Here are five things you must know for Friday, May 4:  

1. -- Stock Futures Lower Ahead of Jobs Data

U.S. stock futures were lower Friday, May 4, as investors awaited developments from a key trade summit between the U.S. and China and were cautious ahead of the release of the U.S. jobs report.

Contracts tied to the Dow Jones Industrial Average fell 48 points, those linked to the broader S&P 500 slipped 6 points, and Nasdaq futures were down 14.75 points.

The Wall Street Journal reported that Treasury Secretary Steve Mnuchin and his heavyweight team of U.S. officials handed China a lengthy list of demands on trade, ranging from immediately cutting a trade imbalance by $100 billion a year to halting all Chinese government support for advanced technologies. The Journal cited a document that was sent to Beijing before the talks this week.

The U.S.-China trade relationship is "significantly imbalanced," said the document, which was reviewed by the Journal.

Economists surveyed by FactSet expect the U.S. to have added 190,000 jobs in April, up from a weak reading in March of 103,000. The unemployment rate is expected to dip to 4% from 4.1% in March. The nonfarm payrolls report for April, to be released at 8:30 a.m. ET, is the highlight of the U.S. economic calendar on Friday. 

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2. -- Warren Buffett Buys 75 Million More Shares of Apple

Warren Buffett has purchased 75 million more shares of Apple Inc. (AAPL) , according to a CNBC report, and has boosted his holdings in the iPhone maker to about 240 million shares.

News of Buffett's purchase, made amid worries on Wall Street over iPhone demand, came ahead of Berkshire Hathaway Inc.'s ( BRK.A) annual shareholder meeting on Saturday, May 5.

Buffett must be loving Apple's mix of recurring service revenue, its cheap valuation and its increasing generosity with its capital return plans. Just this week, Apple silenced a growing number of bears with a solid earnings beat and a new $100 billion stock buyback plan.

Apple, a holding in Jim Cramer's Action Alerts PLUS, was up 1.1% in premarket trading.

3. -- Xerox CEO to Stay

4. -- Activision Beats Estimates After Strange Trading Day

Activision Blizzard Inc. (ATVI)  was down 1.2% in premarket trading on Friday after closing down more than 2% in the previous session after Dow Jones Newswires broke an embargo and published headlines on Activision's earnings early. Those headlines included an incorrect revenue figure.

When it all got sorted out, Activision posted first-quarter earnings and revenue that topped analysts' forecasts.

Activision blamed the drop in its stock price - as much as 6% on Thursday - on the incorrect revenue number. The correct revenue figure Activision reported in the first quarter was $1.97 billion, up from $1.73 billion a year earlier.

Newell Brands Inc. (NWL)  reported first-quarter adjusted earnings of 34 cents a share, beating analysts' forecasts of 26 cents, and said it agreed to sell Waddington Group, its global consumer and commercial package manufacturing business, to Novolex Holdings LLC. Newell expects after-tax proceeds of about $2.2 billion from the transaction.

Alibaba Group Holding Ltd. (BABA)   posted stronger-than-expected fiscal fourth-quarter earnings as the Chinese e-commerce giant continues to challenge Inc. (AMZN) for customer growth in key Asia markets. American depositary receipts traded in the U.S. rose 2% in premarket trading.

5. -- Twitter Tells Users to Change Their Passwords

Twitter Inc. (TWTR) has told all users they should change their passwords.

The company said Thursday it recently discovered a bug that stored passwords in an internal log in an unprotected form.

"When you set a password for your Twitter account, we use technology that masks it so no one at the company can see it," said Parag Agrawal, Twitter's chief technology officer, in a blog post. "We recently identified a bug that stored passwords unmasked in an internal log. We have fixed the bug, and our investigation shows no indication of breach or misuse by anyone."


Join Jim Cramer May 5 for TheStreet's Boot Camp for Investors

Meet Jim Cramer and more than a dozen top market experts on Saturday, May 5, in New York for How to Diversify Your Portfolio: A Boot Camp for Investors.

Highlights includes:

  • An exclusive market update from Jim. 
  • A keynote interview between Jim and PayPal CEO Dan Schulman. 
  • Break-out panels with top market experts like Tony Dwyer, chief market strategist at Canaccord Genuity; Mike Hanson, senior vice president of research at Fisher Investments; and Peter Hug, global trading director with Kitco Metals. 
  • Roundtable discussions with TheStreet's Carley Garner, Stephen "Sarge" Guilfoyle, Bob Lang and other columnists.

All attendees will also receive a free one-year subscription to our newest premium Web site, Retirement Daily (a $99 value).

Where: The Convene Center, 117 W. 46th St., New York

When: Saturday, May 5, 8:55 a.m.-2:45 p.m.

Price: $199. Includes a free one-year subscription to Retirement Daily (a $99 value)

Get more details or buy tickets here.