Shares of Amazon (AMZN) dipped in extended trading on worries about growth in its cloud computing business, and the Commerce Department is set to release an updat🍰e on the Fed's preferred gauge of consumer inflation. Here’s what investors need to know today.

1. After Surging, Amazon Shares Di🌞pꦍ on Cloud Growth Worries

Shares of Amazon slipped 2% in pre-market trading after posting 澳洲幸运5官方开奖结果体ꩵ彩网:higher-than-expected sales and e𝓡arnings, but warning of a slowdown in its cloud computing business during the current quarter. Amazon revenues came in at $127.4 billion compared to analyst estimates of $124.5 billion, up 9% from a year ago. It posted $3.2𒆙 billion in profit, almost 50% higher than analysts expected.

澳洲幸运5官方开奖结果体彩网:Amazon Web Services (AWS), the company’s cloud computing business, posted growth o꧃f 15.8%, slightly higher than expected. AWS operating income came out to $5.12 billion, a bit below analyst estimates. Its operating margin came in at 24%, the narrowest its been since 2017. However, on a conference call with analysts, an executive said cloud spending was decelerating, with April revenue growth down about 5 percentage points compared with the first quarter.

2. An Update Due on the Fed's Preferred Inflation Gauge

The Commerce Department is scheduled to release data on consumer inflation with the , which likely rose 0.3% last month, matching February’s pace. Prices are projected to have climbed 4.5% year-over-year, which would mark the slowest annual gain since the summer of 2021. 澳洲幸运5官方开奖结果体彩网:Core prices, which e🉐xclude volatile food and energy costs, also likely rose 0.3% from February and 4.5% over a 12-month period. The PCE Price Index is considered to be the Fed’s preferred measure of inflation. 

3. Eurozone Ec🃏onomy Grows More Slowly Than Expected

The eurozone economy grew just 0.1% in the first quarter, missing expectations as the German economy slowed. The economy expanded by 1.3% on an annualized🦩 basis, just under expectations🧸 of 1.4%.

4. Snap Shares Sink After Missing Estimates

Snap (SNAP) shares sank 18% in pre-market trading after the social media company missed estimates for first quarter revenue. Snap revenue came in at $989 million compared to expectations of $1 billion. Global daily active users (DAUs) were 383 million, below estimates of 384 million. Average revenue per user was also lower 🐽than anticipated at $2.58 per user compared to estimates of $2.63 per user.

5. First Repub𒅌lic Shares Surge on Rescue Reports

First Republic Bank (FRC) shares jumped 11% in pre-market trading following reports U.S. regulators are discussing rescue options with other banks. First Republic's stock price lost more than half of its value this week.