London (CNN Business)1. Apple earnings: The iPhone era is over. But how big is the hit to Apple?
The company is expected to report declines in revenue and profit following the closing bell on Tuesday. Analysts expect revenue in the three months ended March to fall 6% to $57.4 billion, while net income is forecast to decline by 20%.Apple’s (AAPL) biggest problem is the iPhone, which has fallen from grace since customers started balking at expensive upgrades and buying cheaper phones from Chinese competitors like Huawei and Xiaomi. Investors are hoping that CEO Tim Cook can find another way to boost growth. Services such as Apple Pay, Apple Care and Apple Music could be the company’s next big focus.2. Tech weakness: Google (GOOGL) and Samsung (SSNLF) both disappointed investors with their quarterly earnings. Read MoreSamsung said Tuesday that its operating profit plunged 60% in the quarter to 6.2 trillion won ($5.3 billion). Sales for the three months ended March dropped 14% to 52.4 trillion won ($45 billion). The dismal report comes a week after Samsung delayed the launch of its highly anticipated foldable smartphone after several reviewers reported defects. Shares fell less than 1% in Seoul. Google parent company Alphabet posted $36.3 billion in revenue for the first quarter after the US market closed on Monday. About 85% of that revenue came from its core advertising business.Overall revenue increased by just 17% from the same period a year earlier, missing Wall Street estimates and raising concerns that Google is feeling the competition from Facebook (FB) and Amazon (AMZN).Shares in Alphabet fell 7% in extended trading.3. Good news from Europe: Eurozone economic growth accelerated in the first three months of the year to 0.4%, double the rate posted in the previous quarter. Growth was 1.2% on an annualized basis. It’s the latest evidence to suggest that the world’s biggest economies are more resilient than many economists thought.China topped expectations by posting first quarter growth of 6.4%, and the US economy grew at a much better than expected rate of 3.2%.4. More from Milken: The Milken Institute’s annual Global Conference continues in Los Angeles. This year’s theme is “Driving Shared Prosperity.”Speakers scheduled for Tuesday include Citadel founder Ken Griffin and White House Acting Chief of Staff Mick Mulvaney.CNN Business will have live coverage from the event.5. Global market overview: US stock futures were little changed.European markets opened lower. Stocks in Asia were mixed. The Shanghai Composite added 0.5% despite disappointing manufacturing data in China.The S&P 500 and the Nasdaq finished at record levels on Monday after posting small gains. The Dow eked out a gain of less than 0.1%.Before the Bell newsletter: Key market news. In your inbox. Subscribe now!6. Earnings and economics: Baker Hughes (BHGE), BP (BP), ConocoPhillips (COP), Eli Lilly (LLY), General Electric (GE), General Motors (GM), MasterCard (MA), McDonald’s (MCD), Pfizer (PFE) and Phillips 66 (PSX) are releasing earnings before the open. Apple (AAPL), Denny’s (DENN), Groupon (GRPN) and Mondelez International (MDLZ) are up after the close.US consumer confidence and pending home sales are due at 10:00 a.m. ET.7. Coming this week:Tuesday — Eurozone GDP; Fed meeting starts; China manufacturing PMI; GM (GM), GE and Apple earningsWednesday — Fed decision; Yum Brands (YUM) and CVS (CVS) earningsThursday — Bank of England policy update; Under Armour (UA) and Dunkin’ (DNKN) earnings; weekly jobless claims; Caixin China manufacturing PMIFriday — Jobs report; Eurozone inflation, Fiat Chrysler (FCAU) earnings