Wall Street is stuck in the red as investors get ready to wrap up the week and the month. All three major averages (^DJI, ^GSPC, ^IXIC) are sharply lower across the board with technology and health care shares leading the declines.
On the economic front, Americans made more money but remained cautious about spending it last month. Personal income rose 0.4% in March, while spending was only up a scant 0.1%, according to the Commerce Department.
Sam Stovall, U.S. Equity Strategist at S&P Capital IQ expains to Yahoo Finance's Jen Rogers in the video above why his strategy would not be to sell in May, but to "rotate, rather than retreat."
Amazon (AMZN) shares soared in early trading after it obliterated analysts' expectations on both its top and bottom lines for the first quarter thanks mostly to its growing retail business and new cloud services. More and more people are signing up for Amazon's Prime loyalty program. The subscription allows customers to stream movies and add better shipping options with their purchases. Amazon says they will start ramping up spending to entice more customers to sign up for prime.
LinkedIn (LNKD) reported better-than-expected earnings and revenue for the first quarter as sales jumped 35% from a year ago, due to strong demand for its hiring services and robust ad revenue. The company also raised is outlook for the year.
ExxonMobil (XOM), the world's largest publicly traded oil producer, delivered a beat on both its top and bottom lines for the first quarter. But profit and revenue fell sharply from a year ago, due to falling crude prices and refining margins.
Expedia (EXPE), the world's largest online travel services company by bookings, surprised investors by swinging to a profit in the first three months of the year. Revenue rose nearly 39% from a year earlier as its acquisitions of Orbitz and Travelocity paid off.
TiVo (TIVO) shares jumped in early trading. Rovi (ROVI),which provides on-screen guides for pay-TV listings is buying the DVR maker for about $1.1 billion in cash and stock, or $10.70 per share. The combined company will have 28 million customers.
Apple buybacks to resume today
The mandated quiet period is over for Apple (AAPL) and the tech giant will be able to start buying back shares. This comes as investor Carl Icahn says he no longer owns the company, sending the stock to its lowest level of the year. Should Apple investors be worried?
Google lays out plan for the future
The tech giant is looking towards the future with plans to focus on artificial intelligence, rather than handheld devices. Will Google (GOOGL) be able to dominate the AI space?