Stock market futures pushed lower as President Donald Trump threatened a new round of tariffs on China and quarterly earnings sagged, plus stocks to watch today in the Money & Markets Opening Bell.

The Top Story

On Thursday night, Trump said the first phase of a trade deal with China was taking a backseat to potential retaliatory tariffs over the coronavirus outbreak.

It put a new focus on renewing the trade war between the U.S. and China that had a huge impact on global financial markets for nearly two years.

Investor sentiment was also tested as Apple Inc. (Nasdaq: AAPL) shares fell nearly 2.7% after the company said it was not possible to forecast overall results, but reported a strong quarter.

Amazon.com Inc. (Nasdaq: AMZN) shares dropped nearly 6% in premarket trading as the company said it was spending at least $4 billion in response to the COVID-19 pandemic.

Shares of Boeing Inc. (NYSE: BA) fell 1.1% after it said it reached a deal to raise $25 billion and would not need a federal bailout.

Wall Street fell Thursday as grim economic data and mixed earnings prompted investors to take profits at the end of the S&P 500’s best month in 33 years, a remarkable run driven by hopes of reopening the economy from crushing virus-induced restrictions.

As of 9:20 a.m. EDT, Dow Jones futures were down 1.8%. S&P 500 futures were off by 2.1% and Nasdaq Composite futures fell 2.3%.

Stocks to Watch Today

Exxon Mobil Corp. (NYSE: XOM) — The oil and gas corporation reported a first-quarter loss of $610 million — the first quarterly loss for the company in 32 years. Exxon said it is reducing capital and operating spends to “manage unprecedented market challenges.” Shares of Exxon were down by nearly 2%.

Apple Inc. (Nasdaq: AAPL) — Shares of the technology giant were down 2.7% in premarket trading despite posting strong quarterly revenue and earnings. Apple said it could not offer Q3 guidance, but did forecast a currency headwind of $1.5 billion.

Amazon.com Inc. (Nasdaq: AMZN) — Despite reporting a 26% increase in net sales in Q1, Amazon officials said costs associated with the coronavirus pandemic — nearly $4 billion — could drive Q3 to be its first losing quarter in five years. Shares of Amazon were down 5%.

Moderna and Swiss Company Strike Deal on Potential COVID-19 Vaccine

Moderna Inc. (Nasdaq: MRNA) and Swiss-based drugmaker Lonza Group have reached a deal to accelerate the manufacturing of Moderna’s potential coronavirus vaccine.

The experimental vaccine, mRNA-1273, is in the early testing phase with the U.S. National Institutes of Health, with the company expecting mid-stage trials to start in the second quarter, according to CNBC.

Disney’s Theme Parks Now Weigh on Profit

Last year, the largest division within Walt Disney Co. (NYSE: DIS) saw its operating income jump 11%, but this year could be a different story.

As its theme parks around the world remain closed due to the coronavirus, the company is expecting to report a steep drop in profit when its quarterly financials are announced on May 5, according to Bloomberg.

IRS Denies Tax Deductions Tied to Small-Business Loans

If you are a small business that received funds from the Paycheck Protection Program and have your loan forgiven, the Internal Revenue Service won’t give you a tax deduction.

The IRS said businesses will not be able to deduct the wages and other expenses associated with the PPP on their taxes next year. The agency also confirmed allowing those expenses to be deducted if the loans are forgiven would be “a double tax benefit.”

What We’re Reading

It’s Early, but Artificial Intelligence is Going to Be a Big Winner (Money & Markets)

GM and Ford Lay Out Plans to Restart Their US Factories (CNN Business)

There’s Plenty of Steam Left in This Rally (Money & Markets)

Earnings Report

Here are the companies releasing earnings reports today:

Clorox Co. (NYSE: CLX)

Exxon Mobil Corp. (NYSE: XOM)

Honeywell International Inc. (NYSE: HON)

Phillips 66 (NYSE: PSX)

Royal Bank of Scotland Group PLC (NYSE: RBS)

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