Investors sell in May; futures drop 2%

• U.S. stocks lost ground during yesterday's session, while futures slid another 2% overnight, as investors took profits at the close of the S&P 500's best month since 1987.
• Apple's failure to give guidance and plans from Amazon to spend all of its $4B in profit from Q2 sparked uncertainty over the reach of the coronavirus pandemic.
• The downbeat note was accentuated by another 3.8M new jobless claims and the steepest decline in monthly U.S. consumer spending tracing back to 1959.
• Keep an eye today on earnings from oil majors Chevron and Exxon Mobil, as well as refiner Phillips 66, after Shell suspended its dividend following a historic crash in crude prices.
• Previously: Trump threatens retaliation over coronavirus (May. 01 2020)