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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

Updated 3 hours ago - World

UK government: Kremlin has plan "to install pro-Russian leadership" in Ukraine

British Foreign Secretary Elizabeth Truss. Photo: Gints Ivuskans / AFP via Getty Images

The United Kingdom's Foreign Secretary on Saturday night said the government has "information that indicates the Russian Government is looking to install a pro-Russian leader in Kyiv as it considers whether to invade and occupy Ukraine."

Driving the news: U.S. National Security Council spokeswoman Emily Horne called the intelligence "deeply concerning" in a statement to Axios. The Biden administration has said Russia is actively manufacturing a pretext for invasion and warned that Putin could use joint military exercises in Belarus as cover to invade from the north.

Updated 4 hours ago - Science

This powerful new accelerator looks for keys to the center of atoms

Illustration: Eniola Odetunde/Axios

Nuclear physicists trying to piece together how atoms are built are about to get a powerful new tool.

Why it matters: When the Facility for Rare Isotope Beams begins experiments later this spring, physicists from around the world will use the particle accelerator to better understand the inner workings of atoms that make up all the matter that can be seen in the universe.

Updated 4 hours ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: FDA OKs antiviral drug remdesivir for non-hospitalized COVID patients — Walensky: CDC language "pivoting" on "fully vaccinated" — Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations, CDC finds.
  2. Vaccines: The case for Operation Warp Speed 2.0 — Teens and adults missed 37 million vaccinations during COVID — Team USA 100% vaccinated against COVID ahead of Beijing Olympics — Kids' COVID vaccination rates are particularly low in rural America — Annual COVID vaccine preferable to boosters, says Pfizer CEO.
  3. Politics: Arizona governor sues Biden administration over COVID funds tied to mandates — Biden concedes U.S. should have done more testing — Arizona says it "will not be intimidated" by Biden on anti-mask school policies.
  4. World: American Airlines flight to London forced to turn around over mask dispute — WHO: COVID health emergency could end this year — Greece imposes vaccine mandate for people 60 and older — Austria approves COVID vaccine mandate for adults — Beijing officials urge COVID-19 "emergency mode" before Winter Olympics.
  5. Variant tracker