Paul Sakuma / AP

In many ways this tends to be one of Apple's least telling quarters. The new iPhones are still several months out and the old ones have been on the market for a while. Nonetheless, here's our cheat sheet for Apple, which reports earning after the close on Tuesday.

The numbers: Apple tends to exceed estimates. Here's what Wall Street is expecting, according to Zacks Investment Research.

  • Per-share earnings: $2.01, unchanged from last year (Zacks)
  • Revenue: $52.6 billion (Zacks)

What I'm looking for: The main thing I am looking for is "the one sentence." By that, I mean that one line Apple sometimes gives on a new area. "TV is a hobby," was an early example of this. I want to know what Apple has to say, for example, about cars.

I wouldn't be surprised to hear Apple CEO Tim Cook say a teensy bit more about Apple's car effort. I'm not talking a roadmap or anything, but now that its permit to test self-driving cars is public, I think he might try to set some expectations.

What I don't expect: I'd be surprised to hear Apple share any expectations around the next iPhone. It's just too soon. Even if it already expects shipments of the high-end model to be limited, it's likely to wait until next quarter to say so, and usually things are in too much flux at this point anyway.

The noise: Expect the media to make a lot about Apple's cash balance. Yes, $250 billion is a lot but so was the $249 billion the day before they crossed that threshhold. I'm not even all that interested about if they are able to repatriate. I am VERY interested the day they start to use that massive stockpile.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 10,890,511 — Total deaths: 521,694 — Total recoveries — 5,772,017Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 2,739,879 — Total deaths: 128,740 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.

Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

12 hours ago - Health

Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.