Stock futures drop after Apple, Amazon warnings
The S&P and the Dow Jones Industrial Average wrapped their best months since 1987
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U.S. equity futures are pointing to a lower open on Friday after Apple and Amazon reported results and warned about the impact of the coronavirus pandemic.
The major futures indexes are indicating a drop of around 2 percent, or around 400 Dow points.
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Apple's sales and profits beat Wall Street expectations Thursday, but CEO Tim Cook said it was impossible to forecast overall results for the current quarter because of uncertainty created by the virus. Shares declined more than 2 percent in extended trading.
Amazon’s sales surged during a period of economic standstill caused the coronavirus pandemic, but costs related to the pandemic ate away at the online retailer’s profits.
Amazon CEO Jeff Bezos said the company will spend $4 billion in operating profit on coronavirus-related costs in the current quarter.
In Asian markets on Friday, Japan's Nikkei slipped 2.8 percent. Markets in China and Hong Kong were closed for the may 1 holiday.
In Europe, London's FTSE is down 2 percent. Markets in Germany and France were closed for the May 1 holiday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
The S&P 500 fell 0.9 percent on Thursday after reports showed millions more U.S. workers filed for unemployment benefits last week and the European economy crumpled to its worst performance on record last quarter.
The Dow Jones Industrial Average lost 1.2 percent and the Nasdaq fell 0.3 percent.
The S&P and the Dow Jones Industrial Average wrapped their best months since 1987. The Nasdaq led with a 15 percent rise, while the S&P 500 and Dow rose 12 percent and 11 percent respectively.
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U.S. benchmark crude is lower by 36 cents to $18.45 per barrel in electronic trading on the New York Mercantile Exchange.
The Associated Press contributed to this article.
