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U.S. Equity Futures Drop on Earnings; Dollar Rises: Markets Wrap

(Bloomberg) -- U.S. equity futures sank as investors began May pondering dreary corporate news and the persistent economic turmoil caused by the coronavirus. The dollar rose with Treasuries as a risk-off mood prevailed on what is a holiday in many major markets.

Contracts on the Nasdaq 100 index led the declines, with futures on the S&P 500 and Dow Jones Industrial Average also falling in the wake of sobering comments from Amazon.com Inc. and Apple Inc. about the pandemic’s impact. Shares of both slipped in the pre-market. Treasuries climbed while gold fell, heading for its worst week since mid-March. The dollar was on track for its first increase since last week versus major peers.

Equities dropped in the U.K., one of the few open markets in Europe, and the pound gave back some of this week’s gains as Prime Minister Boris Johnson pledged a “comprehensive plan” to lift the country’s lockdown, with details due next week. Stocks slumped in Tokyo and Sydney. Most Asian markets didn’t trade.

While a gauge of world equities posted its best month since 2011 in April -- spurred by a slowdown in coronavirus infections and $8 trillion promised in stimulus initiatives -- earnings reports and economic data are serving a reminder of lasting pain. Amazon warned of a possible second-quarter loss, while Apple omitted an earnings forecast for the first time in more than a decade. Data Friday showed South Korea’s exports plunged the most since the 2009, while a gauge of Japanese manufacturing did the same.

The advance in Treasuries and the dollar followed U.S. President Donald Trump reviving an attack on China, speculating it could have spread the coronavirus and threatening trade tariffs. Trump is exploring blocking a government retirement fund from investing in Chinese equities considered a national security risk, a person familiar with the internal deliberations said.

Elsewhere, West Texas oil headed for its first weekly gain in about a month as global production cuts began to take effect.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index declined 2% as of 7:17 a.m. New York time.Nasdaq 100 Index futures declined 2.5%.The U.K.’s FTSE 100 Index fell 1.9%.

Currencies

The Bloomberg Dollar Spot Index gained 0.3%.The euro gained 0.2% to $1.0982.The British pound fell 0.4% to $1.2545.The Japanese yen strengthened 0.4% to 106.79 per dollar.

Bonds

The yield on 10-year Treasuries dipped three basis points to 0.61%.The yield on two-year Treasuries declined one basis point to 0.19%.Britain’s 10-year yield gained two basis points to 0.249%.New Zealand’s 10-year yield decreased 13 basis points to 0.767%.

Commodities

West Texas Intermediate crude fell 0.2% to $18.80 a barrel.Brent crude decreased 0.7% to $26.29 a barrel.Gold weakened 0.2% to $1,683.24 an ounce.

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Dow Jones Futures Fall As Apple, Amazon, Trump Tariff Threat Pressure Coronavirus Stock Market Rally - Investor's Business Daily

Dow Jones futures fell sharply early Friday, along with S&P 500 futures and Nasdaq futures, amid earnings from Apple (AAPL), Amazon.com (AMZN) Atlassian (TEAM), Amgen (AMGN), Gilead Sciences (GILD) and more. President Donald Trump's threat to impose new tariffs or other action on China for the country's role in the global pandemic raised concerns about a new clash amid a massive global recession.

X

The coronavirus stock market rally went into reverse Thursday, along with Tesla (TSLA) and some other top growth stocks, amid continued grim economic data. The pullback was relatively modest, but Dow Jones futures suggest further selling in the current market rally.

Apple earnings beat views while the iPhone giant announced a $50 billion buyback increase, but didn't offer guidance for the current quarter. Apple stock fell modestly in extended trading. Amazon stock and Atlassian stock also fell overnight, along with Amgen stock and Gilead stock.

Apple stock, Amazon stock and Atlassian stock had all closed in buy range, while Gilead stock and Amgen stock were near breakouts.

But, as AAPL stock, AMZN stock, TEAM stock — and Tesla stock — show, buying just before quarterly results can be risky unless using an earnings options strategy.

Tesla stock and Amazon stock are on IBD Leaderboard.

Dow Jones Futures Today

Dow Jones futures fell 1.85% vs. fair value. S&P 500 futures sank 2%. Nasdaq 100 futures retreated 2.4%. Apple stock, Amazon stock and Tesla stock weighed on futures, both directly and by fueling selling in suppliers, rivals and big techs generally.

Boeing (BA) was a drag on Dow Jones futures, announcing a $25 billion debt sale and announcing it wouldn't take coronavirus rescue aid.

Meanwhile, President Trump said Thursday afternoon that his late 2019 China trade deal is "secondary to what took place with the virus." There's growing frustration in the White House and elsewhere about Beijing's lack of transparency regarding the origin and virulence of Covid-19.

While Dow Jones futures haven't been as volatile during the coronavirus stock market rally, big moves are still relatively common. Earnings season adds more volatility to extended trading.

Remember that overnight action in Dow futures, AAPL stock, AMZN stock and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.

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Join IBD experts as they analyze actionable stocks in the coronavirus stock market rally on IBD Live.

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Coronavirus News

Coronavirus cases worldwide are above 3.3 million. Covid-19 deaths have cleared 234,000.

Coronavirus cases in the U.S. have reached 1.09 million, with deaths topped 63,000.

Coronavirus Stock Market Rally

The coronavirus stock market rally retreated somewhat Thursday, though software and big-cap techs held up reasonably well.

The Dow Jones Industrial Average fell 1.2%, the S&P 500 index lost 0.9% while the Nasdaq composite dipped 0.3%.

Big Techs Hold Up

The Nasdaq 100 edged higher Thursday, and it's easy to see why.

Microsoft (MSFT) rose 1% on earnings while Apple stock rose 2% on Thursday, bolstering the Dow Jones, S&P 500 and Nasdaq composite. Amazon stock, the third trillion-dollar U.S.-listed company, climbed 4.3%. Facebook (FB) jumped 5.4% on earnings while Netflix (NFLX) climbed 1.9%.

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Tesla Stock Round Trips

Late Wednesday, Tesla reported a surprise profit, helped by a surprise spike in zero emission vehicle credit revenue. On Thursday, Tesla stock, already in buy range, shot up nearly 9% in the morning to 869.82, but reversed for a 2.3% decline to 781.88. Intraday, Tesla stock fell as low as 763.50, undercutting a 775.05 buy point. In doing so, TSLA stock round tripped a 12% gain. Wiping out a double-digit gain is a fairly strong signal.

It would be understandable if investors sold — especially those who bought on Thursday's earnings gap. But it's also understandable if investors held onto their Tesla stock, which closed in buy range.

However, Tesla stock fell 3.4% to 755 early Friday, sinking below the 775.05 entry.

Top ETFs

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) slid 1.3%. The iShares Expanded Tech-Software Sector ETF (IGV) rose 0.15%, with Microsoft stock the No. 1 holding and ServiceNow (NOW) the big software winner. The VanEck Vectors Semiconductor ETF (SMH) fell 3.7%.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

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IBD's ETF Market Strategy

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Apple Earnings

Apple earnings rose 4% to $2.55 a share, with sales rising less than 1% to $58.31 billion. Wall Street expected Apple earnings of $2.26 on sales of $54.54 billion.

Services revenue and China revenue were better than expected, with CEO Tim Cook saying China demand improved in April.

The iPhone maker raised its AAPL stock buyback by $50 billion while also raising its quarterly dividend by 6.5%. But there was no Apple earnings or sales guidance amid the coronavirus crisis.

Apple stock fell nearly 3% overnight, back below a buy zone. AAPL stock closed up 2.1% to 293.30, just clearing a 288.35 cup-with-handle buy point, according to MarketSmith analysis.

The relative strength line for Apple stock is near a record high.

Amazon Earnings

Amazon earnings fell 29% vs. a year earlier to $5.01 a share. Revenue grew 26.5% to $75.5 billion. Analysts forecast Amazon earnings per share of $6.34 on revenue of $72.9 billion.

While the e-commerce and cloud giant is seeing strong demand during the coronavirus crisis, Amazon guided low on Q2 operating profit, citing substantial coronavirus costs. CEO Jeff Bezos said on the Amazon earnings call that investors "may want to take a seat."

Amazon Web Services revenue climbed 32% to $10.2 billion. Microsoft and Google both reported faster cloud-computing services growth earlier this week.

Amazon stock retreated 5% to 2,350 overnight. AMZN stock rose 4.3% to 2,474 on Thursday, clearing a 2,461.10 entry from a short consolidation. That offered a chance to added a few AMZN shares or take a small initial position.

Amazon stock broke out earlier this month from a traditional 2186.05 cup-base buy point.

Amgen Earnings

Amgen earnings rose 17% to $4.17 a share while sales grew 11% to $6.16 billion. Wall Street had expected Amgen earnings of $3.70 on sales of $6.04 billion.

Amgen earnings guidance for 2020 was a little light, especially given the Q1 EPS beat.

Amgen stock dipped a fraction overnight. AMGN stock rose 1.5% to 239.22 on Thursday. On Tuesday, Amgen stock nearly hit a 245.09 buy point but backed off.

Atlassian Earnings

Atlassian earnings rose 19% to 25 cents a share in fiscal Q3 with revenue up 33% to $411.6 million. Analysts expected Atlassian earnings of 21 cents a share on revenue of $395.1 million.

But the collaboration software maker guided lower for the current Q4

Atlassian stock fell nearly 4% to 149.50 overnight, just below a buy point. TEAM stock earlier closed up 1.8% to 155.49, within range from a 149.80 cup-with-handle base.

Gilead Earnings

Gilead earnings came in at $1.68 a share, up a penny vs. a year earlier. Revenue grew 5.1% to $5.55 billion. Analysts expected Gilead earnings of $1.58 a share on $5.41 billion in sales.

Gilead has been moving on coronavirus treatment hopes, specifically its experimental antiviral remdesivir. But Gilead plans to spend heavily on the coronavirus and give away many vials. Also, the coronavirus crisis could mean fewer patients for Gilead's hepatitis-C and AIDS drugs.

The biotech giant withheld guidance.

Gilead stock fell nearly 5% before the open. GILD stock rose 1% to 84 on Thursday. Gilead stock has an 85.89 handle buy point. The consolidation is very volatile but has been finding support at the 50-day line.

GILD stock has been moving primarily on Gilead remdesivir news. Gilead stock jumped 5.7% Wednesday on data showing Gilead's antiviral helps speed recovery for coronavirus patients. Remdesivir could receive emergency FDA authorization soon.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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Google and Facebook: Digital ad market is avoiding coronavirus disaster - VentureBeat

(Reuters) — Reports of the demise of the digital advertising market due to the coronavirus outbreak appear exaggerated as the tech giants dominating the online ads business, Google and Facebook, said this week they saw early signs that the worst could be over. Their remarks countered Wall Street expectations of a devastation of the market as hard-hit brands in travel and autos, traditionally big ad spenders, have pulled marketing dollars and as small businesses, the lifeblood of big tech companies’ businesses, have shut down.

At Google’s parent, Alphabet, first-quarter total revenue grew 13% from the previous year to $41.2 billion, while Facebook‘s ad sales rose 17% to $17.44 billion. They issued first-quarter results that factored in only two weeks of the widespread stay-at-home orders in the United States. But both companies also reassured investors that revenue for the first three weeks of April showed signs of stability, following lower revenue in March.

Alphabet, Facebook, and Snap credited direct response ads, or ads that solicit a direct action, such as clicking a link, using a coupon code or downloading mobile games, for propping up sales during the pandemic. Such ads help advertisers get the most for their money by encouraging immediate response from audiences and are easier to measure, since brands can see how many people clicked on a link or took an action after seeing the ad.

Brand advertising that is used to spread awareness and name recognition for a company, but whose effectiveness is often more difficult to measure, was harder hit. Alphabet said on Tuesday brand advertising declined on YouTube in mid-March, when the pandemic accelerated in the United States.

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Ad prices drop when marketers lower their spending and demand for digital ads decline, and direct response advertisers have been taking advantage of that, said David Campanelli, chief investment officer at ad agency Horizon Media. “This will likely continue through 2Q as we expect pricing to remain low for the foreseeable future,” he said.

Facebook executives said on Wednesday they expected direct response advertising to continue to drive ad sales and that the coronavirus pandemic only reinforced the importance of the strategy. Still, Facebook was cautious, given economists are forecasting a global downturn in the second quarter and “if history were a guide, would suggest the potential for an even more severe advertising industry contraction,” said David Wehner, Facebook’s chief financial officer, during an earnings call.

Alphabet warned that the second quarter could be difficult because the early April trends may not hold. Snap, which owns messaging app Snapchat, said it would shift resources on its ad sales team to serve direct response advertisers better, due to the success of the category.

But Twitter alarmed investors on Thursday as it pointed to a 27% decline in ad revenue as a sign of what the company has seen so far in April. Twitter’s ad business is heavily event-driven and “the suspension of major sporting leagues in March will have hurt its bottom line and will continue to do so as long as social distancing and stay-at-home measures remain in place,” said Jasmine Enberg, senior analyst at research firm eMarketer.

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