Alphabet brought in $90.2 billion of revenue in Q1, topping consensus analyst estimates of $89.2 billion, and $2.81 diluted earnings per share ($34.5 billion net income), smashing forecasts of $2.01 EPS ($24.8 billion net income), according to FactSet.

U.S. stock futures point to a lower open, a day after stocks rallied on hopes of a thaw in the U.S.-China trade war and that Fed Chairman Jerome Powell will get to keep his job.

U.S. stock index futures edged lower on Thursday as investors assessed the latest changes in the Trump administration's erratic trade policy and a bevy of mixed corporate results. Wall Street jumped for a second consecutive session on Wednesday on signs the White House was open to reducing sweeping tariffs on China,

Tesla's first-quarter earnings report itself was a disaster, but Musk gave investors some much-needed good news on the conference call.

Tesla CEO Elon Musk said he will allocate far more time to the EV maker moving forward. Investors cheered, with the stock up despite weak Q1 earnings.