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11:20 am: Tesla stock drops after CEO Elon Musk says it’s ‘too high’

11:05 am: Money market funds have taken in $1.1 trillion during market rally

Even as major stock market averages have been surging higher off their March lows, investor money has largely flocked to the sidelines. That’s evident in the swelling balances of money market funds, which have taken in $1.1 trillion over the past nine weeks, according to Bank of America Global Research. That has come at a time when the Dow Jones Industrial Average has soared 31% from March 23. The global market cap gain since then has been $15 trillion, BofA said, but the move to the sidelines indicates that retail investors have not participated in the rally. – Cox

10:48 am: Kudlow says China will be held accountable

National Economic Council director Larry Kudlow told CNBC on Friday that the United States would hold China accountable for the coronavirus pandemic. “On the China business, it’s up in the air. They are going to be held accountable for it. There’s no question about that. How, when, where and why — I’m going to leave that up to the president,” Kudlow said on CNBC’s “Squawk on the Street.” China has been criticized by the U.S. and other countries for a lack of transparency about the coronavirus outbreak. President Donald Trump said Thursday that he was considering slapping new tariffs on China due to the country’s handling of the outbreak. —Pound

10:10 am: Manufacturing falls sharply in April, but not by as much as expected

The U.S. manufacturing slump intensified in April, though not by as much as economists feared amid the coronavirus pandemic. The ISM Manufacturing Index fell to 41.5, better than Wall Street estimates of 35 but down sharply from March’s 49.1. The measure is a diffusion gauge, measuring the percentage of firms seeing expansion, so a reading below 50 indicates contraction. While virtually every category showed sharp declines, the overall index was held higher by inventories, which showed a reading of 49.7, which actually was up 2.8 percentage points from the March reading. New orders were at 27.1, while production fell to 27.5. — Cox

9:58 am: Clorox says sales jumped 15% on strong demand for cleaning products, raises forecast

Clorox on Friday reported that its fiscal-third quarter sales climbed 15% as consumer demand for its cleaning products soared in response to the coronavirus pandemic. The company also raised its fiscal 2020 forecast. Clorox reported fiscal third-quarter net income of $241 million, or $1.89 per share, up from $187 million, or $1.44 per share, a year earlier. Net sales rose 15% to $1.78 billion. Organic sales jumped 17% in the quarter. Clorox’s cleaning segment, which includes its namesake disinfectant wipes, bleach and Pine-Sol, saw sales growth of 32% in the quarter. Shares of Clorox rose 4.7% in morning trading on Friday, while the broader market tanked. —Lucas, Fitzgerald 

9:42 am: Exxon Mobil posts first quarterly loss in years

Exxon Mobil on Friday reported its first loss in years as oil prices dropped to historic lows. The oil giant lost $610 million in the first quarter due to $2.9 billion in writedowns tied to falling oil prices. Exxon posted a GAAP loss of 14 cents per share, and a non-GAAP profit of 53 cents per share. In the same quarter a year earlier the company earned $2.35 billion, or 55 cents per share, on revenue of $63.63 billion. The company said that oil-equivalent production rose 2% year-over-year to 4 million barrels per day. “COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” CEO Darren Woods said in a statement. Shares of Exxon slipped 1% on Friday. – Stevens

9:31 am: Stocks start May in the red, Dow down 400 points

U.S. equities opened in negative territory on the first trading of May. The Dow Jones Industrial Average dropped 420 points or 1.7%. The S&P 500 and the Nasdaq Composite fell 1.85% and 2.16%, respectively. — Fitzgerald 

9:26 am: Boeing climbs after bond offering

Shares of Boeing were up 2% premarket, making it one of the only major stocks in positive territory, after announcing that it raised $25 billion in a bond offering. The aerospace giant said that it will not seek federal help as it struggles through the coronavirus pandemic. The bond issuance includes seven different bonds with maturities ranging from three to 40 years, the company said. — Pound, Josephs

9:23 am: Macau gaming revenues fall more than 96% in April

The damage the coronavirus is having on the casino industry became clear on Friday on news that revenue in Macau fell 96.8% in April. Gambling revenue in the Chinese territory is down 68.7% this year. Shares of Wynn Resorts and Las Vegas Sands fell 3% in premarket trading on Friday. Shares of MGM Resorts dropped 7% before the opening bell. — Fitzgerald 

9:04 am: Chevron CEO says oil demand has bottomed

Chevron CEO Michael Wirth said that the drop-off in demand wrought by the coronavirus pandemic has likely reached a bottom. “This quarter looks like in our industry we’re seeing a bottom … first quarter we were on a bit of a downward trajectory through the quarter, certainly accelerating as we went through the month of March. I think in April and May we’re finding a bottom in demand,” he said on CNBC’s “Squawk Box.” The comments came after the company reported first quarter earnings results. Chevron reported EPS of $1.93, which included $660 million in one-time favorable items, and $31.5 billion in revenue, helped by downstream margins and increased production in the Permian. The company also announced additional cuts to its 2020 capital spending plan. In the same quarter a year earlier the oil giant earned $1.39 per share on $35.20 billion in revenue. Looking ahead, Wirth said that it’s going to be a “very, very tough quarter” despite a potential rebound in demand, while reiterating that the company is committed to maintaining its dividend. – Stevens 

8:53 am: ‘Best six months’ finish in the red, which could be a bearish signal

April’s rally wasn’t enough to put the November-April six month stretch in the green, which could signal a choppy next six months, according to a note from Jeffrey Hirsch and Christopher Mistal from the Stock Trader’s Almanac.The Dow was down 10% over the last six months, which is often referred to as the “best six months” as the flipside to the “sell in May” adage. Historically, that means that stocks are likely to lose ground in the next six months as well, the note said. “When the market is down during the ‘Best Six Months’ it’s an indication that there are more powerful forces than seasonality at work and when the bullish season is over those forces may really have their say,” the note said. — Pound

8:45 am: Reopening stocks tick lower

Stocks linked to the reopening of the economy — retailers and airlines— fell in premarket trading on Friday. Reopening stocks were leading the charge in April on hopes of an earlier than expected lifting of stay-at-home orders and a rebound in consumer behavior. Shares of Tapestry fell 3.5% in premarket trading. TJX Companies and Macy’s dropped more than 3% and Nordstrom fell nearly 6%. Kohl’s dropped 5%. American Airlines ticked 5% lower and United and Delta Air Lines fell about 4.5% each. Southwest Airlines fell nearly 3%. —Fitzgerald 

8:25 am: Wall Street analysts react to Apple earnings

The tech giant reported mixed earnings on Thursday after the bell but analysts say Apple is well-positioned as the 5G cycle begins to ramps up. “We remain positive on the long-term eco-system and product development opportunities, coupled with a strong balance sheet and brand position,” Baird said. “With increased confidence in the 5G iPhone launch and stretched iPhone replacement cycles, Apple remains top pick,” Morgan Stanley added. — Bloom

8:23 am: Apple stock dips after company withholds guidance

Shares of Apple were down about 2.6% in premarket trading after the company declined to announce guidance for its fiscal third quarter. The tech company did report better than expected earnings and revenues for its second quarter, but iPhone revenue was down 7% compared with the same quarter last year. Apple’s stock jumped 15.3% in April. — Pound

8:16 am: Amazon shares fall after profit warning

Shares of Amazon fell 4.6% in premarket trading after the technology giant warned that it planned to spend all of its second quarter profit on dealing with the coronavirus pandemic. “If you’re a shareowner in Amazon, you may want to take a seat, because we’re not thinking small,” Amazon CEO Jeff Bezos said in a press release announcing its first quarter results. The company did beat Wall Street estimates for revenue for its first quarter but missed on profits.  Amazon rallied nearly 27% in April. — Pound

8:14 am: April’s rally by the numbers

April was the biggest monthly gain for stocks in over 30 years, largely driven by hopes of reopening the economy sooner-than-expected from the coronavirus shutdown. 

It was the third-biggest monthly gain for the S&P 500 since World War II. The Dow had its fourth-largest post-war monthly rally and its best month in 33 years. The S&P 500 rose 12.7% in April and the Dow gained 11.%. The Nasdaq Composite closed 15.5% higher for April, logging in its biggest one-month gain since June 2000. — Fitzgerald 

8:00 am: Stock futures fall, Dow set to drop 400 points

U.S. equity futures fell on Friday and pointed to sharp losses at the open, dragged down by technology earnings. Dow Jones Industrial Average futures fell about 450 points or about 2%. S&P 500 futures fell 2%. Nasdaq 100 futures were down 2.6%.

Dragging down the futures was e-commerce giant Amazon, which fell 5% in premarket trading and Apple, which fell nearly 3%. Both technology stocks reported quarterly earnings that did not satisfy investors.  Both Apple and Amazon are among the companies that led the S&P 500′s comeback from the late-March lows and were two of the best performers in April. 

On Thursday, Wall Street finished out its biggest month in over 30 years, with the S&P 500 gaining 12.7% while the Dow advanced 11.1%. Stocks, however, fell on Thursday as investors digested another week of jobless claims. — Fitzgerald 

—with reporting from CNBC’s Michael Bloom.

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