8:16 am: Amazon shares fall after profit warning
Shares of Amazon fell 4.6% in premarket trading after the technology giant warned that it planned to spend all of its second quarter profit on dealing with the coronavirus pandemic. “If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small,” Amazon CEO Jeff Bezos said in a press release announcing its first quarter results. The company did beat Wall Street estimates for revenue for its first quarter but missed on profits. Amazon rallied nearly 27%. — Pound
8:14 am: April’s rally by the numbers
April was the biggest monthly gain for stocks in over 30 years, largely driven by hopes of reopening the economy sooner-than-expected from the coronavirus shutdown.
It was the third-biggest monthly gain for the S&P 500 since World War II. The Dow had its fourth-largest post-war monthly rally and its best month in 33 years. The S&P 500 rose 12.7% in April and the Dow gained 11.%. The Nasdaq Composite closed 15.5% higher for April, logging in its biggest one-month gain since June 2000. — Fitzgerald
8:00 am: Stock futures fall, Dow set to drop 400 points
U.S. equity futures fell on Friday and pointed to sharp losses at the open, dragged down by technology earnings. Dow Jones Industrial Average futures fell about 450 points or about 2%. S&P 500 futures fell 2%. Nasdaq 100 futures were down 2.6%.
Dragging down the futures was e-commerce giant Amazon, which fell 5% in premarket trading and Apple, which fell nearly 3%. Both technology stocks reported quarterly earnings that did not satisfy investors. Both Apple and Amazon are among the companies that led the S&P 500?s comeback from the late-March lows and were two of the best performers in April.
On Thursday, Wall Street finished out its biggest month in over 30 years, with the S&P 500 gaining 12.7% while the Dow advanced 11.1%. Stocks, however, fell on Thursday as investors digested another week of jobless claims. — Fitzgerald
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On Thursday, Wall Street finished out its biggest month in over 30 years.