U.S. stocks are riding the wave of a robust rebound, primarily led by behemoth tech companies. As we enter a critical earnings season, the resilience of this year’s impressive $4 trillion rally is under scrutiny, with a slew of corporate results on the horizon.

Apple has hit a snag as iPhone shipments saw a significant drop of nearly 10% globally in Q1 2024. The tech giant is facing fierce competition from Chinese manufacturers Xiaomi and Transsion, which have shown double-digit growth, as per the International Data Corporation report.

Goldman Sachs’ stock surged by 3.3% in premarket trading, surpassing Wall Street’s expectations for the first quarter. The financial titan reported earnings of $11.58 per share on a revenue of $14.21 billion, propelled by its robust trading and investment banking arms. This performance eclipsed analyst projections of $8.56 per share on revenue of $12.92 billion, signaling a strong start to the year.

Logitech’s shares experienced a pullback, dropping about 2% following Morgan Stanley’s downgrade to underweight. Analysts are wary, believing the market has mispriced Logitech’s future prospects and predict a modest annual revenue growth of 3% through to fiscal 2027.

Salesforce saw a nearly 3% dip in premarket trading. The downturn follows media reports that the cloud-based software giant is in the final stages of negotiations to acquire Informatica, a leader in data management. This potential expansion move seems to have investors cautious.

Lockheed Martin’s stock rose close to 2% post an upgrade to overweight at JPMorgan. Despite a lackluster performance this year, the aerospace and defense leader is expected to benefit from supplemental funding against the backdrop of heightened geopolitical tensions.

Bank of America has elevated Cisco Systems to a buy rating from neutral, prompting a 2% uptick in shares. Analysts point to promising growth in security and networking, along with a positive impact from the recent acquisition of Splunk.

Charles Schwab’s stock dipped 1% in light of a mixed bag of first-quarter results. The company’s earnings hit the mark at 74 cents per share, with revenue slightly surpassing expectations at $4.74 billion, against a forecasted $4.71 billion.

Tesla’s shares edged down by 1% amid news of a looming workforce reduction exceeding 10%. A memo from CEO Elon Musk, brought to light by Reuters, speaks of preparing for a new growth phase through significant cost-cutting measures and productivity enhancements.

Investors are bracing for an earnings season that promises to test the robustness of the current market rally. With technology firms at the helm, the direction of U.S. equities will largely depend on how well Corporate America can deliver against the backdrop of a dynamic global economic landscape. The spotlight will certainly remain on tech giants, as investors parse through earnings reports to gauge the health of the industry and the broader economy.