By Joseph Woelfel, The Street–

Here are five things you must know for Friday, Oct. 30:

1. — Stock Futures Slump on Big Tech Worries

Stock futures were tumbling Friday after the biggest technology companies in the U.S. posted earnings that topped Wall Street expectations but issued tepid outlooks for the rest of 2020.

Shares of Apple declined after the company reported weaker-than-expected iPhone sales and a revenue slide of 29% in China.

Investors also were grappling with record-setting new daily cases of the coronavirus in the U.S. and uncertainty about a presidential election less than a week away.

Contracts linked to the Dow Jones Industrial Average dropped 258 points, S&P 500 futures slumped 31 points and Nasdaq futures were down 160 points.

Stocks on Thursday finished higher after economic growth in the U.S. came in higher than estimates and jobless claims declined. The rebound came after the S&P 500’s 3.5% drop in the previous session, the biggest loss since June 11.

Earnings reports are expected Friday from Chevron , Exxon Mobil , Honeywell International , AbbVie and Under Armour

AbbVie and Honeywell are holdings in Jim Cramer’s Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

The economic calendar in the U.S. Friday includes Personal Income and Outlays for September at 8:30 a.m. ET, Chicago PMI for October at 9:45 a.m. and Consumer Sentiment for October at 10 a.m.

2. — Apple Slides as iPhone Revenue Falls 21%

Apple posted stronger-than-expected fiscal fourth-quarter earnings but declined to provide guidance for the holiday quarter amid the ongoing uncertainty of the global coronavirus pandemic.

The stock was down 4.19% to $110.49 in premarket trading.

Apple’s earnings of 73 cents a share and revenue of $64.7 billion topped analysts’ estimates but iPhone revenue fell nearly 21% from a year earlier to $26.44 billion, below forecasts, thanks in part to the late launch of the iPhone 12. Revenue in China also was disappointing, falling 28.6% to $7.95 billion.

“Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,” said CEO Tim Cook. “Despite the ongoing impacts of Covid-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive.”

“From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion, and the kinds of big ideas that only Apple can deliver,” he added.

The team wasn’t expecting the lack of guidance and noted the iPhone sales miss but said “we believe the company is executing at the highest level, through one of the most difficult environments imaginable.”

“Apple is doing everything it has to come out of the pandemic stronger than it went into it, as it continues to innovate and invest in new products and services,” the AAP team said.

3. — Amazon’s Outlook for Operating Income Disappoints

Amazon.com reported third-quarter earnings and revenue that easily topped analysts’ estimates but its outlook for operating income in the fourth quarter sent the stock lower in premarket trading.

Shares declined 1.64% to $3,158.30.

Amazon said it expects fourth-quarter operating income to range from $1 billion and $4.5 billion, compared with $3.9 billion a year earlier. The estimate assumes about $4 billion of costs related to Covid-19.

For the holiday quarter ending in December, Amazon forecast revenue of $112 billion to $121 billion, representing growth of between 28% and 38% year over year. Analysts were expecting revenue of $112.32 billion for the quarter.

Amazon has benefited from the surge in online shopping during the coronavirus pandemic.

“Management’s fourth-quarter outlook – the quarter that contains both Prime Day and the holiday shopping season – is leaving investors wanting more on the operating income front, and this explains why the stock is trading slightly lower …” said Jim Cramer and the Action Alerts PLUS team, which holds Amazon in its portfolio. “But we would not call this a disappointment. That would simply be too short-term minded.

“Instead, we recommend focusing on Amazon’s longer-term opportunity in e-commerce, cloud, online advertising, and subscription services. Taken together, we continue to believe Amazon features one of the strongest stories there is in the entire market,” the AAP team said.

4. — Twitter Slumps as User Growth Misses Forecasts

Twitter was falling sharply in premarket trading Friday after posting better-than-expected third-quarter earnings but user growth that missed forecasts.

Twitter added only a million new daily users in the third quarter from the second quarter, coming in well below Wall Street forecasts.

Twitter said its metric of monetizable daily active users rose 29% from last year to 187 million at the end of the third quarter. Analysts, however, were expecting daily users of 195.2 million.

Advertising revenue, Twitter said, rose 15% to $808 million, while total revenue jumped 14% tp $936.2 million. Both figures beat analysts’ estimates.

The stock dropped 15% to $44.56 in premarket trading.

5. — Alphabet’s Earnings Jump 59%

Shares of Alphabet rose 6.5% to $1,658.10 in premarket trading after the parent company of Google posted a 59% jump in third-quarter earnings on a revenue jump of 14%.

Alphabet earned $11.25 billion, or $16.40 a share, in the quarter, compared with $7.07 billion, or $10.12 a share, a year earlier. Revenue rose to $46.17 billion from $40.5 billion. Revenue was $38.01 billion after traffic acquisition costs.

Analysts were expecting third-quarter net income of $11.28 a share on revenue of $42.8 billion.

The revenue figure reflects higher spending from advertisers in search and the video platform YouTube “as well as continued strength in Google Cloud and Play,” said Ruth Porat, chief financial officer.

Third-quarter revenue at the company’s cloud business soared 45% from a year earlier to $3.4 billion.

This article was originally published by TheStreet.