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Photo: Omar Marques/SOPA Images/LightRocket via Getty Images

This week will be busy on the corporate earnings front, with more than 30% of the S&P 500 reporting.

What to watch: Tech will consume most of the conversation surrounding earnings with reports from two "FANG" companies — Google parent Alphabet and Amazon — plus Microsoft, Twitter and Snap.

The big themes

Advertising: Analysts expect Google's total paid clicks to grow from the year-ago period, but drop from last quarter. Its key "cost per clicks" metric is expected to continue to sliding, which could hurt margins.

  • Michael Pachter, an analyst at Wedbush Securities, expects Facebook's and Amazon's dominance in search to "continue to pressure the rate of Google's growth," per a recent note.

Cloud: The momentum of Microsoft’s Azure and Amazon’s Amazon Web Services will be front and center.

  • One example of how some are considering the stakes: Dan Ives, an analyst at Wedbush, wrote in a note this week that Microsoft could become the next $1 trillion company, thanks to a boost from its cloud offerings. (Microsoft’s current market cap stands at $834 billion, as of Friday.)
  • As for Amazon's cloud business, Amazon Web Services could notch its fourth consecutive quarter of accelerating growth.

Prime time: Last quarter, Amazon reported its biggest quarterly profit in company history, thanks to its cloud and advertising business. It's safe to say the bar is high.

  • This week's results will include revenue from its Prime Day event in July, which might give Amazon a bump.
  • Expect Amazon executives to field questions about the recent wage hike for employees.

User growth: This is critical for Snap amid broad concerns about declining usage, but in a recent note, Pivotal Research's Brian Wieser said "it's not too late for the company to reverse recent usage trends."

  • Meantime, Twitter is rapidly shutting down fake accounts, and that might weigh on its user metrics — as it did last quarter.

What else to watch: Intel is also set to release quarterly results. Other non-tech names reporting include Hasbro (and rival Mattel), construction equipment company Caterpillar, AT&T and Verizon.

Go deeper

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

How the tech stock selloff is hurting average Americans

Expand chart
Data: FactSet; Chart: Axios Visuals

Investors holding the ultra-popular Nasdaq 100 and S&P 500 index funds have been hard hit over the last two weeks as tech shares have been roiled by rising U.S. Treasury yields.

Why it matters: Even though the economy is growing and many U.S. stocks are performing well, most investors are seeing their wealth decline because major indexes no longer reflect the overall economy or even a broad swath of public companies — they reflect the performance of a few of the country's biggest companies.

2 hours ago - World

UN rights chief: At least 54 killed, 1,700 detained since Myanmar coup

A Feb. 7 protest in Yangon, Myanmar. Photo: Getty Images/Getty Images

Police and military officers in Myanmar have killed at least 54 people during anti-coup protests, while "arbitrarily" detaining over 1,700 people, United Nations Human Rights Commissioner Michelle Bachelet said Thursday.

Why it matters: Protesters have demonstrating across Myanmar for nearly a month, demanding the restoration of democracy after the country's military leaders overthrew its democratically elected government on Feb. 1.

3 hours ago - Health

The danger of a fourth wave

Expand chart
Data: The COVID Tracking Project, state health departments; Note: Anomalous Arkansas case data from Feb. 28 was not included in the calculated change; Map: Andrew Witherspoon/Axios

The U.S. may be on the verge of another surge in coronavirus cases, despite weeks of good news.

The big picture: Nationwide, progress against the virus has stalled. And some states are ditching their most important public safety measures even as their outbreaks are getting worse.