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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

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 7 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.