We get Q1 results from the first multi-trillion megacap after the close, when all eyes will be on Google parent Alphabet's earnings.

As Bloomberg notes in its preview, the Google parent continues to struggle against a number of headwinds, including a recent loss in its antitrust battles and concerns about the competitive dynamics around artificial intelligence, an area where it continues to spend billions of dollars. The recent weakness comes after a federal judge ruled that Google illegally monopolized some online advertising technology markets, the latest example of an aggressive antitrust posture coming out of Washington. The company is back in court this week arguing over a Justice Department plan to break up the company

At the same time, there is also optimism the worst may be over, especially as it trades at a cheap multiple, has limited direct exposure to tariffs, and is expected to continue delivering strong growth.