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Apple's new Apple Park headquarters (Photo: Apple)

Apple will hold its earning report later today, when analysts expect the company to report per-share earnings of $3.82 on revenue of $86.3 billion, per Zacks.

What we'll be watching: Here are the 3 big things we'll be paying attention to during the call.

How is iPhone X demand?

  • This is the way-more-than-$64,000-question. Apple (and investors) are counting on the high-end phone to generate a "super cycle" of higher-than-typical upgrade rates and selling prices.
  • Recent reports have suggested production cuts, but longtime Apple watchers know such reports have a decidedly mixed track record.

How will Apple use all that repatriated cash?

  • Expect Apple to talk about buyback and dividend strategy and, if tradition is any guide, say little about its acquisition plans.
  • Historically, Apple tends to say the same thing: It buys lots of little companies and, while it hasn't done a lot of big ones, isn't philosophically opposed.

Where is Apple placing its bets?

  • It's hard to know just how much insight we will get, but as always, we'll be watching for any sign of where Apple is putting its time and energy.
  • Though it doesn't typically comment on future stuff, there's a chance Apple could make a nod to the shift toward quality and performance that it is making for this year's big software releases.
  • The company also sometimes gives oblique hints on whether to expect it to go into "new categories" or not.

Other indicators:

  • Services has been the fastest growing part of Apple's business and closely watched by Wall Street.
  • In the August-to-October quarter, Apple finally showed some improvement in China. It will be interesting to see how the December quarter went on that regard.

Go deeper

Shooting at Michigan high school leaves 3 dead, 6 wounded

Screengrab: CBSN

Three people dead and six others are wounded after a shooting at a high school in Michigan according to the Oakland County Sheriff's Office.

Driving the news: The alleged shooter was a 15-year-old sophomore at Oxford High School and has been arrested, per police.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 4 hours ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.