Updated from 5:59 a.m. EDT
 
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Here are five things you must know for Thursday, May 4:
 
1. -- U.S. stock futures were rising Thursday and European shares gained after strong earnings reports boosted investor sentiment.
 
France's CAC-40 was up 0.9%, trading at its highest level in nine years. Asian stocks finished mostly lower on Thursday.
 
U.S. stocks on Wednesday finished with losses, though well off their lows, after the Federal Reserve showed it still has faith in the integrity of the U.S. economic recovery even as recent data showed signs of weakness.
 
In a statement following an announcement from the Fed that it would leave interest rates unchanged, members of the Federal Open Market Committee noted that economic had slowed, though fundamentals remained solid. The committee viewed slowing growth in the first quarter as transitory. 

"The Committee views the slowing in growth during the first quarter as likely to be transitory and continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace," the Fed said in a statement.

The economic calendar in the U.S. on Thursday includes weekly Jobless Claims at 8:30 a.m. EDT, International Trade for March at 8:30 a.m., Productivity and Costs for the first quarter at 8:30 a.m., and Factory Orders for March at 10 a.m.

Also on Thursday, the House of Representatives is expected to vote on GOP legislation to repeal and replace Barack Obama's Affordable Care Act.

Earnings are expected Thursday from AMC Networks (AMCX) , CBS (CBS) , Dunkin' Brands (DNKN) , Kellogg (K) , Shake Shack (SHAK) , Herbalife (HLF) , Viacom (VIAB) , Activision Blizzard (ATVI) , Zynga (ZNGA) , Chesapeake Energy (CHK) and Marathon Oil (MRO) .

2. -- Facebook (FB)  soundly beat estimates for the first quarter on the back of very strong ad sales growth and also continued seeing healthy growth for its massive active user base. 

Facebook reported first-quarter revenue of $8.03 billion, an increase of 49% from a year earlier, and earnings of $1.04 a share. Analysts expected revenue of $7.83 billion and profit of 87 cents.

Ad revenue rose 51% to $7.86 billion, a growth rate nearly even with the fourth quarter's 53%.

Facebook said monthly active users rose 18% to 1.94 billion, while daily active users rose 17% to 1.28 billion. Both metrics topped analysts' forecasts.

The stock wad down 1.4% in premarket trading.

Jim Cramer and the AAP team said Facebook has mastered how to advertise on mobile and social effectively and profitably while maintaining the incredible user experience. Find out more with a free trial subscription to Action Alerts PLUS.

3. -- Tesla (TSLA)  shares were down 1.8% in premarket trading after the electric-vehicle maker posted a wider-than-expected loss in the first quarter but saw revenue top analysts' expectations.

Tesla reported a first-quarter loss of $1.33 a share compared with a year-earlier loss of 57 cents. Analysts expected Tesla to report a loss of 82 cents a share in the first quarter of 2017.

Revenue rose to $2.63 billion, above forecasts of $2.61 billion.

Tesla said its highly anticipated Model 3 vehicle development is nearly complete and that test production has led to road testing.

Deliveries in the quarter set a record at 25,051 vehicles. Tesla said it expects to deliver 47,000 to 50,000 vehicles in the first half.

4. -- Apple (AAPL)  CEO Tim Cook told Jim Cramer on Mad Money that the tech giant is launching a $1 billion fund aimed at boosting U.S. advanced manufacturing jobs. 

The move comes as Apple reported its latest quarterly results this week and as the company prepares for a big rollout later this year of its next-generation iPhone. "You're the first person I'm telling," Cook said to Cramer in an exclusive interview. The CEO then averred, saying the company had already told the unnamed firm which it plans to invest in to further the project. 

The tech industry has been under pressure to boost employment in the U.S. even as it faces challenges from tighter visa restrictions on workers from abroad imposed by the Trump administration. 

Cook's comments came in an extended "Executive Decision" segment, at the company's headquarters in Cupertino, Calif. When Cramer last spoke with Cook a year ago, shares were trading at $93 and the company was under fire from critics. A year later, Apple shares have jumped 60%.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

5. -- Royal Dutch Shell (RDS.A) posted slightly stronger-than-expected first-quarter earnings and said it would continue to focus on strengthening in balance sheet.

The Anglo-Dutch oil and gas giant said net income for the first three months of the year surged to $3.5 billion, just ahead of the FactSet consensus of $3.1 billion, thanks in part to a 65% rise in global crude prices and a 2% increase in production to 3.7 million barrels of oil per day.
 
"The first quarter 2017 was a strong quarter for Shell. Cash flow from operating activities of $9.5 billion and free cash flow of $5.2 billion enabled us to reduce debt, and cover our cash dividend for the third consecutive quarter," said CEO Ben van Beurden. "We saw notable improvements in upstream and chemicals, which benefited from improved operational performance and better market conditions. Our operations in Qatar are restarting during the second quarter."
 
"We continue to reshape Shell's portfolio and to transform the company with over $20 billion divestments completed or announced that will strengthen the balance sheet as they are completed," he added.
 
Free cash flow of $5.184 billion in the quarter, however, was down 9.7% from the fourth quarter of 2016 as global crude prices began to tail off following the muted impact of OPEC's 1.8 million barrels per day in production cuts.

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