Futures fall, Amazon drops 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, sell in May?

The tech giant reported mixed earnings on Thursday after the bell but analysts say Apple is well-positioned as the 5G cycle begins to ramps up. “We remain positive on the long-term eco-system and product development opportunities, coupled with a strong balance sheet and brand position,” Baird said. “With increased confidence in the 5G iPhone launch and stretched iPhone replacement cycles, Apple remains top pick,” Morgan Stanley added. — Bloom

Shares of Apple were down about 2.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in premarket trading after the company declined to announce guidance for its fiscal third quarter. The tech company did report better than expected earnings and revenues for its second quarter, but iPhone revenue was down 7{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} compared with the same quarter last year. Apple’s stock jumped 15.3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in April. — Pound

Shares of Amazon fell 4.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} 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{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. — Pound

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{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in April and the Dow gained 11.{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. The Nasdaq Composite closed 15.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} higher for April, logging in its biggest one-month gain since June 2000. — Fitzgerald 

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{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. S&P 500 futures fell 2{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. Nasdaq 100 futures were down 2.6{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}.

Dragging down the futures was e-commerce giant Amazon, which fell 5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in premarket trading and Apple, which fell nearly 3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. 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{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} while the Dow advanced 11.1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. Stocks, however, fell on Thursday as investors digested another week of jobless claims. — Fitzgerald 

—with reporting from CNBC’s Michael Bloom.

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