The Roundhill Magnificent Seven ETF (MAGS) currently sits 11% off its highs. MAGS YTD mountain Magnificent Seven ETF performance This backdrop sets the tone for a "make or break week" coinciding with the Federal Reserve's July rate decision Wednesday, according to Wolfe Research's Chris Senyek. Now, more than 18 months after the launch of groundbreaking ChatGPT, Wall Street wants results. Some Wall Street analysts believe strong quarterly results may not be enough to reverse the pullback in tech shares. "My gut is that the tech earnings are going to come in better than people expect."

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Persons: Morgan, Roundhill, Wolfe, Chris Senyek, Jay Woods, Sundar Pichai, Deutsche Bank's David Folkerts, Baird's Ted Mortonson, Senyek, Rowe Price, Dominic Rizzo, CNBC's Organizations: Nasdaq, Federal, Microsoft, Meta, Apple, Freedom Capital, Deutsche, Tech, Fed, Trump