Market Update – Rectangles and 3C

2:30 p.m. ET The averages are following through on yesterday’s gains, despite a sizable decline in Amazon.com (AMZN -3.4%) after the company cautioned about slowing cloud services growth after its better than expected Q1 report. CNBC reported that First Republic Bank (FRC -39.1%) is likely headed to receivership. Most of the averages are now following NASDAq-100’s lead and forming…