Amazon soars; Korea summit; Oil earnings

1. Amazon on fire: Shares in Amazon jumped more than 7% in extended trading after its earnings repor...

Posted: Apr 27, 2018 1:15 PM
Updated: Apr 27, 2018 1:15 PM

1. Amazon on fire: Shares in Amazon jumped more than 7% in extended trading after its earnings report wowed investors.

Amazon made $1.6 billion in profit during the first three months of 2018, more than double the same period a year earlier. The gains came even as it invests in costly fulfillment centers and original video programming.

Analysts had expected profit to slip compared to last year.

The performance was driven by Amazon's cloud computing business, Amazon Web Services, and a fast-growing advertising division that is now a multi-billion dollar business.

2. Korea summit: Stocks in Asia posted modest gains as the leaders of North and South Korea met for the first time in more than a decade.

Kim Jong Un became the first North Korean leader to cross the demilitarized zone into South Korea since fighting ended in the Korean War. He shook South Korean President Moon Jae-in's hand on both sides of the demarcation line.

The two spoke about denuclearizing the Korean Peninsula, improving relations and seeking a formal peace settlement.

3. Oil giants in focus: Exxon Mobil and Chevron are set to report their earnings before the opening bell.

Both companies announced a surprise dividend rise on Thursday.

Exxon's stock has gained 9.7% in the past month, while Chevron is up 8.3%. However, investors will be cautious after both companies missed their earnings in the last quarter.

Phillips 66 is also reporting on Friday.

US crude oil futures have soared 12.5% this year. They were trading 0.3% lower early on Friday at $68 per barrel.

4. Global market overview: US stock futures were mixed. European markets opened mostly higher.

The Dow Jones industrial average and the S&P 500 both closed 1% higher on Thursday, while the Nasdaq surged 1.6%.

Facebook jumped 9% on Thursday, notching its best day in more than two years, after reporting earnings. Chipotle soared 24% after reporting results that were much better than expected.

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5. Earnings and economics: The British economy stalled in the first quarter of 2018, expanding by just 0.1% over the previous quarter.

That was much weaker growth than economists were expecting (0.3%) and represents a sharp slowdown from the final quarter of 2017. It's also the weakest quarterly GDP data in more than 5 years.

The pound slumped in response, falling 0.7% against the US dollar, as the weak data undermines the case for another rise in UK interest rates anytime soon.

In France, economic growth slowed to 0.3% in the first quarter. Spain's economy expanded by 0.7% over the same period.

The US Bureau of Economic Analysis will release first quarter GDP data at 8:30 a.m. ET.

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6. Coming this week:
Friday - Exxon, Chevron Corp results; Q1 GDP

Indiana Coronavirus Cases

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Cases: 318894

Reported Deaths: 5561
CountyCasesDeaths
Marion43391855
Lake27599462
Allen18363299
Elkhart17474226
St. Joseph17071234
Hamilton13376169
Vanderburgh9839121
Tippecanoe880629
Porter844886
Johnson6556169
Hendricks6267158
Vigo618187
Monroe542850
Clark522877
Madison5153122
Delaware5014103
LaPorte474695
Kosciusko468540
Howard357977
Warrick329872
Floyd324978
Bartholomew323563
Wayne318074
Marshall308146
Cass302631
Grant282050
Noble261546
Hancock260355
Henry252837
Boone248754
Dubois242931
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Jackson222534
Morgan215543
Knox189720
Shelby189556
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Ohio Coronavirus Cases

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Cases: 382743

Reported Deaths: 6274
CountyCasesDeaths
Franklin51161671
Cuyahoga37222743
Hamilton30493372
Montgomery20518236
Butler15199148
Lucas14566417
Summit13933327
Stark9193206
Warren841976
Mahoning7530300
Lake710067
Lorain6690106
Clermont593651
Delaware572537
Licking564577
Trumbull5584147
Fairfield554464
Greene538066
Clark5218101
Allen494989
Marion476759
Medina471657
Wood4598107
Miami437568
Pickaway404048
Portage358972
Columbiana357698
Tuscarawas342667
Richland328539
Wayne327394
Mercer296047
Muskingum252510
Hancock245940
Ross244559
Auglaize236435
Darke232560
Erie230268
Putnam229449
Ashtabula228354
Geauga211851
Scioto200616
Union19668
Shelby194017
Lawrence193039
Athens19134
Seneca182919
Belmont170229
Madison163119
Sandusky157729
Preble156521
Huron155519
Defiance144823
Holmes140439
Logan133517
Knox131718
Fulton128726
Jefferson128613
Crawford126817
Washington125227
Ottawa124530
Clinton109115
Williams10799
Ashland107825
Highland103718
Brown10135
Henry101323
Hardin99719
Champaign9825
Van Wert97318
Jackson96212
Fayette92717
Morrow9202
Guernsey89314
Coshocton85215
Perry82912
Adams80313
Pike7661
Gallia76513
Wyandot73217
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Harrison2193
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