Stock market index futures were higher after Google parent Alphabet reported solid quarterly results, but investors are bracing for data on the status of the economy, plus stocks to watch today in the Money & Markets Opening Bell.

The Top Story

Alphabet Inc. (Nasdaq: GOOG) stock jumped more than 7% after the company reported a 13% jump in revenue for the first quarter. Its earnings and revenue still missed Wall Street projections. Company executives said things weren’t getting worse in April.

That sent stock market index futures up.

Boeing Co. (NYSE: BA) reported a quarterly loss of $641 million (see below) while tech giant Microsoft Corp. (Nasdaq: MSFT) will report its quarterly earnings later in the day.

Wall Street’s main indexes closed down on Tuesday as investors shifted out of growth stocks and into more value-oriented cyclical names. But the main indexes have recovered around 30% from their lows in March, boosted by aggressive stimulus efforts by the Federal Reserve and, more recently, hopes of an economic revival as states begin to relax lockdown measures amid the novel coronavirus pandemic.

For the year, the S&P 500 is still down 11.2% while the Dow is down 15.5%. The Nasdaq is down only 0.3% on the year.

The U.S. economy contracted in Q1 at its sharpest pace since the Great Recession as strict lockdown measures and job losses curbed consumer activity, ending the longest expansion in the nation’s history.

The Department of Commerce’s report showed a 5% decline in gross domestic product (GDP), which will further reinforce analyst forecasts that the U.S. economy is already in a deep recession.

As of 9:20 a.m. EDT, Dow Jones futures were up 1.7%. S&P 500 futures moved 1.7% higher, while Nasdaq Composite futures jumped 1.8%.

Stocks to Watch Today

Ford Motor Co. (NYSE: F) — Shares of the American automaker were down nearly 4% after the company posted a deeper-than-expected quarterly loss of $5 billion. Ford said it burned through $2.2 billion in cash and posted a loss of $0.23 per share.

Boeing Co. (NYSE: BA) — The aircraft manufacturer reported an earnings-per-share loss of $1.70 and a quarterly loss of $641 million as the travel industry took a huge hit due to the coronavirus outbreak. However, shares of Boeing were up around 5% in premarket trading before starting to pare those gains.

Blue Apron Holdings Inc. (NYSE: APRN) — The food distributor reported a $20.1 million loss for the first quarter, but an 8% increase in revenue thanks to a jump in customer demand due to the COVID-19 lockdown. Shares of Blue Apron were down nearly 20%.

General Electric Q1 Revenue Falls 8%, Prompting Cuts

In an effort to offset sagging sales and profits, General Electric Co. (NYSE: GE) is trimming $2 billion in costs.

The news came as the company announced an 8% drop in revenue for the first quarter and operating losses in most of its business units. The company said cash flow took a hit to the tune of $1 billion and Q2 results will likely decline.

Shares of GE were down 5.1% in premarket trading.

Mortgage Applications Move Higher on Lower Rates

Americans are slowly moving back into the housing market as mortgage applications to buy homes increased, according to the Mortgage Bankers Association.

The group’s seasonally adjusted index found total mortgage application volume dropping by 3.3% for the week, but that was due to demand for refinancing mortgages. The mortgage demand from homebuyers was up 12%, but the total volume was 20% lower than the same week a year ago.

Crude Oil Prices Tick Upward on Storage Data

Don’t be mistaken, the ability to store crude oil is getting harder and harder each day. But the storage issue may not be as bad as previously feared.

According to the American Petroleum Institute, U.S. crude inventories were up 10 million barrels — less than the forecast of 11.7 million barrels.

The storage news pushed West Texas Intermediate crude oil prices up 17% for June contracts to $14.43 per barrel. Brent crude moved 5.5% higher to $21.59 a barrel.

What We’re Reading

DOJ Probe Causes More Issues for Boeing. But is the Stock Worth a Look? (Money & Markets)

Report: Simon to Reopen 49 Malls This Weekend (USA Today)

On Social Security and Waiting for Your Stimulus Check? It Could Be a While (Money & Markets)

Earnings Report

Here are the companies releasing earnings reports today:

AstraZeneca PLC (NYSE: AZN)

Boeing Co. (NYSE: BA)

Facebook Inc. (Nasdaq: FB)

General Electric Co. (NYSE: GE)

Microsoft Corp. (Nasdaq: MSFT)

Check back each morning before the opening bell for stocks to watch today with Opening Bell, here on Money & Markets.