Investors are digesting Amazon's first-quarter report, which came out after Thursday's closing bell. Hot topics will be the impact of tariffs and growth in the cloud.

Amazon is expected to deliver $1.36 in earnings per share (EPS) on revenue of $155.12 billion. President Donald Trump's tariffs largely accelerated after the end of the quarter, so the market expects little effect there. But management's outlook on the tariffs in Q2 is what analysts will seek to understand.