Here is what you need to know.
Trump’s first 100 days are coming to an end. President Donald Trump’s first 100 days in office are up on Saturday. While Trump has yet to see any of his major agenda items pass through Congress, he’s currently trying to repeal and replace Obamacare, cut taxes, and redo NAFTA.
The Brexit slowdown has arrived. Data released by the Office for National Statistics on Friday showed the UK’s economy grew at a 0.3% clip in the first quarter, making for the slowest growth since the first quarter of 2016. The drop off was largely driven by the services sector, the economy’s largest driver of growth.
Amazon crushes earnings. The online retailer earned an adjusted $US1.48 a share, easily beating the Wall Street estimate of $US1.13. While total revenue grew 21% versus a year ago, revenue from Amazon’s closely watched cloud computing unit, Amazon Web Services, soared 43% year-over-year to $US3.66 billion.
Alphabet beats. Google’s parent company earned $US7.73 per share as revenue surged 22% versus a year ago to $US24.75 billion. The average cost-per click sank 19% YoY, making for the biggest drop since at least 2014.
Microsoft’s cloud business is booming. The company earned $US0.73 a share on revenue of $US23.6 billion, and said that revenue from its business unit that includes the fast-growing Office 365 cloud productivity suite jumped 22%.
Starbucks same-store sales miss. The coffee giant said sales at stores open at least a year rose 3% in the first quarter, missing the 3.6% gain that analysts were anticipating.
Cloudera is going public. The software company priced its initial public offering at $US15 a share, above the $US12 to $US14 range that was expected, but well below the $US30.92 a share that Intel paid in 2014, Reuters says, citing a source familiar with the situation. Cloudera will trade under the ticker “CLDR.”
Stock markets around the world trade mixed. China’s Shanghai Composite (+0.1%) eked out a gain in Asia and Britain’s FTSE (-0.3%) slides in Europe. The S&P 500 is set to open up 0.1% near 2,391.
Earnings reporting slows down a bit. Chevron, Exxon Mobil, and General Motors are among the names reporting ahead of the opening bell.
US economic data is heavy. The Employment Cost Index, GDP, and core PCE will all be released at 8:30 a.m. ET before Chicago PMI and University of Michigan consumer confidence cross the wires at 9:45 a.m. ET and 10 a.m. ET, respectively.