I'm Julia Borsden, and you're listening to CNBC's Tech Check.

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Good Monday morning. Welcome to Tech Check. I'm Carl Kintanilla with your Grosso and John Fort.

Today, stocks do look to bounce back in Q4, but what will the upcoming earning season signal about the state of the economy?

We already got a few companies warning about the consumer, as you know. Intel's Mobile-I looking

to drive on its own, filing to go public, what that means for Intel's turnaround efforts

and the IPO market at large. And then Tesla falling despite these record deliveries.

We're going to tell you why in just a few minutes, very busy day and week, John.

Yeah, it is.

And so we're going to start with the market setup for Q4.

This week we're going to dive into the state of consumer spending, enterprise and cloud demand,

ad spend, and a lot more.

Bob Pisani is with us right now to help break down some of these themes.

Bob FedEx, Micron, Nike, all not looking

so great with their warnings about the state of the consumers so far. Bob? Yeah, and normally,

John, we get, oh, 70, 80 percent of companies beating estimates. The early reporters so far

a bit of a dud, frankly. So let's say it's a disappointing start the third quarter

earnings season. We've had 15 companies reporting nine B five misses, one in line. That's below

expectations. And you heard from John, FedEx, Nike, CarMax, Micron, all disappointing.

These, I think the big issues here are the higher costs are starting to eat into the operating

margins. They're still high by historic standards. Remember, operating margins is what really matters. How much of the profit are you actually keeping? We had a record in the second quarter of last year, 13 and a half percent for the S&P 500. But you see these numbers, the estimates, the numbers are going down. And they're probably going to be in the low tens for the third quarter. We don't have an estimate yet. It could even be in the high nine's. What that's telling us is it's getting tougher to hold on to the profits here. Now, overall earnings estimates are in positive territory, but the growth sectors are getting slashed. So look at technology as a sector, for example. Technology estimates for the, I'm looking

at the fourth quarter now. These were expected to be up nearly 9% on July 1st. It's down to 1% today.

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