Wall Street's three-day rally came to a pause on Friday, with major indices hovering near the flatline by midday in New York as caution returned amid mixed signals on <a href="https://www.benzinga.com/news/global/25/04/45004954/china-reportedly-begins-exempting-key-us-imports-from-tariffs-including-pharma-and-aerospace-parts">U.S.-China trade relations.</a>



President Donald Trump claimed to have held a phone call with President Xi Jinping, yet Chinese officials denied that any talks had taken place.



Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) extended its rally into a fourth consecutive session, notching its best weekly performance of the year with a 16% gain. On Thursday afternoon, Transportation Secretary Sean Duffy introduced a new regulatory framework for self-driving vehicles, saying it aimed to reduce bureaucratic hurdles and advance toward a unified national standard.



T-Mobile US Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NYSE">TMUS</a>) was the biggest laggard of the day, falling 11%, on track for its worst single-day loss since March 2020. This came despite better-than-expected earnings, as its core wireless business posted slower growth than analysts had projected.



Among sectors, consumer discretionary led gains, buoyed by Tesla's 8% gain, while materials underperformed.



In fixed income, Treasury yields declined for a fourth straight session, underscoring how critical Trump's early-week reassurance — that he would not dismiss Fed Chair Jerome Powell — was for bond market sentiment.



The yield on the 10-year Treasury note dropped 4 basis points to 4.27%, on course for its lowest close since April 8.



In commodities, gold slid 2%, oil held steady at $62 per barrel, and natural gas rose 1% to $3 per million British thermal units, snapping a 10-session losing streak.



In crypto markets, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose 1.2% to $95,000.



<h2 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>Chg</td></tr><tr><td>Nasdaq 100</td><td>19,250.90</td><td>+0.2%</td></tr><tr><td>S&amp;P 500</td><td>5,488.71</td><td>+0.1%</td></tr><tr><td>Dow Jones</td><td>39,908.60</td><td>-0.5%</td></tr><tr><td>Russell 2000</td><td>1,942.82</td><td colspan="2">-0.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) flattened at $546.92.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.5% to $399.23.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;fell 0.2% to $468.61.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.7% to $192.79.</li>



<li>The&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>) outperformed, up 1.1%; the&nbsp;Materials Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>) lagged, down 1.1%.</li>
</ul>



<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>



Stocks reacting to earnings report included:



<ul>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>): up 1.7%</li>



<li>T-Mobile US Inc.: down 10.9%</li>



<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>): up 2.4%</li>



<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>): down 7.2%</li>



<li>Gilead Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>): down 3.2%</li>



<li>Aon plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>): down 11.0%</li>



<li>Republic Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSG#NYSE">RSG</a>): down 0.2%</li>



<li>Digital Realty Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLR#NYSE">DLR</a>): up 3.0%</li>



<li>HCA Healthcare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>): down 5.2%</li>



<li>Charter Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>): up 10.3%</li>



<li>The Hartford Financial Services Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIG#NYSE">HIG</a>): down 1.1%</li>



<li>Weyerhaeuser Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WY#NYSE">WY</a>): down 2.1%</li>



<li>Colgate-Palmolive Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>): up 1.1%</li>



<li>Centene Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNC#NYSE">CNC</a>): down 7.7%</li>



<li>LyondellBasell Industries N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYB#NYSE">LYB</a>): up 0.0%</li>



<li>VeriSign Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>): up 9.1%</li>



<li>Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>): down 2.0%</li>



<li>Carrier Global Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>): down 0.5%</li>



<li>Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>): down 0.7%</li>



<li>Erie Indemnity Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIE#NASDAQ">ERIE</a>): down 11.8%</li>



<li>Principal Financial Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>): down 1.4%</li>



<li>Eastman Chemical Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>): down 6.0%</li>



<li>Healthpeak Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOC#NYSE">DOC</a>): down 4.7%</li>
</ul>



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<li><a href="https://www.benzinga.com/25/04/45009066/goldman-sachs-upgrades-charles-schwab-to-buy-one-of-the-best-earnings-growth-outlooks-analyst-says">Goldman Sachs Upgrades Charles Schwab To Buy: &#8216;One Of The Best Earnings Growth Outlooks,&#8217; Analyst Says</a></li>
</ul>



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Wall Street Rally Pauses, Tesla Heads For Strongest Week In 6 Months: What's Driving Markets Friday?

Even after a powerful rebound after the early-April tariff-driven selloff, Bank of America&#8217;s chief investment strategist Michael Harnett says the case for a lasting bull market still depends on a rare trio of conditions that remains out <a href="https://www.benzinga.com/topic/expert-ideas">of reach for now.</a>



In his regular &#8220;The Flow Show&#8221; report, titled &#8220;Stay BIG, sell rips&#8221; and shared Friday, the renowned contrarian strategist said he remains a buyer of dips in bonds, international stocks and gold — forming the acronym BIG — while selling into rallies in U.S. stocks and the dollar.



&#8220;If no recession, equity lows are in, simple; but can&#8217;t jump back on bull&nbsp;unless&nbsp;Treasury yields&nbsp;falling below&nbsp;4%, and&nbsp;earnings growth&nbsp;stays above&nbsp;5%&#8221; Hartnett said.



<h2 class="wp-block-heading">Are Stocks Still Oversold?</h2>



Despite the recent rebound, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) remains 12% below its all-time highs reached in February. 



Market internals tell a grimmer story: Harnett said that 304 stocks in the S&amp;P 500 and 58 in the Nasdaq 100 are still trading below their 2021-22 highs.



This broad-based weakness highlights what Harnett described as a &#8220;remarkable flip from &#8216;U.S. exceptionalism&#8217; hubris to &#8216;U.S. repudiation.'&#8221;



Technically, only one-third of stocks in the S&amp;P 500 and Nasdaq 100 are trading above their 200-day moving averages, suggesting the damage from the April selloff runs deep across sectors.



<h2 class="wp-block-heading">Three Catalysts Needed For A Sustainable Rally</h2>



For a sustained bull market to materialize, Harnett identified three essential conditions: lower Treasury yields driven by Fed cuts, a meaningful reduction in U.S.-China tariffs, and a robust American consumer.



On monetary policy, the strategist pointed to shifting expectations around rate cuts. Market-implied probabilities show just an 8% chance of a cut at the May 7 Federal Open Market Committee meeting, rising to 65% by June 18 and reaching 100% by July 30.



Regarding trade, Harnett said a minimum requirement would be a U.S.-China peace deal that slashes current tariffs—now standing at 145%—to levels well below the 60% range promised during Donald Trump&#8216;s election campaign.



On the consumer side, Harnett cited immigration data showing Southwest border encounters falling to 11,000 per month in February and March from an average of over 100,000 per month in 2024, and a peak of 300,000 in December 2023. This decline could bolster a tight labor market, supporting consumer spending.



Yet headwinds remain strong. U.S. household equity wealth is down $6 trillion year-to-date, Bank of America data show, putting pressure on the top 10% of earners who account for 50% of U.S. consumer spending—the highest concentration since 1989.



Harnett highlighted that the relative performance of Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) compared to Dollar General Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DG#NYSE">DG</a>) is at its lowest in nine months. This signals a broader trend of investors rotating away from luxury and discretionary sectors toward more necessity-driven, defensive stocks.



Inflation expectations, meanwhile, have surged to levels not seen since 1981, threatening to lift household savings rates and curb spending.



<h2 class="wp-block-heading">A New Era For Stock Valuations?</h2>



Zooming out, Harnett said 2025 could mark a pivotal turning point for stock valuation. After years of ultra-low rates, massive fiscal stimulus, and booming asset prices, a &#8220;new world order&#8221; on valuations may now emerge.



Historically, the average price-to-earnings ratio (P/E) for the S&amp;P 500 was 14x in the 20th century and 20x in the 21st century. In recent years, 20x acted as a floor thanks to globalization, technology advances and the AI boom.



&#8220;In December 2024, $18tn market cap of&nbsp;Magnificent 7&nbsp;was almost on par with&nbsp;$20tn GDP of G7&nbsp;economies&nbsp;ex-USA,&#8221; Hartnett said. 



Going forward, Harnett said 20x could become the ceiling for valuations, citing the reversal of globalization, diminished Fed independence, and a new inflation normal of 3%-4% outside of recessions.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/markets/equities/25/04/45003860/us-stock-futures-mixed-after-three-day-winning-streak-expert-dismisses-market-pessimism-says-this-isnt-stuff-you-see-in-bear-market">US Stock Futures Mixed After Three-Day Winning Streak: Expert Dismisses Market Pessimism, Says &#8216;This Isn&#8217;t Stuff You See In Bear Market&#8217;</a></li>
</ul>



Photo: Shutterstock

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Federal Reserve

Analyst Ratings

RACE

'Stay BIG, Sell Rips': Hartnett Doubts Bull Market Without 3 Key Catalysts

Forget about <a href="https://www.benzinga.com/25/04/44988897/china-trade-war-4-big-brand-stocks-that-will-suffer-most">trade wars</a> and inflation. One actor of the US economy is doing great, with stocks up 2.5% even before this week&#8217;s <a href="https://in.benzinga.com/analyst-ratings/analyst-color/25/04/44988781/wall-street-rally-extends-into-third-day-whats-driving-markets-thursday">rally</a>.



Schwab analysts even issued a collective &#8220;buy&#8221; call on these stocks, citing value and stability in the sector.



&#8220;Some (financial) segments benefited from rising interest rates, which allow banks to lend at higher rates and insurance companies to increase returns on collected policyholder premiums,&#8221; Schwab said in a new research note. &#8220;The economy has proven to be relatively resilient in the face of one of the most aggressive tightening cycles in history.&#8221;



On the risk side, company analysts cite trade wars and reduced consumer spending as issues that could hold back bank stocks. &#8220;If sweeping tariffs kick in and slow growth materially, financials could struggle as consumers pull back on spending, businesses reduce investment, and lending slows,&#8221; Schwab noted.



Other Wall Street watchers agree, adding that some banking sectors are looking better than others at the moment.



&#8220;Bank stocks have been relatively mixed, large-cap U.S. banks have held up better than smaller regional banks, which remain under pressure from credit tightening, CRE (commercial real estate) exposure, and flattened yield curves,&#8221; said Fabio Ruggeri, founder and CEO of MenthorQ, a trading technology company in Miami, Fla. &#8220;While the big banks benefit from scale, trading revenue, and global exposure, the regional banks are still digesting the fallout from last year&#8217;s rate shocks and deposit flight.&#8221;



Short-term Federal Reserve actions, along with significant industry risks that could split the sector, are also in play.



&#8220;If the Fed pivots later in the year and the yield curve begins to normalize, net interest margins could improve,&#8221; Ruggeri said. &#8220;But risks tied to CRE, credit quality, and deposit competition are still in play. Investors should expect continued bifurcation. Stronger names will pull away from the weaker ones.&#8221;



Here are the three best stocks to buy in this outperforming sector.



<h2 class="wp-block-heading">Three Bank Stocks to Play Right Now</h2>



With talk of tariffs and trade wars watering down the markets right now and multiple risk factors (and opportunities) on the table, which bank stocks make the most sense right now? Here&#8217;s a sector snapshot.



<h2 class="wp-block-heading">US Bancorp&nbsp;</h2>



The fifth-largest bank in the country, US Bank (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USB#NYSE">USB</a>), saw its shares fall in 2025, down 20.1% year-to-date. Yet sector analysts are buzzing over the banking giant&#8217;s Q1 earnings beat, with multiple analysts backing the stock. On April 17, Barclays revised its price target for USB from $56 to $61 and maintained an &#8220;Outperform&#8221; on the stock. Noting that Q1 had beaten expectations, Barclays said USB impressed with more substantial fee income, more robust net interest income, and a better grip on expenses.



&#8220;I do like U.S. Bank right now,&#8221; said David Capablanca, a veteran trader and founder and host of the Friendly Bear Podcast. &#8220;Like many of the major banks have had a pullback, it&#8217;s an opportunity to dip buy. And you don&#8217;t just buy all at once &#8211; plan to scale in over three to six months, average in once a month.&#8221;



Consequently, if the stock is going lower, you&#8217;re averaging in, and if it&#8217;s consolidating and rising higher, you&#8217;re still gradually getting into a good position in USB stock. &#8220;It&#8217;s a very low-risk strategy to average into a safe, big-name bank stock,&#8221; Capablanca added.



<h2 class="wp-block-heading">Morgan Stanley</h2>



Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) is another big bank stock that has been trending downward but appears to be in bounce-back mode.



Like other big banks, Morgan Stanley has been recording significant gains in trading revenue lately. Its trading desk works closely with large institutional investors to manage portfolio risk and look for opportunities before and during this year&#8217;s tariff skirmishes. All in all, Morgan Stanley said its trading revenues were up 45% in Q1.



&#8220;Morgan relies less on traditional banking and focuses more on affluent wealth and investment exposure, which usually leads to diversified earnings,&#8221; Ruggeri said. Toss into the mix a healthy dividend of 3.39% in mid-April, and Morgan Stanley seems like another bank stock loaded with opportunity right now.



<h2 class="wp-block-heading">JPMorgan Chase</h2>



JPMorgan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are performing better than their sector competitors but are still down 3.2% so far in 2025. However, they are up 27% over the last year and have a strong history of stable management and reliable share performance.



&#8220;JPM is the gold standard of large U.S. banks,&#8221; Ruggeri said. &#8220;It has a strong balance sheet, diversified revenue, and deposit resilience.&#8221;



Other market experts agree.



&#8220;JPMorgan Chase continues to stand out — not just as a big bank, but as a highly disciplined and forward-thinking institution,&#8221; said Christopher Migliaccio, founder at Warren and Migliaccio, LLC, a law firm that handles asset management issues for its clients.



JPM&#8217;s most recent quarterly earnings showed the investment banking behemoth easily beat analyst expectations while boosting guidance on consolidated net interest income by $500 million, a metric that banking industry analysts have historically cited as key to overall future earnings.



USB is on board with JPM, hiking its price target from $277 to $305, citing higher Q1 earnings, larger trading revenues (for the same reasons as Morgan Stanley), and a strong dividend yield (2.41%).



<h2 class="wp-block-heading">Takeaway On Bank Stocks</h2>



Capablanca offers specific advice for regular investors seeking opportunities in the banking sector.



&#8220;Just don&#8217;t go for the higher-risk banks,&#8221; he advised. &#8220;Stick with the big ones, like Bank of America, U.S. Bank, Schwab, and JPMorgan. The big ones are the safest bets out there.&#8221;



<h2 class="wp-block-heading">Matt Maley Alerts Inner Circle Before TV Appearances</h2>



While millions watch Matt discuss tariffs on Bloomberg, CNBC, and more — only his Inner Circle members receive his specific trade recommendations. Get Behind the Scenes Access <a href="https://www.benzinga.com/premium/ideas/7-day-free-trial-matt-maley-inner-circle/?el=ResearchDaily&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_adType=SponsorAd&amp;utm_ad=RD0425&amp;utm_campaign=7daytrial">HERE</a>



Editorial content from our Expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



Photo: Shutterstock

Opinion

Trading Ideas

3 Stocks To Consider In This Outperforming Sector

ARK Invest on Friday outlined a conservative price target of approximately $300,000 for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) by 2030, according to its report published this week. 



The projection represents the firm's bear case scenario and is based on Bitcoin achieving moderate levels of institutional adoption and a partial displacement of <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44926052/bitcoin-reclaims-90000-is-digital-gold-heading-to-100000-next">gold's role as a store of value</a>.



What Happened: In the <a href="https://www.ark-invest.com/articles/valuation-models/arks-bitcoin-price-target-2030">report</a>, ARK presents three scenarios for Bitcoin's future price trajectory: a bear case of ~$300,000, a base case of ~$710,000, and a bull case of ~$1.5 million per coin.



The bear case reflects restrained optimism, with relatively low market penetration assumptions across several key addressable markets.



According to ARK's modeling, the primary contributor to Bitcoin's value in the bear case is its positioning as &#8220;digital gold.&#8221; 



The firm assumes Bitcoin will capture 20% of the current $18 trillion gold market by 2030. 



This shift alone would account for nearly 58% of the $300,000 price target.



Institutional investment is projected to contribute meaningfully even in a conservative scenario. 



ARK assumes that by 2030, 1% of the global market portfolio, estimated to reach $200 trillion excluding gold, will be allocated to Bitcoin. 



This allocation would add another 32.7% to Bitcoin's total price accrual in the bear case.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44992375/if-bitcoin-breaks-100k-this-ceo-will-gladly-admit-being-wrong-about-a-bear-market">If Bitcoin Breaks $100K, This CEO Will &#8216;Gladly Admit&#8217; Being Wrong About A Bear Market</a>



Why It Matters: Emerging markets are anticipated to play a smaller, yet notable role.



The report estimates that Bitcoin could capture 0.5% of the ~$68 trillion monetary base of emerging economies by 2030, as individuals seek protection against inflation and currency devaluation. 



This would account for roughly 5.5% of Bitcoin's price in the bear case.



Contributions from nation-state reserves and corporate treasuries are expected to remain limited. 



The forecast assumes a 0.5% penetration of the $15 trillion global treasury reserve market and a 1% penetration of the $7 trillion global corporate cash market by 2030.



Bitcoin's on-chain financial services sector, including Layer-2 solutions like the Lightning Network and tokenized assets such as Wrapped Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WBTC</a>), are projected to contribute only marginally to the price in this scenario.



ARK models a conservative compound annual growth rate (CAGR) of 20% for this sector over the next six years, resulting in a 1.7% contribution.



Importantly, ARK's $300,000 bear case does not incorporate adjustments for Bitcoin's active supply. However, the firm notes that if "liveliness" metrics, which estimate active circulating supply are considered, price targets could increase by approximately 40%.



The report emphasizes that all price projections are subject to significant uncertainties, including regulatory developments, adoption rates, macroeconomic factors, and investor sentiment. 



ARK acknowledges that Bitcoin's market behavior remains unpredictable and that forecasts should be viewed with caution.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44987075/why-bitcoin-reclaiming-92900-could-be-a-pivotal-moment-glassnode">Why Bitcoin Reclaiming $92,900 Could Be A Pivotal Moment: Glassnode</a></li>
</ul>



Image: Shutterstock

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$WBTC

ARK's Bitcoin 'Bear Case' Is $300,000 By 2030—What's The Bull Case?

Colgate-Palmolive Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) shares are <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b45004176/colgate-announces-1st-quarter-2025-results" rel="noreferrer noopener">trading higher in premarket</a> on Friday after the first-quarter FY25 earnings report.



The company's <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b45004176/colgate-announces-1st-quarter-2025-results" rel="noreferrer noopener">first-quarter FY25 sales</a> declined 3% year over year to $4.91 billion, beating the analyst consensus estimate of $4.86 billion.



Organic sales increased by 1.4%. Total Oral, Personal, and Home Care net sales increased&nbsp;by&nbsp;6.8% to $3.96 billion.



Non-GAAP EPS of $0.91 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beat the consensus </a>estimate of $0.86.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/25/04/44977669/pepsico-ceo-warns-of-tariffs-led-increase-in-supply-chain-costs-cuts-annual-profit-outlook" rel="noreferrer noopener">PepsiCo CEO Warns Of Tariffs Led ‘Increase In Supply Chain Costs,' Cuts Annual Profit Outlook</a>



Colgate's gross profit was $2.98 billion, while the margin expanded 80 basis points to 60.8%. Selling, general and administrative expenses slipped 0.9% to $1.8 billion.



Operating margin expanded 120 basis points to 21.9%, and operating income increased 2.8% to $1.07 billion for the quarter.



As of March 31, the company had $1.11 billion in cash and equivalents, and its operating cash flow totaled $600 million.



"As we look ahead, uncertainty and volatility in global markets, including the impact of tariffs, remain challenging. We are confident in our strategy and will continue to execute with focus and agility to mitigate these factors and achieve our revised 2025 financial targets," said Chairman, President, and CEO Noel Wallace.



Outlook FY25: Colgate expects net sales to be up in the low single digits, including a negative impact from foreign exchange in the low single digits.



The company anticipates organic sales growth to be 2% to 4%.



The current outlook is better from the last quarter, where <a target="_blank" href="https://www.benzinga.com//node/43385529" rel="noreferrer noopener">it expected FY25 net sales</a> to be roughly flat, including a mid-single-digit negative impact from foreign exchange.



On a non-GAAP basis, the company expects gross profit margin and advertising to be roughly flat as a percentage of net sales and earnings per share to be up in the low single digits.



Price Action: CL shares traded higher by 1.19% at $93.80 in premarket session at the last check on Friday.



Read Next:



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<li><a href="https://www.benzinga.com/25/04/44996394/chipotle-battles-slumping-sales-but-honey-chicken-boosts-hope-say-analysts" target="_blank" rel="noreferrer noopener">Chipotle Battles Slumping Sales, Analyst Pin Hope On Honey Chicken</a></li>
</ul>



Photo by EDSON DE SOUZA NASCIMENTO via Shutterstock

Earnings

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General

Colgate-Palmolive CEO Wallace Says 'Impact Of Tariffs Remain Challenging,' But Raises Annual Revenue Outlook Slightly

In a move indicating a possible easing of trade tensions, China has reportedly started to exempt some U.S. imports from high tariffs and is proactively seeking feedback from companies on other key items they want excluded from them.



What Happened: Companies in China say that they have been approached by officials to identify U.S. goods that are essential and difficult to replace, reported Reuters.



Some pharmaceutical imports and aerospace parts like engines and landing gear have reportedly already been excluded from the 125% tariffs. American Chamber of Commerce in China President Michael Hart confirmed that multiple member firms, especially in pharma, have not had to pay tariffs.



See Also: <a href="https://www.benzinga.com/25/04/45003278/flexport-ceo-joins-galloway-tariff-workarounds-and-fraud-will-force-trump-to-walk-back-on-trade-war-with-china">Trump Will Be First To &#8216;Blink&#8217; In China Trade War, Flexport&#8217;s Ryan Petersen Tells Scott Galloway: &#8216;The Market Finds A Way&#8217; Amid Tariff Workarounds, Fraud Surge</a>



Why It Matters: The exemptions are being made as both Beijing and Washington demonstrate <a href="https://www.benzinga.com/markets/25/04/44942449/trump-pledges-substantial-cut-in-china-tariffs-but-refuses-to-make-it-zero-if-they-dont-make-a-deal-we-will-set-the-deal">noticeable signs of de-escalation</a> in a trade war that has upset markets and stressed global supply chains. "As a quid-pro-quo move, it could provide a potential way to de-escalate tensions," said Alfredo Montufar-Helu of the Conference Board's China Center.



However, he said that neither side seems keen to make the first formal move to make a deal. China&#8217;s Ministry of Commerce <a href="https://www.benzinga.com/markets/25/04/44973283/china-denies-trumps-trade-talk-assertion-calls-for-abolition-of-unilateral-tariffs-no-factual-basis">denied rumors</a> of trade discussions with the U.S. on Thursday. 



While China's leadership has not made any official statement about the exemptions, the move seems to be targeted at shielding domestic industries from even more pressure. With major sectors still reliant on American inputs— ranging from ethane to specialty drugs—the exemptions may be just the beginning. "For irreplaceable goods, there's clear interest in unilateral exemptions," Montufar-Helu observed.



Read Next: <a href="https://www.benzinga.com/25/04/44999388/charlie-munger-once-slammed-the-idea-of-escalating-tariffs-in-the-us-china-trade-war-calling-it-massively-stid-heres-why-he-believed-both-sides-should-get-used-to-feeling-roughed-up-and-strike-a-deal">Charlie Munger Once Observed That A Full-Scale US-China Tariff War Was &#8216;Massively Stupid&#8217;: The Legendary Investor Didn&#8217;t Mind If Both Beijing And Washington Got Bruised Up In Talks Though — Here&#8217;s Why</a>



Image Via Shutterstock

Global

Markets

China Reportedly Begins Exempting Key US Imports From Tariffs, Including Pharma And Aerospace Parts

U.S. stock futures traded mixed on Friday after three consecutive days of gains, with S&amp;P 500 futures edging higher amid <a href="https://benzinga.com/analyst-ratings/analyst-color/25/04/44988781/wall-street-rally-extends-into-third-day-whats-driving-markets-thursday">rising earnings optimism</a> and signs of easing U.S.-China trade tensions.



The first quarter earnings report of Google-parent Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) topped estimates, adding to investor confidence following weeks of uncertainty.



Investors will be keeping an eye on AbbVie Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>),&nbsp;HCA Healthcare Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>), and&nbsp;Aon PLC&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>), among several other corporate earnings that are set to be released on Friday. 



U.S. 10-Year Treasury yields stood at 4.3% and 2-Year Treasury yields at 3.80%. According to the CME Group&#8217;s FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a> predictions, there is a 95.3% chance of the Federal Reserve keeping interest rates unchanged during its next meeting in May.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.13%</td></tr><tr><td>S&amp;P 500</td><td>+0.20%</td></tr><tr><td>Nasdaq 100</td><td>+0.22%</td></tr><tr><td>Russell 2000</td><td>-0.48%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) dipped 0.19% and 0.37%, respectively, in Friday's premarket trading, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;17jsfbw&#x2A;_gcl_au&#x2A;MjA5Njc0MjY1My4xNzQwODM2NTUw&#x2A;_ga&#x2A;R1MxLjEuMTc0NDY0ODA3Mi4yLjAuMTc0NDY0ODA3NS4wLjAuMA..&#x2A;_ga_V7ZK73W7N0&#x2A;MTc0NTU3MTI2OS4xLjEuMTc0NTU3MTQ4My4wLjAuMA..">Benzinga Pro</a> data.



Cues From Last Session: 



The markets were buoyed by the strong performance of Alphabet and T-Mobile US Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>), but several others, such as Procter &amp; Gamble Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) and PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>), fell short of estimates.



Economic data was largely mixed on Thursday, with the Initial Jobless Claims report at 220,000, against a forecast of 222,000, while Existing Home Sales came in at 4.03 million, falling short of the median forecast at 4.13 million.



All S&amp;P 500 sectors advanced on Thursday, barring consumer staples, which declined 0.88% owing to the lackluster earnings of PepsiCo and Procter &amp; Gamble during the day.



As of Thursday, the Nasdaq 100 was down 13.5% from its previous high of 22,222.61 points, the S&amp;P 500 was down 10.8% from a high of 6147.43 points, and finally, the Dow Jones Industrial Average was down 11% from its high of 45,073.63.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>2.74%</td><td>17,166.04</td></tr><tr><td>S&amp;P 500</td><td>2.03%</td><td>5,484.77</td></tr><tr><td>Dow Jones</td><td>1.23%</td><td>40,093.40</td></tr><tr><td>Russell 2000</td><td>2.00%</td><td>1,957.59</td></tr></tbody></table></figure>



Insights From Analysts: 



Market analyst, Ryan Detrick, highlighted the fact that the S&amp;P 500 has risen by at least 1.5% for three trading days in a row, saying that, &#8220;This isn&#8217;t stuff you see in bear market rallies or short covering rallies.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The S&amp;P 500 is up at least 1.5% for three days in a row. This isn&#39;t stuff you see in bear market rallies or short covering rallies. You see this before times of strong performance. Higher 10 out of 10 times a year later and up 21.6% on average. <a href="https://t.co/kfvfNKq6IK">pic.twitter.com/kfvfNKq6IK</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1915608371840921812?ref_src=twsrc%5Etfw">April 25, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



&#8220;You see this before times of strong performance,&#8221; he says, &#8220;higher 10 out of 10 times a year later and up 21.6% on average,&#8221; each time you see three consecutive daily gains of 1.5% or more in the S&amp;P 500.



Upcoming Economic Data:



Here&#8217;s what investors will be looking at on Friday,



<ul>
<li>The Consumer Sentiment (Final) report is set to be released at 10 AM Eastern Time on Friday.</li>
</ul>



Stocks In Focus:



<ul>
<li>AbbVie Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) is up 2.40% in pre-market trade as it is set to report its earnings this morning, with analysts expecting earnings of $2.40 per share, on $12.9 billion in revenue. </li>



<li>HCA Healthcare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>) is down 0.43% pre-market and is set to report its earnings before the bell, with analysts expecting $5.75 per share, on $18.3 billion in revenue. </li>



<li>Aon PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AON#NYSE">AON</a>) is set to report its earnings prior to the opening bell and is up 1.08% pre-market. Analysts expect earnings of $6.03 per share, on $4.8 billion in revenue. </li>



<li>Colgate-Palmolive Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CL#NYSE">CL</a>) is up 0.18% in pre-market trade in anticipation of its first quarter earnings prior to the opening bell. Analysts expect the FMCG giant to post $0.86 per share in earnings, on $4.8 billion in revenue. </li>



<li>Charter Communications Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) is down 4.8% in pre-market trade and is set to report its first quarter results before markets open. Analysts expect $8.59 per share in earnings and $13.7 billion in revenue.</li>
</ul>



Commodities, Gold And Global Equity Markets



Crude oil futures are trading down 0.68% in the early New York session on Friday, at $62.63 per barrel.



The U.S. Dollar Index (DXY) is up 0.37%, trading at 99.74, while gold spot prices continue to witness a pullback, trading at 3,299.63, down 1.08%.



Asian markets edged higher on Friday, with the Nikkei 225, Kospi, and Shenzhen ending the day in the green, along with Australia&#8217;s ASX 200. India&#8217;s Nifty 50 and the Sensex are ending the week down.



Image Via shutterstock

GOOG

US Stock Futures Mixed After Three-Day Winning Streak: Expert Dismisses Market Pessimism, Says 'This Isn't Stuff You See In Bear Market'

The average tariff rate on Chinese goods entering the United States is currently over 145%, far higher than anything President <a href="https://www.benzinga.com/topic/donald-trump">Donald Trump</a> introduced during his first term and a rate that already has severe economic effects.



While many companies opened their pocketbooks to stock up on extra merchandise to avoid tariffs, those stockpiles will dwindle in a few months, and consumers will feel the brunt of the added costs. Apparel manufacturers and retailers that source large portions of their products from China or other Asian countries will be most affected.



With tight margins, passing on costs to consumers or moving production back to the U.S. is not an option for most of them. 



Here are the four big-brand apparel companies that will be worst hit &#8211; investors beware.



<h2 class="wp-block-heading">V.F. Corp.&nbsp;</h2>



VF Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) cut its dividend by 71% during an October 2023 earnings release, but that was just the tip of the iceberg for the apparel manufacturer that claims popular brands like Timberland, Vans, North Face, JanSport, and Dickie's. The stock was trading near $90 per share in the spring of 2021 and suffered a stunning decline over the next three years, bottoming out under $13 per share amid sales slumps and competition from cheaper online competitors. The stock was beginning to rebound from its May 2024 lows, but then the trade war hit, and shares slumped from $26 back down to under $11.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcBjBKW00Cvzi7K_zvvxJcFOIuERkwISPI7_MsmpYhtc-h_-rE-5QiNcM3xtnE5xRtDDObwpehiC9iFIBsvboyjTdObyILg5QrgD8Aq101I_7ylRmmZl9XERRja_Pr9YwI0qF1xqA?key=sXJ17IrwuKIuXW9LDYR8oIXq" alt=""/></figure>



VFC is not well-equipped to handle an extensive trade war, considering the bulk of its production comes from Asia. The company has over 400 factories in China and another 200 in Vietnam but fewer than 50 locations in the United States. Moving production back to the U.S. is untenable, so the VFC will need to seek out sites in nations with lower tariff rates, like India. VFC trades at 11 times forward earnings, which is on the high side for apparel manufacturers, especially considering its close competitor, PVH Corp, trades at just 5 times forward earnings. The company also has a high debt-to-equity ratio (3.42), declining revenue, and poor Benzinga Edge ratings, including a paltry 16.94 in Value. VFC may have brand value, but this is one falling knife not worth catching right now.



<h2 class="wp-block-heading">Columbia Sportswear Co.&nbsp;</h2>



Columbia (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COLM#NYSE">COLM</a>) is another apparel company specializing in footwear and outerwear with a heavy manufacturing presence in Asia. Marketing mostly under its namesake flagship brand, Columbia was already losing market share as its sales primarily come through wholesale distribution to department and sporting goods stores. And while its products are sold worldwide, the primary manufacturing hubs are in China, Vietnam, Cambodia, and Taiwan. Although the company has significant operations in Japan, India, and Bangladesh, surviving a tariff war without further damage will be difficult due to declining margins and a valuation that doesn't match the fundamentals.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdzrGNLXgnGi5ddNDNYN55jQZFTbUpBm8E8yYxNPgrpngIuvH1JN53EyCYMs0iENlbwwKfilSLQA7X_nQIc_AL9f2XdnNCK6fDyfo6zKCFmlmgg2rUAN7bHF0NnGWfXW-FQjxFh5Q?key=sXJ17IrwuKIuXW9LDYR8oIXq" alt=""/></figure>



COLM trades at 16.5 times forward earnings, far higher than most apparel manufacturers, and a figure not supported by profit margins that have now dropped under 7%. Revenue has declined in four of the last five quarters, and the dividend yields just 1.87%. COLM also rates poorly on Benzinga Edge, including a 29.11 Momentum score and 39.30 Quality score. The stock chart matches these scores as a Death Cross (where the 50-day moving average drops below the 200-day moving average) formed earlier this month. The Relative Strength Index (RSI) is still above the oversold threshold at 37, indicating that the stock may still have room to drop.



<h2 class="wp-block-heading">American Eagle Outfitters Inc.&nbsp;</h2>



American Eagle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEO#NYSE">AEO</a>) used to be a staple in every suburban mall, but now the brand has fallen in both stature and profitability. American Eagle owns both its namesake brand and the more affordable Aerie brand, although it doesn't own any of the factories around the world where its clothes are produced. The company sources its goods from a global array of facilities, including 101 factories in China, 67 in Vietnam, 39 in India, 27 in Cambodia, and 24 in Bangladesh. Although the company has other sources in Central America and Europe, most of its suppliers reside in Asia, which presents a problem in the current tariff environment.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd0BbOecuJufdVxg0kMALPLLqJ9cl3fbjn3XW5xGNZkdzRZaNB48nKT45HsTfmRFHANAFjW8f3PFZtxnRm6DMakRWs-Qj6oaW_oi9p5xA_mnT2nfhCpg24IfxflKoJJoJ1IpEvAuw?key=sXJ17IrwuKIuXW9LDYR8oIXq" alt=""/></figure>



AEO's valuation makes it look tempting to buy, but investors should be cautious due to the company&#8217;s heavy reliance on Asian facilities it does not own. AEO shares trade at just 7.4 times forward earnings with a 0.36 Price-to-Sales (P/S) ratio, but its profit margins are lower than those of competitors like Abercrombie and Fitch and Urban Outfitters. The stock hasn't traded above its 200-day moving average since last October, and it is one of the most heavily shorted apparel retailers, with nearly 19% of its float sold short.



<h2 class="wp-block-heading">Levi Strauss and Co.&nbsp;</h2>



Levi Strauss (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) makes arguably the world's most famous pair of jeans, but unfortunately, those jeans are manufactured in areas facing heavy tariffs. The company's factory list spans a wider geographic range than Columbia or VF Corp, but the Asian presence is heavy, especially in China, Cambodia, and Vietnam. Its only locations in the United States are in Los Angeles. 



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXenfA3PMf7c4DJtQFcipbzAYAsKz9Uwm4mG1eIQ8W_1zjRDDzPitwbDGLgWXzQfeJFRKnLm1mWWzHeNcl2t2tq8ICN5wcSukMmHPvIEyiiyVvBQsD9GMQTtpcaV2cRpetdE27Jcrg?key=sXJ17IrwuKIuXW9LDYR8oIXq" alt=""/></figure>



Unlike Columbia or VF Corp, Levi's saw its revenue and margins rebound from the lows of 2024. In February, it posted its first profit margin of over 5% since May 2023, and revenue grew for the third consecutive quarter. However, the company still faces headwinds beyond tariffs, as LEVI shares trade at 11.6 times forward earnings with a high Price-to-Book (P/B) ratio of 3.01. Its dividend payout ratio (DPR) is also over 58%, an elevated figure for an apparel manufacturer. Benzinga Edge is not fond of the stock either, ranking it 25.66 in Momentum and 60.95 in Growth. And finally, the stock is trading firmly below its 50-day and 200-day moving averages, a technical signal pointing to more downside momentum.



<h2 class="wp-block-heading">Matt Maley Alerts Inner Circle Before TV Appearances</h2>



While millions watch Matt discuss tariffs on Bloomberg, CNBC, and more — only his Inner Circle members received his specific trade recommendations. Get Behind the Scenes Access <a href="https://www.benzinga.com/premium/ideas/7-day-free-trial-matt-maley-inner-circle/?el=ResearchDaily&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_adType=SponsorAd&amp;utm_ad=RD0425&amp;utm_campaign=7daytrial">HERE</a>



Editorial content from our Expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



Photo: Shutterstock

COLM

LEVI

China Trade War: 4 Big-Brand Stocks That Will Suffer Most

On Thursday, April 23, U.S. markets extended their winning streak for a third session, lifted by tech strength and hopes of easing U.S.-China trade tensions.



The Nasdaq led gains, fueled by strong earnings from AI-driven firm ServiceNow. However, mixed corporate guidance from companies like Procter &amp; Gamble and PepsiCo reflected ongoing consumer uncertainty.



Economic data showed the Chicago Fed index slipping to -0.03 in March from +0.24, while jobless claims rose by 6,000 to 222,000. Durable goods orders surged 9.2% to $315.7 billion.



Most S&amp;P 500 sectors closed higher, led by tech, consumer discretionary, and communication services. Consumer staples lagged.



The Dow gained 1.23% to 40,093.40, the S&amp;P 500 rose 2.03% to 5,484.77, and the Nasdaq jumped 2.74% to 17,166.04.



Asia Markets Today



<ul>
<li>On Friday, Japan's Nikkei 225 gained 1.95% to close at 35,081.50, led by gains in the Real Estate, Banking, and Textile sectors.</li>



<li>Australia markets are closed for the ANZAC Day holiday.</li>



<li>India's Nifty 50 was down 60% at 24,082.75, and the Nifty 500 slid 1.31% to 21,890.15.</li>



<li>China's Shanghai Composite slid 0.07% to 3,295.06, while Shanghai Shenzhen CSI 300 rose 0.07% to 3,786.99.</li>



<li>Hong Kong's Hang Seng closed 0.32% higher at 21,980.74.</li>
</ul>



Eurozone at 05:45 AM ET



<ul>
<li>The European STOXX 50 was up 0.51%.</li>



<li>Germany's DAX gained 0.52%.</li>



<li>France's CAC 40 rose 0.52%.</li>



<li>U.K.'s FTSE 100 index traded higher by 0.06%.</li>
</ul>



Commodities at 05:45 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 0.51% at $62.47/bbl, and Brent was down 0.54% at $66.19/bbl.</li>



<li>Oil prices are lower this week on oversupply concerns, U.S.-China trade uncertainty, and a stronger dollar.</li>



<li>Natural Gas fell 0.44% to $2.918.</li>



<li>Gold was trading lower by 1.19% at $3,308.09, Silver was down 0.41% to $33.370, and Copper slid 1.99% to $4.7598.</li>



<li>Gold prices dipped Friday as risk appetite improved on hopes of U.S.-China trade de-escalation and strong tech earnings.</li>
</ul>



U.S. Futures at 05:45 AM ET



Dow futures were down 0.01%, S&amp;P 500 futures rose 0.35% and Nasdaq 100 futures gained 0.35%.



Forex at 05:45 AM ET



<ul>
<li>The U.S. dollar index rose 0.35% to 99.64, the USD/JPY rose 0.53% to 143.41, and the USD/AUD gained 0.47% to 1.5675.</li>



<li>The dollar posted its first weekly gain since mid-March, rising 0.6% amid hopes of easing U.S.-China trade tensions after China granted some tariff exemptions.</li>
</ul>



Photo via Shutterstock

Asia

Emerging Markets

Eurozone

Futures

Commodities

Forex

ADIV

AGOV

ASHR

BBEU

BOIL

CQQQ

EEMA

FLAX

IEMG

IEUR

KDIV

SPEM

USDU

Asia Markets Mixed, Europe Up; Dollar Posts First Weekly Gain Since Mid March - Global Markets Today While US Slept

Leading cryptocurrencies held steady Thursday&nbsp;as the market warmed up to a Bitcoin re-accumulation trend.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+0.30%</td><td>$93,676.84</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-0.94%</td><td>$1,772.67</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.71%</td><td>$0.1823</td></tr></tbody></table></figure>



What Happened: Bitcoin dived to $91,700 early morning on profit-taking but regained the $93,000 by the afternoon. Overnight momentum lifted it briefly past $94,000.



Ethereum remained confined to a narrow range below $1,780 throughout the day. Both market heavyweights recorded a sharp fall in trading volumes.



Bitcoin&#8217;s market dominance was 63.4%, up from 60.5% the previous month, indicating continued demand for the leading asset. 



About $276 million was liquidated from the cryptocurrency market in the last 24 hours, with short position traders losing more than those placing longs.



Bitcoin&#8217;s Open Interest increased by 0.95% in the last 24 hours, marking a second straight day of modest gains. Over the week, though, the leverage has surged by 18%.



The majority of Binance traders with an open Bitcoin position continued to bet against the cryptocurrency, according to the Long/Short Ratio.&nbsp;



The market mood was one of "Greed," according to the Crypto Fear and Greed Index, signaling optimism and growing demand.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Stacks (STX)</td><td>+14.70%</td><td>$0.877</td></tr><tr><td>Sui (SUI)</td><td>+14.37%</td><td>$3.32</td></tr><tr><td>Artificial Superintelligence Alliance (FET)</td><td>+12.86%</td><td>$0.7016</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $2.94 trillion, following a marginal increase of 0.40% in the last 24 hours.



Stocks moved northward for the third consecutive day. The Dow Jones Industrial Average popped 486.83 points, or 1.23%, to end at 40,093.40. The S&amp;P 500 lifted 2.03% to close at 5,484.77. The tech-focused Nasdaq Composite spiked 2.74% to end at 17,166.04



The surge followed strong gains in tech heavyweights Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), which closed 3.62% and 3.50% higher, respectively, on Thursday.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Blockchain analytics firm CryptoQuant noticed a sharp spike in Bitcoin outflows from exchanges, indicating re-accumulation.



"The 100-day moving average of Bitcoin netflow from exchanges has dropped to its lowest level since February 2023. This essentially indicates the highest Bitcoin outflow from exchanges since that date," the firm added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The highest Bitcoin outflow from exchanges since February 2023 "A review of historical patterns suggests that this could imply re-accumulation of assets by investors." – By <a href="https://twitter.com/CryptoOnchain?ref_src=twsrc%5Etfw">@CryptoOnchain</a> Read more &#x2935;&#xFE0F;<a href="https://t.co/YP85SFVlVJ">https://t.co/YP85SFVlVJ</a> <a href="https://t.co/uEOT0czYZH">pic.twitter.com/uEOT0czYZH</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1915328955390841158?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst Bitbull suggested two probable possibilities for Bitcoin: a breakout continuation or a pullback before the &#8220;real run&#8221; that may begin in September.



"Either way… the path to $120,000+ looks wide open," Bitbull added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is at a key point right now. Case A: The breakout continues — we don't need to wait. Case B: One more shakeout before the real run — wait until September. Either way… the path to $120K+ looks wide open. <a href="https://t.co/YVGIa2nSFt">pic.twitter.com/YVGIa2nSFt</a>&mdash; BitBull (@AkaBull_) <a href="https://twitter.com/AkaBull_/status/1915403845309522030?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Mc_Cloud on Shutterstock.com



Read Next:    



<ul>
<li><a href="https://www.benzinga.com/25/04/44973758/bitcoin-could-plausibly-break-above-100000-predicts-analyst-as-futures-leverage-spikes-after-latest-rally">Bitcoin Could Break Above $100,000, Says Analyst, As Key Indicator Spikes After Latest Rally</a></li>
</ul>

Movers

$DOGE

$ETH

MSTR

NVDA

Bitcoin, Ethereum Flat, Dogecoin Dips As Accumulation Gains Momentum: Path To $120,000 'Wide Open' For BTC, Says Analyst

Alphabet Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google is at a critical juncture in its evolution, with industry experts like Gene Munster questioning whether the tech giant can adapt to the AI-driven future or risk being left behind like eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>).



What Happened: During Alphabet's <a href="https://www.benzinga.com/25/04/44995955/alphabet-q1-earnings-highlights-google-search-youtube-cloud-show-robust-momentum">first-quarter 2025 earnings</a> call on Thursday, Philipp Schindler, Google's chief business officer, highlighted the growing adoption of AI overviews, a feature that summarizes search results using AI.&nbsp;



"We've continued our efforts to help more people ask entirely new questions, bringing more opportunities for businesses to connect with consumers," Schindler said, adding that the feature is now available in over 15 languages across 40 nations.



He also noted that AI overviews are now being used by more than 1.5 billion users worldwide.



See Also:&nbsp;<a href="https://benzinga.com/markets/equities/25/04/44862552/ford-recalls-nearly-150000-vehicles-over-brake-and-powertrain-issues-nhtsa" target="_blank" rel="noreferrer noopener">Ford Recalls Nearly 150,000 Vehicles Over Brake And Powertrain Issues: NHTSA</a>



However, the rollout of this feature has not led to significant improvements in monetization. Schindler said that AI overviews continue to generate revenue at the same rate as before.



&#8220;On the ads in AI Overviews, late last year actually, we launched them within the AI Overviews on mobile in the U.S, and this builds on our previous rollout of ads above and below,&#8221; he said. Adding, &#8220;AI overviews overall, we see the monetization at approximately the same rate, which gives us a strong base on which we can innovate even more.&#8221;



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It&#8217;s Important: Gene Munster, managing partner at Deepwater Asset Management, took a more critical stance. He said that AI overviews might help keep the business stable in the short term, but long-term growth depends on how Google adapts its search results page.



Google&#8217;s current search results—featuring a mix of AI overviews, blue links, and organic links—might not be enough to compete with newer, more streamlined search models like Elon Musk's Grok, OpenAI's ChatGPT, or Anthropic's AI model Claude, Munster noted.



Munster then cited Doug Clinton, managing partner at Deepwater, who compared Google's situation to eBay's struggles in adapting to a more competitive environment.



"The fork in the road" for Google is how it handles its search results page, Munster explained, adding that if it doesn't evolve like Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) did in e-commerce, Google might face a future similar to eBay&#8217;s.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Bottom line on <a href="https://twitter.com/search?q=%24GOOG&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GOOG</a> earnings: The business is stable, but the ChatGPT overhang isn't going away — and there's nothing Google can say to change that in the short term. <a href="https://t.co/UvSo0ksSYk">pic.twitter.com/UvSo0ksSYk</a>&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1915535314006818847?ref_src=twsrc%5Etfw">April 24, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Alphabet reported first-quarter revenue of $90.23 billion, marking a 12% increase from the previous year. This figure surpassed the Street consensus estimate of $89.2 billion. Google Search generated $50.7 billion, up from $46.2 billion.



Price Action: In after-hours trading, Alphabet Inc. Class A shares rose by 4.82%, reaching $166.95, while Class C shares increased by 4.63%, hitting $168.95, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



According to Benzinga Edge Stock Rankings, Alphabet currently holds a growth score of 64.49%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against</a> other companies in the sector.



Photo Courtesy: Shutterstock.com



Read Next:



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<li><a href="https://benzinga.com/25/04/44855242/charlie-munger-once-highlighted-how-warren-buffetts-lifelong-learning-made-berkshire-hathaways-success-possible-and-the-crucial-lesson-you-can-take-from-it" target="_blank" rel="noreferrer noopener">Charlie Munger Once Said Warren Buffett Is A ‘Learning Machine&#8217; And That&#8217;s What Lies Beneath Berkshire Hathaway&#8217;s Success From One Decade To Another</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

EBAY

Can Google Adapt Like Amazon Or Will It Face eBay's Fate? Gene Munster Says ChatGPT 'Overhang' Isn't Going Away, Shares Candid Take On The Path Forward

The ongoing <a href="https://www.benzinga.com/25/04/44999388/charlie-munger-once-slammed-the-idea-of-escalating-tariffs-in-the-us-china-trade-war-calling-it-massively-stid-heres-why-he-believed-both-sides-should-get-used-to-feeling-roughed-up-and-strike-a-deal">U.S.-China trade war</a> is proving to be an unexpected driver of demand for Intel Corp&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) older generation of chips.



What Happened: &#8220;In client, we are seeing strong demand on older-gen parts and in data center as well,&#8221; said Michelle Johnston Holthaus, Intel&#8217;s chief products officer, during a call after <a href="https://www.benzinga.com/news/earnings/25/04/44996628/intel-q1-earnings-revenue-beat-eps-beat-shares-tumble-on-weak-guidance-chipmaker-plans-swift-actions-to-drive-efficiency">Intel's first-quarter earnings</a> report, according to Reuters.



&#8220;Macroeconomic concerns and tariffs have everybody hedging their bets.&#8221;



Although U.S. tariffs on chips have been exempted for now, the Chinese government has retaliated with tariffs as high as 85% on U.S.-made chips, according to the China Semiconductor Industry Association.



See Also: <a href="https://www.benzinga.com/25/04/44940832/intel-plans-to-slash-over-20-of-workforce-in-major-restructuring-under-new-ceo-lip-bu-tan-report">Intel Plans To Slash Over 20% Of Workforce As Lip-Bu Tan Carries Out Major Restructuring: Report</a>



Higher tariffs may hinder a recovery in the PC market for the rest of the year, potentially impacting Intel, which is relying on on-device artificial intelligence features and a new Windows cycle from Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) to boost demand in its key market, the report noted, citing according to investors and analysts.



&#8220;Demand for older-generation chips is a flashing macro signal,&#8221; stated Michael Ashley Schulman, chief investment officer at Running Point Capital, adding, &#8220;In a shaky economic climate, &#8216;good enough&#8217; beats bleeding edge.&#8221;



Why It&#8217;s Important: Intel reported first-quarter revenue of $12.67 billion, surpassing analyst expectations of $12.3 billion. The chipmaker also reported adjusted earnings of 13 cents per share, exceeding the anticipated 1 cent per share.



For the second quarter, Intel projects revenue between $11.2 billion and $12.4 billion, compared to the estimated $12.84 billion. The company is forecasting a second-quarter loss of 32 cents per share, higher than the expected loss of 16 cents per share.



Price Action: Intel&#8217;s shares climbed 4.37% on Thursday, finishing at $21.49. However, the stock fell 5.12% in after-hours trading, dropping to $20.39. Year-to-date, the chipmaker has seen a 6.28% gain, <a href="https://pro.benzinga.com/dashboard">according to Benzinga Pro</a>.



Intel currently holds a growth score of 3.61% in Benzinga Edge Stock Rankings. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it stacks up against</a> other leading semiconductor stocks.



Photo Courtesy: StockStudio Aerials on Shutterstock.com



Read Next:



<ul>
<li><a href="https://benzinga.com/25/04/44855242/charlie-munger-once-highlighted-how-warren-buffetts-lifelong-learning-made-berkshire-hathaways-success-possible-and-the-crucial-lesson-you-can-take-from-it" target="_blank" rel="noreferrer noopener">Charlie Munger Once Said Warren Buffett Is A ‘Learning Machine&#8217; And That&#8217;s What Lies Beneath Berkshire Hathaway&#8217;s Success From One Decade To Another</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Media

MSFT

Intel's Older Parts Are In Demand Thanks To US-China Trade War: 'Tariffs Have Everybody Hedging Their Bets,' Says Executive

Tech giant and Magnificent Seven member Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) reported first-quarter financial results after<a href="https://www.benzinga.com/earnings"> market close Thursday.</a>



Here are the highlights.



What Happened: Alphabet reported first-quarter revenue of $90.23 billion, up 12% year-over-year. The revenue total beat a Street consensus estimate of $89.2 billion, according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0424"> from Benzinga Pro.</a>



The company reported earnings per share of $2.81, beating a Street consensus estimate of $2.01.



Revenue was broken down as follows in the first quarter, with the prior year's total in parentheses:



<ul>
<li>Google Search: $50.7 billion ($46.2 billion)</li>



<li>YouTube ads: $8.9 billion ($8.1 billion)</li>



<li>Google Network: $7.3 billion ($7.4 billion)</li>



<li>Total Google Advertising: $66.9 billion ($61.7 billion)</li>
</ul>



The company&#8217;s Google subscriptions, platforms and devices revenue was $10.4 billion compared to $8.7 billion in last year&#8217;s first quarter.



Adding those items together makes up Google Services, which had revenue of $74.3 billion, up from $70.4 billion in the first quarter of last year.



Google Cloud revenue was $12.3 billion compared to $9.6 billion in last year&#8217;s first quarter, up 28% year-over-year. Cloud revenue was also up from $12.0 billion reported in the fourth quarter.



Read Also: <a href="https://www.benzinga.com/25/04/44982688/alphabet-q1-earnings-preview-google-parent-stock-at-fork-in-the-road-while-antitrust-concerns-remain">Alphabet Q1 Earnings Preview: Google Parent Stock At &#8216;Fork In The Road,&#8217; While Antitrust Concerns Remain</a>



The company said it saw "robust momentum" across its business lines, highlighting strength in Google Search, YouTube, subscriptions and Google Cloud.



"We're pleased with our strong Q1 results, which reflect healthy growth and momentum across the business," Alphabet CEO Sundar Pichai said.



Pichai said the roll out of the Gemini 2.5 AI model is helping with "breakthroughs in performance" and will lead to future innovation.



"Underpinning this growth is our unique full stack approach to AI."



The Alphabet CEO said Google Search saw strong growth, which was boosted by increased engagement from AI features.



The company ended the first quarter with over 270 million paid subscriptions.



Alphabet announced a 5% increase to the dividend with the quarterly payout going to 21 cents per share.



The company also announced the Board of Directions authorized a $70 billion share repurchase plan on April 23.



GOOGL Price Action: Alphabet stock is up 3.3% to $164.46 in after-hours trading Thursday versus a 52-week trading range of $140.53 to $207.05.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44986406/if-you-invested-1000-in-google-stock-when-it-acquired-youtube-heres-how-much-youd-have-today">If You Invested $1,000 in Google Stock When It Acquired YouTube, Here&#8217;s How Much You&#8217;d Have Today</a></li>
</ul>



Photo: JHVEPhoto/Shutterstock

Alphabet Q1 Earnings Highlights: Google Search, YouTube, Cloud Show 'Robust Momentum'

An ounce of gold is now worth more than 100 times an ounce of silver, a rare imbalance only seen twice over the past century — and analysts say it's flashing a <a href="https://www.benzinga.com/topic/silver">buy signal for silver.</a>



In 2025, gold has emerged as the undisputed leader among global asset classes, soaring to new heights while silver remains notably behind, widening a gap that few expect to last.



Prices of the yellow metal — tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) — surged to $3,500 per ounce this week, notching fresh all-time highs and delivering nearly 30% in year-to-date gains.



Silver, on the other hand, has lagged well behind. The iShares Silver Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLV#NYSE">SLV</a>) hovered at $33.50 per ounce, still 33% below its 2011 peak of $50.



Despite the stark divergence, analysts say this imbalance is the exception, not the rule. Most expect the gold-to-silver ratio to revert sharply, implying silver is primed to outperform in the next leg of the precious metals rally.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="528" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145438/GOLD_SILVER_2025-04-24_20-54-21_e3a47-1024x528.png" alt="" class="wp-image-887412" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145438/GOLD_SILVER_2025-04-24_20-54-21_e3a47-1024x528.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145438/GOLD_SILVER_2025-04-24_20-54-21_e3a47-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145438/GOLD_SILVER_2025-04-24_20-54-21_e3a47-768x396.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145438/GOLD_SILVER_2025-04-24_20-54-21_e3a47-1536x792.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145438/GOLD_SILVER_2025-04-24_20-54-21_e3a47.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Could Silver Stage A Remarkable Comeback?</h3>



Goldmoney.com founder James Turk wrote on social media X that a gold-to-silver ratio of 100 is an anomaly and typically marks the beginning of silver's comeback.



"A level of 100 is a rare occurrence in historical context, after which the ratio falls quickly because money floods into silver during bank crises. Silver hasn't lost its usefulness as money. It's just overlooked until the lines form outside of banks,"Turk said. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">This 110-yr chart shows how rare it is for the <a href="https://twitter.com/hashtag/gold?src=hash&amp;ref_src=twsrc%5Etfw">#gold</a> <a href="https://twitter.com/hashtag/silver?src=hash&amp;ref_src=twsrc%5Etfw">#silver</a> ratio to hit 100:1, after which the ratio falls quickly b/c <a href="https://twitter.com/hashtag/money?src=hash&amp;ref_src=twsrc%5Etfw">#money</a> floods into silver during <a href="https://twitter.com/hashtag/bank?src=hash&amp;ref_src=twsrc%5Etfw">#bank</a> crises. Silver hasn't lost its usefulness as <a href="https://twitter.com/hashtag/money?src=hash&amp;ref_src=twsrc%5Etfw">#money</a>. It's just overlooked until the lines form outside of <a href="https://twitter.com/hashtag/banks?src=hash&amp;ref_src=twsrc%5Etfw">#banks</a>. <a href="https://t.co/qo0HWyH8Wu">pic.twitter.com/qo0HWyH8Wu</a>&mdash; James Turk (@FGMR) <a href="https://twitter.com/FGMR/status/1914072809073942794?ref_src=twsrc%5Etfw">April 20, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Jordan Roy-Byrne, technical analyst and founder of The Daily Gold, noted that silver often outperforms gold after gold experiences its first correction following a major breakout.



"Peak or no peak, there is great value in silver and silver stocks now," Roy-Byrne said. "They are poised to strongly outperform in the next leg up."



According to Crescat Capital macro strategist Otavio Costa, the historical context is telling.



"Over the past 125 years, the ratio has only spent brief moments above the 100 level — extremes like this tend not to persist for long."



He added, "I've never seen the gold-to-silver ratio stay above 100 for long, and I don't see any real upside in betting it pushes higher before it turns. This feels like one of the most compelling opportunities I've come across."



Costa's remarks align with past performance. In 2010, the ratio peaked near 70:1 before silver surged 223% from $15 to $48 within 14 months, while gold gained only 45%. Following the 2020 COVID-19 spike to 124:1, silver doubled in price while gold rose by 31%.



&#8220;You're either in the camp that thinks &#8216;this time is different,&#8217; or you stick with history. I'm definitely in the latter,&#8221; Costa said. 



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">You're either in the camp that thinks "this time is different," or you stick with history. I'm definitely in the latter. I've never seen the gold-to-silver ratio stay above 100 for long, and I don't see any real upside in betting it pushes higher before it turns. This feels… <a href="https://t.co/eHbEdHLe9k">pic.twitter.com/eHbEdHLe9k</a>&mdash; Otavio (Tavi) Costa (@TaviCosta) <a href="https://twitter.com/TaviCosta/status/1914774077845500063?ref_src=twsrc%5Etfw">April 22, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



A <a href="https://katusaresearch.com/silvers-historic-opportunity-and-the-1001-activation-point/">note</a> from Katusa Research emphasized that silver's so-called "100 to 1 Activation Point" — a signal derived from historical gold-silver spreads — has now been triggered.



Few investors are aware of the "Silver Trade of 1980," the firm noted, when the gold-silver ratio collapsed to 17:1 and silver soared to $50/oz. 



"That means it took just 17 ounces of silver to buy an ounce of gold," Katusa wrote, adding that when this imbalance resets, silver typically outpaces gold by three to five times during rallies.



This activation point has only been reached twice in the past 25 years. Both times, silver's returns crushed those of gold in the aftermath.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44933680/gold-miners-surge-50-year-to-date-as-record-bullion-prices-drive-optimism-ahead-of-earnings">Gold Miners Surge 50% Year To Date As Record Bullion Prices Drive Optimism Ahead Of Earnings</a></li>
</ul>



Photo: a98ntfp/Shutterstock

Gold Now Worth 100x More Than Silver: Analysts Say It's Time To Buy The Underdog

U.S. equities are pushing higher for a third straight session, eyeing the longest winning streak since the Trump tariff announcement on April 2, as optimism over corporate earnings and easing trade <a href="https://www.benzinga.com/markets">tensions boosts risk sentiment.</a>



Positive quarterly results and robust guidance from U.S. firms is fueling hopes the economy can weather the ongoing tariff headwinds and avoid a recession.



Meanwhile, signs of a potential thaw in the U.S.-China trade conflict emerged, with the White House reportedly considering exceptions for certain Chinese auto parts.



At midday trading in New York, the Nasdaq 100 surged 2.2%, climbing above the 19,000 mark for the first time in two weeks. The S&amp;P 500 advanced 1.5%, while the Dow Jones Industrial Average underperformed, rising 0.9%.



Technology stocks broadly outperformed, with strength concentrated in the Magnificent Seven and the semiconductor space.



Among major movers, ServiceNow Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NASDAQ">NOW</a>) soared 15% after reporting results that beat Wall Street expectations and issuing bullish forward guidance. In contrast, shares of International Business Machines Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>) slumped 8% as the tech giant showed lower-than-expected non-GAAP earnings. 



In the consumer staples sector, Procter &amp; Gamble (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PG#NYSE">PG</a>) dropped more than 5% after missing revenue estimates.



Treasury yields continued to ease, with yields on the 10-year Treasury down 5 basis points to 4.33%. 



Gold rebounded modestly after suffering a 2.7% slide on Wednesday. Natural gas prices extended their losing streak, plunging 4.9% and heading for a tenth consecutive negative session. 



In the crypto market, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) eased 0.5% to trade at $93,300. 



<h2 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h2>



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td>Major Indices</td><td>Price</td><td>%</td></tr><tr><td>Nasdaq 100</td><td>19,095.73</td><td>2.2%</td></tr><tr><td>S&amp;P 500</td><td>5,456.36</td><td>1.5%</td></tr><tr><td>Russell 2000</td><td>1,943.95</td><td>1.3%</td></tr><tr><td>Dow Jones</td><td>39,944.47</td><td>0.9%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:15 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 1.5% up to $543.71.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) rose 0.9% to $399.51.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;rallied 2.1% to $464.72.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rallied 1.5% to $193.08.</li>



<li>The&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 3%; the&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, down 0.8%.</li>
</ul>



<h2 class="wp-block-heading">Thursday&#8217;s Stock Movers</h2>



Stocks reacting to earnings included: 



<ul>
<li>Chipotle Mexican Grill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>): up 0.6%</li>



<li>O'Reilly Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ORLY#NASDAQ">ORLY</a>): down 3.1%</li>



<li>Raymond James Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RJF#NYSE">RJF</a>): up 0.7%</li>



<li>Molina Healthcare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOH#NYSE">MOH</a>): down 6.4%</li>



<li>Texas Instruments Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXN#NASDAQ">TXN</a>): up 6.0%</li>



<li>FirstEnergy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FE#NYSE">FE</a>): up 0.4%</li>



<li>ServiceNow, Inc. up 14.9%</li>



<li>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>): up 5.5%</li>



<li>ResMed Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMD#NYSE">RMD</a>): up 10.0%</li>



<li>Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>): up 3.6%</li>



<li>International Business Machines Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IBM#NYSE">IBM</a>): down 7.6%</li>



<li>Newmont Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>): up 3.6%</li>



<li>Rollins, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROL#NYSE">ROL</a>): up 1.2%</li>



<li>United Rentals, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/URI#NYSE">URI</a>): up 8.9%</li>



<li>Tyler Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TYL#NYSE">TYL</a>): down 3.0%</li>



<li>Edwards Lifesciences Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EW#NYSE">EW</a>): up 7.1%</li>



<li>Las Vegas Sands Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LVS#NYSE">LVS</a>): up 5.2%</li>



<li>Alaska Air Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALK#NYSE">ALK</a>): down 9.7%</li>



<li>American Airlines Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>): up 2.3%</li>



<li>PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>): down 4.1%</li>



<li>CBRE Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CBRE#NYSE">CBRE</a>): up 2.5%</li>



<li>Entergy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETR#NYSE">ETR</a>): up 0.4%</li>



<li>The Procter &amp; Gamble Company: down 5.3%</li>



<li>Bristol-Myers Squibb Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMY#NYSE">BMY</a>): down 0.2%</li>



<li>Southwest Airlines Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>): down 0.2%</li>



<li>Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>): down 1.8%</li>



<li>Comcast Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMCSA#NASDAQ">CMCSA</a>): down 5.3%</li>



<li>Dow Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOW#NYSE">DOW</a>): up 2.1%</li>



<li>Willis Towers Watson Public Limited Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WTW#NASDAQ">WTW</a>): down 5.2%</li>



<li>Tractor Supply Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSCO#NASDAQ">TSCO</a>): down 4.8%</li>



<li>Hasbro, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HAS#NASDAQ">HAS</a>): up 16.1%</li>



<li>CMS Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMS#NYSE">CMS</a>): up 2.3%</li>



<li>Xcel Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XEL#NASDAQ">XEL</a>): down 1.8%</li>



<li>CenterPoint Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNP#NYSE">CNP</a>): up 1.8%</li>



<li>LKQ Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LKQ#NASDAQ">LKQ</a>): down 10.7%</li>



<li>PG&amp;E Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>): down 0.8%</li>



<li>Keurig Dr Pepper Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDP#NASDAQ">KDP</a>): down 0.6%</li>



<li>Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>): up 5.5%</li>



<li>Merck &amp; Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRK#NYSE">MRK</a>): down 0.6%</li>



<li>Nasdaq, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>): down 0.4%</li>



<li>L3Harris Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LHX#NYSE">LHX</a>): up 0.4%</li>



<li>Pool Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POOL#NASDAQ">POOL</a>): down 6.1%</li>



<li>Dover Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOV#NYSE">DOV</a>): up 1.8%</li>



<li>West Pharmaceutical Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WST#NYSE">WST</a>): down 2.2%</li>



<li>Ameriprise Financial, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMP#NYSE">AMP</a>): down 0.2%</li>



<li>Fiserv, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FI#NYSE">FI</a>): down 16.4%</li>



<li>The Interpublic Group of Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPG#NYSE">IPG</a>): up 3.4%</li>



<li>Allegion plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLE#NYSE">ALLE</a>): up 9.7%</li>



<li>Union Pacific Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNP#NYSE">UNP</a>): down 3.1%</li>
</ul>



Stocks slated to report earnings after the bell include T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>), VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>), Eastman Chemical Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EMN#NYSE">EMN</a>), Principal Financial Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PFG#NASDAQ">PFG</a>), Physicians Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOC#NYSE">DOC</a>), The Hartford Financial Services Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIG#NYSE">HIG</a>), Weyerhaeuser Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WY#NYSE">WY</a>), Republic Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RSG#NYSE">RSG</a>), Digital Realty Trust, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLR#NYSE">DLR</a>), Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>), Erie Indemnity Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ERIE#NASDAQ">ERIE</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), and Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>).



Read also: 



<ul>
<li><a href="https://www.benzinga.com/25/04/44985682/apples-ai-delays-rising-cost-pressures-trigger-price-target-cut-from-bank-of-america">Apple AI Delays, Rising Cost Pressures Trigger Price Target Cut From Bank Of America</a></li>
</ul>



Photo: Shutterstock

ALLE

CBRE

CMCSA

LRCX

NDAQ

ORLY

POOL

TSCO

Wall Street Rally Extends Into Third Day: What's Driving Markets Thursday?

Editor's Note: This article has been updated to reflect that Alphabet will report first-quarter earnings on Thursday.



Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) will be reporting its first-quarter earnings on Thursday. Wall Street expects $2.02 in EPS and $88.87 billion in revenues as the company reports <a href="https://www.benzinga.com/calendars/earnings?tickers=GOOGL">after market hours</a>.



The stock is down 2.38% over the past year and a steeper 17.99% year-to-date.



Let's look at what the charts indicate for Alphabet stock and how the stock currently maps against Wall Street estimates.



Read Also: <a href="https://www.benzinga.com/markets/25/04/44971069/google-to-remote-workers-return-to-office-3-days-a-week-or-take-a-buyout-report">Google To Remote Workers — Return To Office 3 Days A Week Or Take A Buyout: Report</a>



<h2 class="wp-block-heading">Alphabet Stock In A Tug-Of-War Ahead Of Q1 Earnings</h2>



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0424"><img loading="lazy" decoding="async" width="627" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24091753/Screenshot-2025-04-24-at-6.37.54-PM.png" alt="" class="wp-image-886625" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24091753/Screenshot-2025-04-24-at-6.37.54-PM.png 627w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24091753/Screenshot-2025-04-24-at-6.37.54-PM-300x234.png 300w" sizes="(max-width: 627px) 100vw, 627px" /></a></figure>



<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0424" target="_blank" rel="noreferrer noopener">Chart created using Benzinga Pro</a>



Technically, Alphabet is caught in a tug-of-war between short-term bullish signals and a longer-term bearish downtrend. The stock, at $155.30, is trading just above its eight-day and 20-day simple moving averages (SMAs) of $153.71 and $153.57, respectively—both bullish indicators suggesting that buyers are stepping in at the margins ahead of earnings.



But the deeper trend tells a more cautious story. Alphabet remains firmly below its 50-day and 200-day SMAs of $164.54 and $172.41, respectively, which implies that broader sentiment hasn't turned around yet.



In addition, the MACD (Moving Average Convergence Divergence) indicator is sitting at a negative 3.25, reinforcing a bearish outlook for now. The RSI (Relative Strength Index) of 47.63 puts it in a neutral zone &#8211; not oversold, but not hot either.



For investors, this sets up a high-stakes earnings event. A solid beat and confident commentary on the $75 billion AI infrastructure play could catalyze a reversal in longer-term trends. However, failing to address legal overhangs &#8211; especially the risk of restructuring its advertising empire after an antitrust ruling &#8211; might deepen the selloff.



<h2 class="wp-block-heading">Alphabet Analysts See 24% Upside</h2>



Ratings &amp; Consensus Estimates: The <a href="https://www.benzinga.com/quote/GOOGL/analyst-ratings">consensus analyst rating</a> for Alphabet stock is currently a Buy, with a price target of $197.83. The three most recent analyst updates, from Stifel, RBC Capital, and Morgan Stanley, give an average price target of $192.33, suggesting an implied 23.85% upside from current levels.



Price Action: Alphabet stock was up 2% to $160.96 at the time of publication Thursday.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/04/44977897/exclusive-nvidia-alphabet-microsoft-amazon-meta-now-in-the-bargain-bin-after-being-heavily-sold-off-says-expert" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Nvidia, Alphabet, Microsoft, Amazon, Meta &#8211; Now In The Bargain Bin After Being &#8216;Heavily Sold Off&#8217;, Says Expert</a></li>
</ul>



Photo: Shutterstock

Technicals

Previews

Alphabet Walks A Tightrope Into Q1 Earnings: Bearish Charts, Bullish Expectations (CORRECTED)

<a href="https://www.benzinga.com/topic/tariffs">Fears of looming tariffs</a> are driving iPhone buyers to act early, likely fueling near-term sales for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>).



Yet, behind the revenue bump, rising supply chain costs threaten to trim the Cupertino, California-based tech giant&#8217;s <a href="https://www.benzinga.com/tech">margins.</a>



In a note released Thursday, Bank of America analyst Wamsi Mohan trimmed the company's 12-month price target from $250 to $240, while keeping a Buy rating, citing tariff-driven cost pressures and delays in launching key artificial intelligence features.



See Also: <a href="https://www.benzinga.com/markets/25/04/44979972/us-treasury-hits-record-15-billion-in-customs-and-excise-tax-haul-amid-trumps-trade-policies">US Treasury Hits Record $15 Billion In Customs And Excise Tax Haul Amid Trump&#8217;s Trade Policies</a>



<h3 class="wp-block-heading">Tariffs Pull Demand Forward But Add Long-Term Strain</h3>



According to Mohan, fears of import tariffs may have triggered a pull-forward in iPhone demand, giving Apple's upcoming March and June quarters a short-term revenue tailwind. 



The firm slightly raised its 2025 revenue estimate to $412 billion, up from $411 billion.



However, the boost comes at a cost. Mohan lowered his 2026 revenue forecast to $440 billion, down from $450 billion, citing higher logistics and supply chain costs that could crimp margins later in the year.



"We only include higher supply chain costs and not the impact of reciprocal tariffs," Mohan said, implying more downsides could arise if geopolitical conditions deteriorate.



<h3 class="wp-block-heading">Delays In AI Rollout Weigh On iPhone Upgrade Cycle</h3>



The firm also cut Apple's earnings per share (EPS) projections, with 2025 EPS now expected at $7.25, down from $7.30, and 2026 EPS trimmed to $7.82 from $8.20.



Much of this adjustment stems from delays in launching AI-enabled Siri, a flagship feature that was expected to drive new iPhone upgrades. 



The lag has prompted Bank of America to lower unit estimates for future iPhone cycles, as consumers potentially wait for more advanced features before upgrading.



Mohan noted that China may see AI iPhones earlier through local partnerships, and two major hardware updates—a slimmer "iPhone Air" in September 2025 and a foldable iPhone in 2026—could support form factor-driven replacement demand.



<h3 class="wp-block-heading">FX And Services Offer Cushion Amid Uncertainty</h3>



Bank of America sees upside from foreign exchange tailwinds, with a weaker U.S. dollar expected to boost both revenue and margins starting in the June quarter, though near-term hedging may dampen the full effect.



The report also cited Apple's Services business as a reliable growth engine. With strong demand in subscription-based offerings like iCloud, Apple Music and the App Store, the segment continues to deliver high-margin recurring revenue that helps insulate overall earnings.



On the hardware side, while wearables may face softer demand due to economic sensitivity, Mohan expects iPhone and Mac sales to remain resilient, calling these segments more "inelastic" amid broader macro headwinds.



<h3 class="wp-block-heading">Market Reaction</h3>



Shares of Apple traded 0.6% higher to $206 on Thursday, though the stock remains nearly 8% below its pre-tariff announcement level on April 2. Since hitting record highs in late December 2024, shares have fallen 22%.



Now Read: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/04/44962716/americans-rush-to-buy-cars-ahead-of-tariff-price-hikes-fed-beige-book-shows">Americans Rush To Buy Cars Ahead Of Tariff Price Hikes, Fed Beige Book Shows</a></li>
</ul>



Image: Shutterstock

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Apple AI Delays, Rising Cost Pressures Trigger Price Target Cut From Bank Of America

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