Apple, Facebook and other tech giants face critical week

By Sarah Min

/ MoneyWatch

Apple warns investors on 1st quarter revenue

Four of the biggest U.S. technology companies face a critical test his week when they release their latest earnings, with investors watching closely for signs of weakness amid broader concerns about slowing U.S. and global economic growth.

Apple, which kicks things off on Tuesday, has perhaps the most at stake. The tech giant shocked Wall Street earlier this month when CEO Tim Cook warned of weaker sales of iPhones, iPads and Macs in China. Apple shares tumbled nearly 10 percent immediately after the Jan. 2 announcement and have yet to fully recover.

"Apple numbers will be a big deal and have an outsized impact on the tech sector and potentially overall markets," said Tony Roth, chief investment officer at Wilmington Trust Investment, in a report.

Also on the docket: Facebook and Microsoft, which are scheduled to post their results on Wednesday, and Amazon, which reports its earnings on Thursday. Shares of all four tech companies edged own Monday as leading stock indexes fell.

Tech stocks helped propel the stock market to record highs last year, but slumped because of slower global demand, rising trade tensions and investor concerns about stricter regulation.

China is growing at its slowest pace since 1990, taking a particular toll on tech and industrial companies that sell goods in the world's second-largest economy. Ongoing trade tensions between China and the U.S. have aggravated the situation.

Facebook reportedly gave tech giants access to user data

Facebook is expected to post strong revenues, indicating that investors remain confident in the social media behemoth despite its being racked by data privacy scandals over the past year. The company released a draft charter Monday ahead of its third quarter earnings, announcing an oversight board for content decisions as it continues to grapple with the fallout from the Cambridge Analytica scandal and other privacy concerns.

Microsoft is also expected to show strong results, bolstered by its expanding cloud-computing business. Analyst expectations are also rosier for Amazon after the online retailer posted record revenues for Black Friday, Cyber Monday and the holiday season.

First published on January 28, 2019

© 2019 CBS Interactive Inc.. All Rights Reserved.

Deadly weekend in D.C. amid increase in homicides

The nation's capital saw a 38 percent increase in murders from 2017 to 2018

updated 0M ago

Apple, Facebook and other tech giants face critical week

High-tech industry in the spotlight this week as investors look for signs that growth is holding up

updated 5M ago

How to watch the 2019 Super Bowl

The New England Patriots will face the Los Angeles Rams in Atlanta in Super Bowl LIII – here's everything you need to know

updated 9M ago

Possible listeria contamination sparks fruit recall

Thousands of pieces of fruit recalled in 18 states because they may be contaminated with harmful bacteria listeria

updated 45M ago

DOJ to announce "national security related" charges involving China

Acting Attorney General Matthew Whitaker is scheduled to take questions from reporters

updated 46M ago

DOJ to announce "national security related" charges involving China

Acting Attorney General Matthew Whitaker is scheduled to take questions from reporters

updated 46M ago

White House holds first briefing since beginning of shutdown

White House press secretary Sarah Sanders is fielding questions from reporters Monday

updated 57M ago

As Schultz eyes 2020, Bloomberg warns independent would "end up re-electing" Trump

The former New York City mayor appeared to doubt the electability of former Starbucks CEO Howard Schultz

1H ago

Shutdown cost economy about $3 billion, new report projects

The Congressional Budget Office Report predicts a $118 billion increase over last year's $779 billion deficit

3H ago

Howard Schultz lacks "guts" to run for president, Trump says

Former Starbucks CEO Howard Schultz says he's considering running as a "centrist" independent candidate

3H ago

Pope seeks to "deflate" church sex abuse summit expectations

On his flight home from Panama, the pontiff cautioned against expecting too much from the summit on what he calls a "human problem"

4H ago

Deadly tornado tears through Cuba's capital city

President says at least 3 killed and 174 injured as powerful storm wreaks havoc in Havana neighborhoods

3H ago

U.S. and Taliban "draft" a deal with Afghan leader on sidelines

Top American envoy confirms "draft of a framework" reached with militants, as Afghan president urges "serious talks" involving his government

7H ago

Death toll in Brazil dam disaster nears 60, hundreds missing

As many as 300 people may still be unaccounted for after a mining dam failed, unleashing a wall of mud on surrounding communities

10H ago

U.S. lifts sanctions on 3 companies tied to major Russian oligarch

Oleg Deripaska has ties to Vladimir Putin and was linked to Paul Manafort; Congress nearly blocked the move

10H ago

Bradley Cooper and Lady Gaga sing "Shallow" in surprise performance

"So, I'm gonna be a little chance-y … Yo Bradley, you wanna come up and do this one?" Gaga asked during her "Enigma" performance Saturday night at Park MGM resort

5H ago

XXXTentacion's son born 7 months after rapper's death in Florida

Rapper's girlfriend Jenesis Sanchez gave birth Saturday to baby boy Gekyume Onfroy

18H ago

Meet the "Sunday Morning" Sun Queen

For 20 years associate director Jessica Frank has been handpicking every shining example of sun artwork to appear on our program – about 9,000 and counting

Jan 27

Conor Oberst, Phoebe Bridgers on keeping collaboration under wraps

"I just didn't want anybody to hear that we had a project, and know both our music and make an assumption about what it sounded like"

Jan 26

Michael Jackson accusers' film gets standing ovation and rebuke from estate

Jackson's estate sharply denounced the film, calling it "the kind of tabloid character assassination Michael Jackson endured in life, and now in death"

Jan 26

Apple, Facebook and other tech giants face critical week

High-tech industry in the spotlight this week as investors look for signs that growth is holding up

updated 5M ago

Meet the man behind a third of what's on Wikipedia

Steven Pruitt has made nearly 3 million edits on Wikipedia and written 35,000 original articles — all for free

21H ago

Amazon facial technology shows bias, researchers say

Facial-detection technology that Amazon markets to law enforcement often misidentifies women, particularly those with darker skin, according to new research

Jan 25

Endangered lemurs could help humans fight disease

Madagascar's lemurs could hold the key to solving human diseases like Alzheimer's and diabetes, but they're at risk of being wiped out

Jan 25

"We've entered a new era" of climate concern, survey finds

A new survey shows Americans are more convinced than ever about the impact of climate change

Jan 25

Possible listeria contamination sparks fruit recall

Thousands of pieces of fruit recalled in 18 states because they may be contaminated with harmful bacteria listeria

updated 45M ago

Vaping among teens, kids "threatens five decades" of gains, experts say

American Academy of Pediatrics says 20% of high school students, 5% of middle school students use e-cigarettes, call for more federal regulation

4H ago

Their twins’ medical costs top $1 million. Can GoFundMe help?

Some 250,000 GoFundMe campaigns have been set up to raise money for people facing steep health care costs

6H ago

State of emergency declared over Washington measles outbreak

Gov. Jay Insless said the outbreak "creates an extreme public health risk"

Jan 26

Doctor's license suspended amid review of overdoses, deaths

Doctor accused of ordering excessive and possibly fatal pain medicine for dozens of hospital patients without their families' knowledge

Jan 26

Apple, Facebook and other tech giants face critical week

High-tech industry in the spotlight this week as investors look for signs that growth is holding up

updated 5M ago

Possible listeria contamination sparks fruit recall

Thousands of pieces of fruit recalled in 18 states because they may be contaminated with harmful bacteria listeria

updated 45M ago

Caddie's misstep costs pro golfer six figures

Golfer's caddie caught standing in wrong place on green, breaking new rule and sending player to 12th place from 3rd

updated 49M ago

Shutdown cost economy about $3 billion, new report projects

The Congressional Budget Office Report predicts a $118 billion increase over last year's $779 billion deficit

3H ago

Trump's rollbacks of fossil fuel regulations may carry steep costs

The administration's environmental rule changes could cause more premature deaths and climate-warming emissions

5H ago

Wild road rage incident caught on camera

The man on the hood is grateful a fellow driver with a gun finally helped stop the SUV

5H ago

Moving company accused of holding customers' belongings hostage

Florida attorney general has filed suit against companies that use deceptive practices, hold customers' belongings hostage

7H ago

Man wanted in slaying of 4 in Georgia arrested in Indiana

Authorities say Daylon Delon Gamble targeted his victims but they don't know his motive

9H ago

Roger Stone leaves door open to cooperation with special counsel

"That is something I will determine with my attorneys," Stone told CBS News

17H ago

Man suspected of killing 5, including parents, arrested

Authorities say Theriot first shot and killed three people — the woman believed to be his girlfriend, her brother and father — before allegedly killing his parents

20H ago