The S&P 500 (^GSPC) is wrapping up its two busiest weeks of earnings reports this quarter, with more than half of the index reporting results. Companies have largely surprised to the upside, with the index pacing at earnings growth of 5.5% this quarter, per Evercore ISI.

Stock reactions have been mixed, though, as the prospect of interest rates remaining high for longer than expected hangs over markets and many companies struggle to impress investors given the market's roaring rally going into the reporting period.

Below we break down some of the key companies that have reported this season.

Tesla

Tesla (TSLA) stock rose more than 10% on the day following its earnings report despite the company missing Wall Street's expectations for both revenue and earnings per share in the prior quarter. Instead of a fundamentals story, CEO Elon Musk caught investor attention with an announcement that the company would accelerate its launch of a low-cost vehicle.

Musk also emphasized the company's role in the AI world, highlighting that the company will be a leader in autonomous ridesharing.

Alphabet

Alphabet (GOOG, GOOGL) stock soared more than 10% after the company announced its first-ever cash dividend of $0.20 per share. The board of directors also approved stock repurchases of up to an additional $70 billion.

The company's market cap surpassed $2 trillion following the report.

Meta

The Facebook parent company had a different earnings reaction than its tech counterparts. The stock fell more than 10% after the midpoint of its current quarter revenue guidance range came in light compared to the Street's expectations.

Spending was also a key concern among investors, as Meta (META) said it expects the company's full-year total expenses to come in between $96 billion and $99 billion, up from a range of $94 billion to $99 billion due to higher infrastructure and legal costs.

Across all of Big Tech, spending was a large focus of quarterly reports as companies announced plans to increase capital expenditures amid the AI spending rush.

Starbucks

The coffee chain reported a dismal quarter of financial results, missing Wall Street's estimates across the board. Key metrics that came into focus were an 11% decline in China sales (the Street had been expecting a 1.62% decline) and a 6% decline in foot traffic compared to the 0.27% decline the Street had expected.

Starbucks stock (SBUX) fell almost 16% the next day.

JetBlue

The low-cost airline carrier announced it expects revenue in the current quarter to fall in a range of 6.5% to 10.5%, potentially more than double analyst estimates of a 3.8% drop. Full-year revenue is expected to fall to the low single digits compared to the prior expectation of flat sales.