Here are the most important news items that investors need to start their trading day:
1. Welcome to jobs day
The Fed, regional banks, more big earnings and now jobs. It's been a momentous week for markets but not in a great way. Three major indices are all on pace for their worst week since March 6-10. Now investors are chewing over a stronger-than-expected April jobs report. The economy added 253,000 jobs last month, much more than the 180,000 expected by economists. The unemployment rate is down to 3.4%, tied for the lowest level since 1969. All that said, job growth has slowed somewhat, while gains for February and March were revised down. Futures rose after the report. Follow live market updates.
2. iPhone to the rescue
Apple's revenue and profit fell last quarter, but the results still beat Wall Street's low expectations. Better-than-hoped iPhone sales helped make that happen. Sales for the ubiquitous gadget easily cleared the bar set by analysts, while Mac and iPad sales came up short. In all, iPhone sales rose 2% for the quarter, an indication that supply chain problems may be less of an issue. "It was quite a good quarter from an iPhone point of view, particularly relative to the market when you look at the market stats," Apple CEO Tim Cook told CNBC's Steve Kovach.
3. Another bad day for regional banks
A slew of regional banks, led by PacWest, had an awful Thursday as concerns grow in the wake of the three biggest bank failures since the 2008 financial crisis. California's PacWest fell more than 50% after the company said it was actively talking with potential investors while considering all of its options. Tennessee-based First Horizon fell because its merger deal with TD Bank fell apart due to regulatory concerns. Western Alliance, Zions Bancorp and the SPDR S&P Regional Banking ETF all fell too. Premarket trading Friday morning indicated they could all be due for a slight rebound when the market opens.
4. Minding their business
The Florida Chamber of Commerce has so far stayed out of the fight between Disney and Gov. Ron DeSantis over the entertainment giant's long-standing control over a special tax district that includes Walt Disney World. The state chamber has tight relationships with both sides. "The entire business and lobbying class are allies of both DeSantis and Disney," David Jolly, a former GOP congressman from Florida, told CNBC's Brian Schwartz. "The chamber's political division is probably the premier ally of the state GOP in producing polling and research in low-dollar state House seats, and also mobilizes soft dollars around state legislative races." The chamber, unsurprisingly, declined to comment to CNBC for the article.
5. Buffett, a gecko and Omaha
Insurer Geico is known for its spokes-gecko and its dryly funny commercials. But it's also famous among market watchers and investors for being billionaire Warren Buffett's "favorite child," as he invested in it nearly 50 years ago. Geico is in a bit of a slump, though, even as the rest of Buffett's Berkshire Hathaway has been humming along. Berkshire investors, who will descend on Omaha this weekend for Berkshire's big "Woodstock for Capitalists" shareholder event, will be curious to hear more about how the company plans to get Geico on track after it's lost market share to rival Progressive. CNBC's exclusive coverage of the Berkshire investor event will start at 10 a.m. ET Saturday.
– CNBC's Brian Evans, Kif Leswing, Steve Kovach, Jesse Pound, Brian Schwartz and Yun Li contributed to this report.
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