Publish Earnings as Its Stock Plunges Nike will be one of the key S&P 500 Index stocks to watch this week as it publishes its earnings.

These numbers come at a time when its stock has plummeted by 77% from its highest point in 2021.

It has dropped to its lowest level since 2014, making it one of the top laggards.

Nike’s earnings will, therefore, provide more information on whether the management’s turnaround strategy is working.

Under Elliot Hill, the company has embarked on a strategy that involves more innovation, focus on wholesale and retail partnerships, and a revamp of its marketing strategy.

Analysts are a bit pessimistic about its prospects.

In a note last week, Ashley Owens said that customers were now less brand-agnostic than they were earlier, with disruptor brands continuing to gain market share.

Also, there are concerns about its valuation, which trades at a premium compared to other brands.

Read Also: BIS Flags Rising Global Risks as Middle East Conflict, Oil Losses and AI‑Investment Boom Collide Micron Stock in Focus After Its Earnings Micron, the third-biggest high-bandwidth memory company in the world, will be in focus this week following its earnings last week.

These blemish-free earnings showed that its revenue soared by over 300% in the third quarter, with the management predicting that it will continue the momentum.

Still, investors are concerned about demand destruction as memory prices surge.

In a statement last week, Apple (NASDAQ: AAPL ) said that it would hike prices of its MacBooks.

A while ago, Tim Cook warned that the next iPhone would be priced higher than the previous models.

Amazon in Focus After Prime Day Shopping Data Amazon stock has retreated by 16.45% from its highest point this year amid concerns about soaring data center spending.

Its stock will be in the spotlight this week after Adobe (NASDAQ: ADBE ) published Prime Day shopping data.

The report showed that US shoppers spent $26.4 billion between June 23 and June 26.

This number was a 9.3% increase from the same period last year, with most customers being driven by discounts and shopping for durable goods.

In addition to these companies, traders will also be watching firms such as Constellation Brands, General Mills and FactSet, which are set to publish their earnings on Wednesday.

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