Apple beat Wall Street's quarterly profit estimates on Thursday, but iPhone sales and China revenue for the holiday quarter were weak due to stiff Chinese competition and a slow rollout of artificial intelligence features.
Wall Street's main indexes rose on Thursday, driven by post-earnings advances in Meta and Tesla, although Microsoft's weak cloud forecast and downbeat results from Cigna dampened investor enthusiasm. Microsoft MSFT.O dropped 4.7% after forecasting disappointing growth in its cloud computing business.
Leaders at Microsoft and Meta told investors that China’s DeepSeek doesn’t harm their businesses and that they will still spend billions on AI data centers.
Indices traded most of the session in the green before the Trump statement, led by gains in Tesla and Meta post their quarterly results. The gains were offset by a 6% drop in shares of Microsoft.
Futures for Canada's main stock index rose on Thursday, supported by gains in metal prices, while investors digested earnings from some of the big tech megacaps on Wall Street.
Not every outlet popular with conservative readers is cheerleading for President Donald Trump. The Rupert Murdoch-owned Wall Street Journal has notably applied some brakes on its editorial pages during the new president's first week in office.
Wall Street is mainly focused on Apple's iPhone sales in China and any guidance related to its March quarter, which could include iPhone SE4 sales.
WEPE presale raised $63.3 million, setting a new benchmark in meme coin funding. Despite market turbulence, interest in Pepe-themed coins remains strong.
Wall Street banks are getting ready to sell up to $3 billion of debt holdings in X, the social-media platform controlled by Elon Musk, two sources with knowledge of the matter said Friday. Morgan Stanley bankers have reached out to investors ahead of a planned sale next week, the people added.
Monday’s bloodbath in Nvidia and other AI stocks wiped out some $1 trillion from the stock market’s value.
Apple's much-anticipated sales in Greater China fell to $18.5 billion, down 11% from $20.8 billion in the year-ago fiscal first quarter. That was also below Wall Street's estimates. According to FactSet,