Japanese shares and U.S. futures dropped after sobering comments from Amazon and Apple about the impact of the coronavirus. The dollar pared overnight losses and Treasury yields ticked lower.
Asian trading was limited Friday, with much of the region out on holidays. After U.S. markets closed, Amazon.com warned of a possible second-quarter loss, while Apple omitted an earnings forecast for the first time in more than a decade. Earlier, the S&P 500 Index fell from a seven-week high in wake of a larger-than-expected jump in U.S. jobless claims. Strong results from Microsoft Corp., Facebook Inc. and Tesla Inc. had limited losses on the tech-heavy Nasdaq gauges.
Despite falling on the final trading day of April, global stocks posted their biggest monthly gains in almost a decade, with the S&P 500 up the most since 1987. Investors continue to weigh a brutal economic picture against hopes for a coronavirus treatment and an eventual end to lockdown measures across the world. Still, earnings reports from tech giants show some parts of the economy have remained resilient.
“It’s encouraging you’re seeing big tech earnings come in strong, but there’s still challenges,” said Brian Price, head of investment management for Commonwealth Financial Network.“There’s going to be a push-pull in the market for the foreseeable future.”
27,327 in U.S.Most new cases today
-15% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.106 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-0.5% Global GDP Tracker (annualized), March