Futures point to a red open
U.S. stock futures edged lower for the last trading day of April, as Wall Street prepared to trim the gains made in the month.
All three major averages finished in the green on Thursday, buoyed by upbeat U.S. economic data and corporate earnings, along with the Fed’s commitment to continue supporting the economy.
As of 5:25 a.m. ET, the blue-chip Dow futures were indicated 52 points, or 0.15% lower to 33,899. S&P 500 futures dropped 10.12 points, or 0.24% to 4,193.38 while the tech-heavy Nasdaq 100 gave away 41.75 points, or 0.30% to 13,911.75.
Amazon tops earnings and revenue estimates
Amazon (NASDAQ: AMZN) are rising after the company posted better-than-expected Q1 results late Thursday and also provided a solid revenue guidance for the current quarter.
The online retail giant said revenue grew 44% on a year-over-year basis to $108.5 billion while earnings came in at $15.79 per share. Analysts expected the company to come out with revenue of $104.5 billion and earnings of $9.54 per share.
For the current quarter, Amazon expects to generate revenue of between $110 billion and $116 billion, which would be an increase of between 24% and 30% from the prior-year period.
As of this writing, Amazon shares were up 2.37% to $3,553.53 in the pre-market trading session.
Exxon, Chevron, AstraZeneca earnings on watch
Exxon Mobil is projected to report first-quarter earnings of 59 cents per share and revenue of $54.60 billion. Chevron is expected to have booked earnings of 90 cents per share and revenue of $30.37 billion.
EU regulators slap Apple with antitrust charges over App Store
Apple (NASDAQ: AAPL) has been hit with anti-trust charges by the European Union’s competition commissioner Margrethe Vestager, following a complaint filed two years ago by the music streaming service Spotify (NYSE: SPOT).
Vestager said early Friday that after looking into the complaint, the European Commission found Apple “deprives users of cheaper music streaming choices and distorts competition,” by setting “strict rules on the App Store that disadvantage competing music streaming services.”
Spotify chief executive Daniel Ek hailed the regulator, writing on Twitter that “fairness is the key to competition.”
Apple stock fell 1% to $132.14 a share in pre-market trading.