5 things to know before the stock market opens on Friday

Here are the most important news, trends and analysis investors need to start their trading day:

Amazon fell more than 10% in the premarket, after its Thursday night announcement of weaker-than-expected first quarter earnings and future guidance lower. Revenue for the quarter increased 7% year over year to $116.4 billion, basically matching expectations. That was the slowest sales increase for any quarter since the dot-com crash of 2001 and the second consecutive quarter of single-digit percentage growth. Amazon Web Services’ cloud drive was strong again. But not strong enough to take on the e-commerce side of the business, which saw $6 billion in additional costs due to rising inflation, lower worker productivity, and excess compliance capacity.

Apple fell 1% in pre-market on Friday, the morning after warning that Covid-related supply restrictions could hurt sales between $4 billion and $8 billion in its fiscal third quarter. The guidance overshadowed strong fiscal second-quarter results, including earnings, revenue and gross margin. While analysts were looking for a bit more from the Services segment, it nonetheless reported record revenue. Product sales hit a record in the March quarter. Investors also got a 5% dividend increase and a $90 billion repurchase authorization. At the end of the quarter, Apple had a net cash position of $73 billion.

Elon Musk sold approximately $4 billion in Tesla shares in the days after its $44 billion offer to take Twitter private, according to the presentations with the Securities and Exchange Commission. Most of the CEO’s sales were made on Tuesday, the documents showed. Shares of Tesla fell 12% that day, but rose less than 1 percentage point on Wednesday.

When the presentations were made public Thursday night, Musk wrote on Twitter: “No further TSLA sales planned after today.” Tesla shares rose 2% in premarket trading on Friday. Twitter shares rose nearly 1% to more than $49 each, falling short of Musk’s $54.20-per-share cash offer.

Actions of Chevron tested positive in the pre-market on Friday, after the oil giant reported that profit more than quadrupled during the first quarter due to higher oil and gasoline prices. Chevron’s revenue increased nearly 70% to $54.37 billion. West Texas Intermediate Crude futures soared to $130.50 in early March, a price last seen in 2008 as Russia’s invasion of Ukraine sparked supply fears. Since then, prices have cooled but are still above $100, buoying energy companies’ trades.

Actions of exxonmobile turned positive in the following premarket company friday announcement which took a $3.4 billion after-tax charge in the first quarter related to its Sakhalin-1 operation in Russia. Earnings doubled to $5.5 billion in the quarter. The profit, however, was lower than the $8.87 billion in the fourth quarter. Revenue was up more than 50% to $90.5 billion, though that was below expectations.

-CNBC tanaya macheel, Jeff Cox, annie palmer, jeff brands, kif leswing, Zev Fima, lora kolodni, cristina wang Y stevens pipe contributed to this report.

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