Editor's Note: This headline has been updated to reflect the accurate wording of Donald Trump's quote



President Donald Trump on Friday celebrated what he described as a "transition stage" of economic renewal, as recent economic data showed falling consumer prices and solid job growth, defying concerns that trade tariffs would reignite inflation or <a href="https://www.benzinga.com/news/econ-s">destabilize the labor market.</a>



In a post shared Friday on Truth Social, Trump said gas prices had "just broke $1.98 a gallon," and claimed "no inflation," urging the Fed to lower interest rates. "Consumers have been waiting for years to see pricing come down," he said. 



"The Fed should lower its rate!," Trump stated.



During a rally in Michigan this week, Trump took fresh aim at Federal Reserve Chair Jerome Powell, saying, "I have a Fed person who is not really doing a good job."



"You're not supposed to criticize the Fed," Trump added. "You're supposed to let him do his own thing, but I know much more than he does about interest rates."



The remarks extend a growing line of public criticism from Trump, who last month accused Powell of acting "too late and wrong" on rates. Still, the former president has assured investors he does not plan to remove Powell before his term ends in May 2026.



After the stronger-than-expected jobs report, traders scaled back bets on a June Fed rate cut, with odds dropping to 40% from 60%, according to CME FedWatch.



<h3 class="wp-block-heading">Strong Jobs Growth, Low Inflation Suggest Economy Doing Better Than Feared</h3>



The comments came as economic data released Friday by the Bureau of Labor Statistics painted a resilient labor market. Nonfarm payrolls increased by 177,000 in April, beating <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45164558/us-adds-177000-jobs-in-april-topping-forecasts-as-economy-navigates-tariff-impact">consensus expectations of 130,000.</a> 



While the figure marked a slight decline from the downwardly revised 185,000 in March, it reinforced market confidence that the U.S. economy remains on solid footing despite external shocks like tariffs.



On the inflation front, data released earlier in the week revealed that headline Personal Consumption Expenditures prices rose just 2.3% in March, slowing sharply from February's revised 2.7%. The monthly increase was flat, compared to February's 0.4% rise.



Core PCE, which excludes food and energy and is the Fed's preferred inflation gauge, cooled to 2.6% year-over-year, in line with expectations and down from 3%. 



Month-over-month, core prices were also flat, beating expectations for a 0.1% rise.



Oil prices – as tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) – are on track to end their second straight week of declines, with WTI crude holding below $60 a barrel. 



Year-to-date, U.S. gasoline futures – as tracked by the United States Gasoline Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGA#NYSE">UGA</a>) – have fallen 10% to $2.04 a gallon.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/government/regulations/25/05/45149446/oil-prices-soar-after-trump-threatens-sanctions-on-iranian-crude-buyers-is-china-on-top-of-the-list">Oil Prices Soar After Trump Threatens Sanctions On Iranian Crude Buyers: Is China On Top Of The List?</a></li>
</ul>



Image created using photos from Shutterstock.

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Trump Pressures Fed After Solid Jobs, Cooling Inflation: 'Lower Its Rate!' (CORRECTED)

The U.S. labor market showed signs of strength in April, with hiring momentum topping estimates despite the impact of <a href="https://www.benzinga.com/topic/tariffs">trade tariffs across industries.</a>



Nonfarm payrolls increased by 177,000 last month, slightly down from a downwardly revised 185,000 in March, according to data released Friday by the Bureau of Labor Statistics. 



The outcome surpassed both economist forecasts for a 130,000 gain and betting markets – tracked by CFTC-regulated platform Kalshi – which had priced in a 90,000 increase.



In April, employment continued to rise across several sectors, including health care, transportation and warehousing, financial activities, and social assistance, while federal government jobs declined.



The health care sector added 51,000 jobs—closely in line with its 12-month average of 52,000. Notable increases were seen in hospitals, up 22,000, and ambulatory health care services, up 21,000.



Transportation and warehousing employment rose by 29,000, rebounding from a modest gain of 3,000 in March. Within the sector, job growth was concentrated in warehousing and storage, up 10,000, couriers and messengers, up 8,000, and air transportation, up 3,000. 



Federal government employment declined by 9,000, reflecting rising layoffs amid reforms led by Elon Musk's Department of Government Efficiency (DOGE).



The unemployment rate remained unchanged at 4.2%, as expected. 



Wage growth lost some momentum. Average hourly earnings rose 0.2% on the month, down from both the prior and expected 0.3%. On an annual basis, wages were up 3.8%, steady from March but slightly below the forecasted 3.9%.



Ahead of the April jobs report, money markets had priced in a 58% probability of a 25-basis-point rate cut at the Federal Reserve's June meeting, according to CME FedWatch.



<figure class="wp-block-table is-style-stripes"><table style="overflow:auto; height: 90px; display: block;"><thead><tr><th>Indicator</th><th>April 2025</th><th>March 2025 </th><th>Forecast</th></tr></thead><tbody><tr><td>Nonfarm Payrolls</td><td>177,000</td><td>185,000 (downwardly revised from )</td><td>130,000</td></tr><tr><td>Unemployment Rate</td><td>4.2%</td><td>4.2%</td><td>4.2%</td></tr><tr><td>Avg. Hourly Earnings (MoM)</td><td>+0.2%</td><td>+0.3%</td><td>+0.3%</td></tr><tr><td>Avg. Hourly Earnings (YoY)</td><td>+3.8%</td><td>+3.8%</td><td>+3.9%</td></tr></tbody></table></figure>



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



The stronger-than-expected jobs data pushed the U.S. dollar and Treasury yields higher and boosted gains across major equity indices.



The U.S. Dollar Index, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), trimmed session losses, down 0.2% by 8:35 a.m. ET. 



Treasury yields also rose, with the 2-year yield—often seen as a proxy for near-term rate expectations—rising 3 basis points to 3.74%.



S&amp;P 500 futures were up 0.7%, while tech stocks rose 0.8%. On Thursday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) closed 0.7% higher, marking its eighth consecutive session of gains.



Read now: 



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45154011/gold-leaves-sp-500-in-the-dust-with-biggest-outperformance-in-14-years">Gold Leaves S&amp;P 500 In The Dust With Biggest Outperformance In 14 Years</a></li>
</ul>



Photo: Shutterstock

April Jobs Blow Past Expectations, But Tariff Storm May Be Brewing

Oil and gas midstream firm Oneok (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>) <a href="https://www.benzinga.com/quote/OKE/earnings">released earnings</a> on Wednesday and the response was mixed. Shares have now dropped to near multi-year lows.



A long base could be in store for this stock before it holds structure and breaks upwards again.



That leads me to consider a leap call butterfly options trade to profit from this setup.



Here&#8217;s how you set this trade up for maximum gain.



<h2 class="wp-block-heading">The Long Call Butterfly Leap Explained&nbsp;</h2>



A long call butterfly is the combination of a long call spread and a short call spread, where both share the same short strike and the same expiration date. The term &#8220;leap&#8221; means that we position the option well into the future, using a bullish position that gives us time to wait out the sideways churn ahead. 



The beauty of a leap butterfly is that time decay becomes largely irrelevant, so we can wait out the noisy bits in the market as we recover.&nbsp;



Here are the trade details, positioned for upside:



<ul>
<li>Buy to open 1 OKE 20Mar 2026 80 calls </li>



<li>Sell to open 2 OKE 20Mar 2026 100 calls </li>



<li>Buy to open 1 OKE 20Mar 2026 120 calls </li>
</ul>



The long call butterfly holds a current debit of $4.90 at the time of writing, which represents the total risk incurred in the trade. The breakeven price of the stock at expiration on this trade is $84.90.



The total highest potential profit is $20 (the distance between 80 and 100) less the cost of the debit incurred by buying the call butterfly, so: $20 &#8211; $4.90 = $15.10 (less commissions).&nbsp;



Note that it&#8217;s extremely rare to collect all this premium on a butterfly of this kind. Instead, I like to consider 40%-90% profit of the longer-term investment. 



<h2 class="wp-block-heading">ONEOK Key Chart Levels</h2>



Oneok&#8217;s relative resistance zone sits around $105, as I write this, but trading could be choppy for many months due to market uncertainty at this level. Set an alert for prices near this middle strike so that you are aware of the motion into the middle strike, as this is where the maximum profit will engage into expiration.



You will also notice that price action is less sensitive to fluctuation the further we are from expiration. The stock&#8217;s support sits near $70.&nbsp;



<h2 class="wp-block-heading">Trade Management</h2>



This strategy provides several ways to exit the trade, but I will discuss the two main ones:



<ol>
<li>You can sell the call butterfly when the profit goal moves into your target parameters, particularly once the middle strike is tested near the expiration time. I often look for a 40%-90% return for these types of call butterflies with strikes deep in the money. </li>



<li>To sell the call butterfly when your loss threshold is breached. Customarily, this is 50% for me. </li>
</ol>



More advanced traders might consider rolling the short strikes down over time if the price continues to go up.



<h2 class="wp-block-heading">Live Sunday: How to Trade Whipsaw Market Moves</h2>



Markets are whipsawing daily as inflation data, bond spikes, and Fed silence shake up stocks. This Sunday, May 4, at 1 PM ET, Chris Capre will reveal how his 0–5 day momentum strategy turns chaos into fast, repeatable trades—built off institutional order flow and price action setups. Reserve your spot <a href="https://events2.benzinga.com/chris-capre-webinar-sun-may4-2025-registration">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

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Trade Profitably On Cooling Energy Earnings

Oil giant Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) shares are trading lower premarket on Friday after the company&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/b45161156/chevron-reports-first-quarter-2025-results" rel="noreferrer noopener">reported&nbsp;first-quarter results</a>.



Revenues&nbsp;and other income of&nbsp;$47.61&nbsp;billion&nbsp;missed the consensus of&nbsp;$48.09 billion.&nbsp;



In the&nbsp;first quarter, net oil-equivalent production remained broadly flat Y/Y at 3,353 MBOED as growth at TCO (20%), in the Permian Basin (12%), and in the Gulf of America (7%) was offset by the impacts of asset sales.



Adjusted net earnings were&nbsp;$3.8 billion, with adjusted EPS at&nbsp;$2.18 (down from&nbsp;$2.93 a year ago) in the quarter <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">in line with the consensus.</a>



U.S. Upstream reported&nbsp;earnings of&nbsp;$1.86 billion versus $2.08 billion a year ago due to higher operating expenses, including a legal reserve, and lower liquids realizations.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/04/44902787/chevron-totalenergies-fire-up-ballymore-deepwater-gulf-project-targeting-150-million-barrels-over-life" rel="noreferrer noopener">Chevron &amp; TotalEnergies Fire Up Ballymore: Deepwater Gulf Project Targeting 150 Million Barrels Over Life</a>



International upstream earnings fell&nbsp;to&nbsp;$1.90 billion&nbsp;from&nbsp;$3.16 billion&nbsp;a year ago, owing to lower liftings and weak affiliate earnings at TCO largely due to higher depreciation, depletion and amortization.



U.S. downstream earnings plunged to $103 million from $453 million a year ago, primarily due to narrower margins and legal reserves.



International downstream earnings declined to&nbsp;$222 million&nbsp;from&nbsp;$330 million&nbsp;in the prior year quarter due to decreased margins on refined product sales and a less favorable impact of foreign currency.



Operating cash flow decreased to&nbsp;$5.2 billion from&nbsp;$6.8 billion&nbsp;a year ago owing to lower earnings and tax payments related to the Canadian asset sale.



Capital expenditure stood at $3.9 billion in the first quarter of 2025, lower than $4.1 billion a year ago quarter, owing to inorganic investment in power solutions for U.S. data centers.



Chevron returned&nbsp;$6.9&nbsp;billion of cash to shareholders in the quarter, including $3.0 billion in dividends and $3.9 billion in share repurchases.



The company held cash and equivalents of&nbsp;$4.64 billion&nbsp;as of March 31.



Dividend: The company disclosed a quarterly dividend of&nbsp;$1.71&nbsp;per share, payable on June 10, to shareholders of record as of May 19, 2025.



Mike Wirth, Chevron's chairman and chief executive officer, said, "Despite changing market conditions, our resilient portfolio, strong balance sheet, and consistent focus on capital and cost discipline position us to deliver industry-leading <a target="_blank" href="https://www.benzinga.com/25/04/44943850/chevron-ceo-sees-no-sign-of-recession-at-this-point-predicts-9-billion-in-free-cash-flow-by-2026" rel="noreferrer noopener">free cash flow growth by 2026.</a>"



The company disclosed a simpler organizational structure to improve execution, aiming to cut structural costs by $2 billion-$3 billion <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">by the end of 2026</a>.



Investors can gain exposure to CVX via&nbsp;EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).



Price Action: CVX shares are down&nbsp;2.03%&nbsp;at&nbsp;$133.4506 premarket at the last check Friday.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/25/05/45147266/chevron-vs-exxon-oil-giants-limp-into-q1-earnings-with-engines-stalling" target="_blank" rel="noreferrer noopener">Chevron Vs. Exxon: Oil Giants Limp Into Q1 Earnings With Engines Stalling</a></li>
</ul>



Photo by adwo via Shutterstock

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Chevron Q1 Profit Drops On Higher Costs, Weak International Margins

U.S. stock futures are in the green early Friday, after another winning day for the markets in the regular session on Thursday.



What Happened: The futures markets continue to inch higher following fresh signals from China that it is open to begin trade negotiations with Washington after weeks of stonewalling.



Strong earnings performance by Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>),&nbsp;Amazon.com Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), and Airbnb Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), amid growing trade, tariff, and geopolitical headwinds, helped lift investor sentiments following weeks of turbulence and uncertainties.



On Friday, investors will be closely watching the earnings of Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>), Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), and Apollo Global Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>), among several others.



U.S. 10-Year Treasuries are at 4.20%, while the 2-Year Treasuries are at 3.69%. The CME Group's FedWatch&nbsp;<a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noreferrer noopener">tool</a>&nbsp;shows the markets pricing a 93.2% likelihood of interest rates remaining unchanged during the FOMC meeting that is scheduled to take place the first week of May, which marks a decrease from 95% on Thursday.



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td class="has-text-align-center" data-align="center">Futures</td><td class="has-text-align-center" data-align="center">Change (+/-)</td></tr><tr><td class="has-text-align-center" data-align="center">Dow Jones</td><td class="has-text-align-center" data-align="center">0.54%</td></tr><tr><td class="has-text-align-center" data-align="center">S&amp;P 500</td><td class="has-text-align-center" data-align="center">0.50%</td></tr><tr><td class="has-text-align-center" data-align="center">Nasdaq 100</td><td class="has-text-align-center" data-align="center">0.34%</td></tr><tr><td class="has-text-align-center" data-align="center">Russell 2000</td><td class="has-text-align-center" data-align="center">1.01%</td></tr></tbody></table><figcaption class="wp-element-caption"> The&nbsp;SPDR S&amp;P 500 Trust ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) was up 0.71% on Monday, while the&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which tracks the Nasdaq-100 Index, was up 1.31%, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;138z7gr&#x2A;_gcl_au&#x2A;MjA5Njc0MjY1My4xNzQwODM2NTUw&#x2A;_ga&#x2A;R1MxLjEuMTc0NDY0ODA3Mi4yLjAuMTc0NDY0ODA3NS4wLjAuMA..&#x2A;_ga_V7ZK73W7N0&#x2A;MTc0NTgyOTMzMy4xLjEuMTc0NTgyOTYyMy4wLjAuMA..">Benzinga Pro</a>&nbsp;data. Cues From Last Session: The markets were upbeat on Thursday, with most S&amp;P 500 sectors in the green, with tech and consumer discretionary sectors leading the charge. Healthcare, however, witnessed a steep decline, down 2.73% during the day, owing to the 11.66% pullback in Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>), following its first quarter earnings. The S&amp;P 500 itself was up 0.63% during the day, closing at 5,604.14, followed by the Nasdaq Composite at 17,710.74, up 1.52%, the Dow Jones Industrial Average at 40,752.96, up 0.21%, and the small-cap gauge, Russell 2000, which was up 0.60%, closing at 1,975.86. Initial jobless claims at 241,000 came in significantly higher than the median forecast of 225,000, which soured sentiments during the day. As of Thursday, the Nasdaq 100 index was down 10.96% from its previous high of 22,222.61 points. The S&amp;P 500 index was 8.83% lower, as compared to the last record high of 6,147.43 points. On the other hand, Dow Jones was down 9.58% from its 52-week high of 45,073.63 points.</figcaption></figure>



<figure class="wp-block-table"><table style="overflow:auto; height: 90px; display: block;"><tbody><tr><td class="has-text-align-center" data-align="center">Index</td><td class="has-text-align-center" data-align="center">Performance (+/-)</td><td class="has-text-align-center" data-align="center">Value</td></tr><tr><td class="has-text-align-center" data-align="center">Nasdaq Composite</td><td class="has-text-align-center" data-align="center">1.52%</td><td class="has-text-align-center" data-align="center">17,710.74</td></tr><tr><td class="has-text-align-center" data-align="center">S&amp;P 500</td><td class="has-text-align-center" data-align="center">0.63%</td><td class="has-text-align-center" data-align="center">5,604.14</td></tr><tr><td class="has-text-align-center" data-align="center">Dow Jones</td><td class="has-text-align-center" data-align="center">0.21%</td><td class="has-text-align-center" data-align="center">40,752.96</td></tr><tr><td class="has-text-align-center" data-align="center">Russell 2000</td><td class="has-text-align-center" data-align="center">0.60%</td><td class="has-text-align-center" data-align="center">1,975.86</td></tr></tbody></table></figure>



Insights From Analysts:



According to analyst Seth Golden, a chief market strategist at the Finom Group, the S&amp;P 500 having retraced 50% of the bear market at closing on Thursday, points towards the markets going to their all-time high.



Golden says, &#8220;Since 1956, when this occurred, the index went on to all-time highs and was higher 12 months forward 100% of the time.&#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">It&#39;s official &#x2705; S&amp;P 500 has retraced 50% of the bear market on closing basis. Since 1956, when this occurred, the index went on to all-time highs and was higher 12 months forward 100% of the time! Only time the low was not in was 2022 (Jackson Hole &quot;more pain to come&quot;)<a href="https://twitter.com/search?q=%24SPX&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SPX</a>… <a href="https://t.co/CeiiVqmdks">pic.twitter.com/CeiiVqmdks</a>&mdash; Seth Golden (@SethCL) <a href="https://twitter.com/SethCL/status/1918106892418580919?ref_src=twsrc%5Etfw">May 2, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The only time this didn&#8217;t happen, says Golden, was in 2022, when Fed Chair Jerome Powell made his infamous &#8220;more pain to come&#8221; speech, leading to steeper declines in the market.



Upcoming Economic Data:



<ul>
<li>U.S. Non-Farm Payrolls, U.S. Unemployment Rate, U.S. Hourly Wages, and Hourly Wages Year-Over-Year are all set to be announced by 8:30 AM ET on Friday. </li>



<li>Factory Orders report for March is scheduled to be announced by 10 AM ET.</li>
</ul>



Stocks In Focus:



<ul>
<li>Berkshire Hathaway Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) is set to release its earnings on Friday, and while there is no clarity on the timing of the announcement, the stock is up 1.12% pre-market. Analysts expect the company to report $4.72 per share in earnings, on $81.59 billion in revenue. </li>



<li>Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) will be releasing its earnings at 9:30 AM, with analysts expecting $1.73 per share earnings, on $86.1 billion in revenue. The stock is up 0.87% pre-market. </li>



<li>Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) is scheduled to announce its first quarter earnings by 11:00 AM, with consensus estimates pegging its earnings at $2.15 per share, on $48.4 billion in revenue. The stock is up 0.66% pre-market. </li>



<li>The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>) will be releasing its first quarter earnings before markets open at 8:30 AM, with the stock trading up 1.16% pre-market. Analysts expect $6.35 earnings per share, on $60.4 billion in revenue. </li>



<li>Apollo Global Management Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APO#NYSE">APO</a>) is up 1.23% pre-market, with the company expected to release its first quarter earnings before markets open at 8:30 AM. Analysts expect $1.84 in earnings, on $964 million in revenue.</li>
</ul>



Commodities, Gold And Global Equity Markets:



Crude oil futures are down for the day by 0.65%, trading at $58.87 per barrel, amid growing concerns of a recession and oversupply.



Gold Spot US Dollar has finally broken free from its losing streak, and is up 1.31% on Friday, trading at $3,259.42 per ounce, which is still considerably lower than $3,500.33 per ounce last week. The U.S. Dollar Index is down 0.48%, trading at 99.7175 at the time of writing.



All Asian, Australian, and New Zealand markets are in the green on Friday, barring China&#8217;s Shanghai Index which is marginally lower. 



Image via Shutterstock

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US Futures Rise As Apple, Amazon, Airbnb Earnings Boost Market Sentiment: S&P 500 Hits Milestone That's Preceded A 100% Win Rate Since 1956, Says Expert

Apple Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)&nbsp;CEO&nbsp;Tim Cook&nbsp;has reportedly identified a crucial factor that could see iPhone manufacturing shift to the United States.



What Happened: U.S. Commerce Secretary Howard Lutnick, in a conversation with <a href="https://www.cnbc.com/2025/04/29/cnbc-transcript-united-states-commerce-secretary-howard-lutnick-speaks-with-cnbcs-brian-sullivan-on-the-exchange-today.html">CNBC's</a> Brian Sullivan on "The Exchange" Tuesday, shared details of a discussion he had with Apple CEO Tim Cook about the possibility of relocating iPhone production to the U.S. 



Amid escalating tariff tensions and global economic uncertainty, President Donald Trump has renewed his push to bring manufacturing back to American soil.



In his conversation with Lutnick, Cook revealed the key catalyst necessary for such a move. &#8221; I need to have the robotic arms, right, do it at a at a scale and a precision that I could bring it here,&#8221; Cook reportedly told Lutnick.



Tim Cook expressed a desire to move production closer to home, citing reliance on foreign labor—especially in China—as a major risk, particularly in the event of disruptions like a strike, as per the Commerce Secretary.



&#8220;Americans are going to be the technicians who drive those factories. They're not going to be the ones screwing it in&#8230;&#8221; <a href="https://www.benzinga.com/news/global/25/04/45082716/manufacturing-momentum-market-mirage-lutnick-dismisses-recession">asserted </a>Lutnick.



SEE ALSO:&nbsp;<a href="https://benzinga.com/25/05/45158172/amazon-ceo-andy-jassy-predicts-pandemic-like-consumer-shifts-says-company-is-maniacally-focused-on-keeping-prices" target="_blank" rel="noreferrer noopener">Andy Jassy Predicts Pandemic-Like Consumer Shifts, Says Amazon Is &#8216;Maniacally Focused&#8217; On Keeping Prices Low</a>



Why It Matters: According to Alan Friedman from PhoneArena, by employing robots to handle tedious, low-wage assembly tasks—like building an iPhone—Apple can avoid the challenge of finding American workers willing to earn the $3 to $3.70 per hour that assemblers in Shenzhen reportedly make. Without automation, Apple would have to pay at least the U.S. federal minimum wage of $7.25 per hour—more than double—likely resulting in higher iPhone prices.



However, Cook,<a href="https://www.benzinga.com/markets/25/04/44783543/when-tim-cook-revealed-the-real-reason-iphones-are-made-in-chinaand-its-not-low-labor-costs-china-stopped-being-a-low-wage-country-years-ago"> </a>in a recent viral video from the past, dismissed the notion that iPhones are manufactured in China due to low labor costs. He emphasized that China&#8217;s unique concentration of skilled labor in a single region, combined with its advanced tooling capabilities, stands out as the primary reason.



Furthermore, Cook&#8217;s dialogue with Lutnick previously resulted in a <a href="https://www.benzinga.com/25/04/44882019/apple-ceo-tim-cooks-dialogue-with-commerce-secretary-lutnick-secured-tariff-exemption-for-iphones-and-electronics-report">tariff exemption</a> for iPhones. This exemption could have significant implications for iPhone prices and Apple&#8217;s bottom line.



That being said, the Apple CEO has warned of a $900 million <a href="https://www.benzinga.com/tech/25/05/45156890/apple-ceo-tim-cook-warns-of-900-million-tariff-impact-in-june-quarter-expects-majority-of-iphones-sold-in-us-to-be-made-in-india">tariff impact</a> in the June quarter, expecting the majority of iPhones sold in the U.S. to be made in India. This shift in manufacturing could potentially reduce the tariff impact <a href="https://www.benzinga.com/news/earnings/25/05/45152493/apple-reports-strong-q2-earnings-revenue-beat-eps-beat-installed-base-hits-all-time-high-across-all-segments-100-billion-buyback-and-more">and </a>increase profitability for Apple, which recently reported strong Q2 earnings.



Nevertheless, Friedman opined, if the Trump administration allows time for technology to advance, robotics could be the answer for Tim Cook. 



Apple holds a momentum rating of 74.54% and a quality rating of 86.08%, according to&nbsp;<a href="https://www.benzinga.com/quote/AAPL" target="_blank" rel="noreferrer noopener">Benzinga&#8217;s Proprietary Edge Rankings</a>. For an in-depth report on more stocks and insights into growth opportunities,&nbsp;<a href="https://www.benzinga.com/screener/top-momentum-stocks" target="_blank" rel="noreferrer noopener">sign</a>&nbsp;<a href="https://www.benzinga.com/screener/top-momentum-stocks" target="_blank" rel="noreferrer noopener">up for Benzinga Edge.</a>



Apple stock has declined 12.52% during the year-to-date period.



<ul>
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/events/25/04/44971154/trump-fails-to-impress-americas-young-shows-poll-as-they-still-favor-biden-only-15-think-us-on-right-track" target="_blank" rel="noreferrer noopener">Trump Fails To Impress America&#8217;s Young, Shows Poll As They Still Favor Biden — Only 15% Think US On Right Track &#8211; Benzinga</a></li>
</ul>



Image via Shutterstock



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

Tech

Tim Cook Tells Commerce Secretary Lutnick How Apple 'Could' Bring iPhone Manufacturing To US

On Thursday, during Apple Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) <a href="https://www.benzinga.com/news/earnings/25/05/45152493/apple-reports-strong-q2-earnings-revenue-beat-eps-beat-installed-base-hits-all-time-high-across-all-segments-100-billion-buyback-and-more">fiscal second-quarter earnings</a> call, CEO Tim Cook said that the tech giant expects a $900 million cost impact in the June quarter due to tariffs.



What Happened: "For the June [quarter], we do expect the majority of iPhones sold in the U.S. will have India as their country of origin," Cook said. He added that Vietnam will now serve as the production hub for nearly all iPads, Macs, Apple Watches and AirPods sold in the U.S.



Apple's pivot comes amid mounting tariffs on Chinese imports.&nbsp;



"Most of our tariff exposure relates to the February IEEPA-related tariff at the rate of 20%, which applies to imports to the U.S. for products that have China as their country of origin," Cook explained.



See Also:&nbsp;<a href="https://www.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' And That's What Lies Beneath Berkshire Hathaway's Success From One Decade To Another</a>



He also noted that Apple's main product lines — iPhone, Mac, iPad, Apple Watch and Vision Pro — are <a href="https://www.benzinga.com/tech/25/04/44970168/elizabeth-warren-slams-tim-cook-over-alleged-backdoor-deal-with-trump-to-shield-apple-from-crushing-china-tariffs-creates-the-appearance-of-impropriety">not currently impacted</a> by the newly announced global reciprocal tariffs related to semiconductors.



Still, the company is bracing for changes. "Assuming that the current global tariff rates, policies and applications don't change for the balance of the quarter," the impact will be $900 million to the company's costs.



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's Important: Apple posted fiscal second-quarter revenue of $95.36 billion, surpassing Wall Street expectations of $94.53 billion. For the June quarter, the company projects revenue growth in the low-to-mid-single-digit range and forecasts a gross margin between 45.5% and 46.5%.



Previously, Senator Elizabeth Warren (D-Mass.) raised concerns about Cook&#8217;s role in seeking tariff exemptions for Apple products after President Donald Trump threatened to impose up to 145% tariffs on Chinese imports.



If implemented, such tariffs would have significantly impacted Apple's supply chain and profit margins. Wedbush analyst Dan Ives had warned that iPhones made in the U.S. could cost as much as $3,500 — <a href="https://www.benzinga.com/markets/equities/25/04/44728758/trumps-tariffs-could-push-apple-iphone-prices-to-a-staggering-3500-says-top-analyst">more than triple their current price</a>.



Price Action: Apple shares rose 0.39% during Thursday's regular trading session but fell 3.78% in after-hours trading, closing at $205.25, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.



Per Benzinga Edge's Stock Rankings, Apple has a growth score of 44.65% and a momentum score of 74.54%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to other top tech stocks</a>.



Photo Courtesy: Ringo Chiu on Shutterstock.com



Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Read Next:



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<li><a href="https://www.benzinga.com/25/05/45126668/apple-lied-under-oath-judge-says-tim-cook-ignored-internal-warnings-in-epic-games-case-fallout-this-is-an-injunction-not-a-negotiation">Apple Executive &#8216;Outright Lied,&#8217; Says Judge In Epic Case Fallout — Tim Cook &#8216;Chose Poorly&#8217;</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with&nbsp;the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was&nbsp;reviewed and published by Benzinga editors.

Apple CEO Tim Cook Warns Of $900 Million Tariff Impact In June Quarter, Expects Majority Of iPhones Sold In US To Be Made In India

Leading cryptocurrencies rallied Thursday as investors turned to Bitcoin amid a weak financial climate.



<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>+2.72%</td><td>$96,815.33</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>+2.76%</td><td>$1,844.13</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>+4.88%</td><td>$0.1812</td></tr></tbody></table></figure>



What Happened: Bitcoin reached an intraday high of $97,437.96 in the early trading hours, then fell to roughly $96,500 in the afternoon before making a fresh move past $97,000 overnight.



Ethereum peaked at $1,872.94 for the day before pulling back to $1,835. Both assets saw an appreciable spike in trading volumes.



Bitcoin's market dominance rose to a yearly high of 63.8%, implying that investors were more confident in the "King Coin" relative to other cryptocurrencies.



Bitcoin&#8217;s uptick comes a day after the U.S. economy contracted in the first quarter, with investors possibly <a href="https://www.benzinga.com/economics/macro-economic-events/25/04/45100047/recession-odds-spike-wall-street-tumbles-as-q1-gdp-surprisingly-contracts-be-patient-trump-responds">considering it as a safe haven</a> in times of economic turmoil.



The upsurge resulted in $209 million in cryptocurrency liquidations, with $154 million in bearish shorts erased.



Bitcoin&#8217;s Open Interest exploded 8.21% to $66.93 billion in the last 24 hours, marking a jump in leverage and potential market volatility. Interestingly, despite the surge, the majority of Binance traders with open BTC positions were short as of this writing.



The market returned to "Greed" sentiment, according to the Crypto Fear and Greed Index.



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>Walrus (WAL)</td><td>+16.07%</td><td>$0.6488</td></tr><tr><td>Sonic (S)</td><td>+16.02%</td><td>$0.5731</td></tr><tr><td>Immutable (IMX)</td><td>+10.21%</td><td>$0.6169</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization rose 2.02% to $3.01 trillion in the last 24 hours.



Stocks began May on a high. The Dow Jones Industrial Average rose 83.60 points, or 0.21%, to end at 40,752.96. The S&amp;P 500 lifted 0.63% to finish at 5,604.14. The tech-heavy Nasdaq Composite spiked 1.52%, ending at 17,710.74.



The rally was catalyzed by strong first-quarter financials reported by tech biggies Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>). The two ‘Mag 7' companies <a href="https://www.benzinga.com/25/04/45117886/microsoft-q3-earnings-highlights-revenue-beat-eps-beat-cloud-revenue-up-20">reported</a> revenue and earnings that exceeded expectations, gaining 7.63% and 4.23%, respectively.



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



Analyst Notes: Seasoned trader Peter Brandt said Bitcoin was on target to reach the bull cycle top between $125,000 and $150,000 by August or September if it can "regain the broken parabolic slope." From then on, Brandt projected a 50% pullback.



Typically, parabolic slope patterns are characterized by a steep, rapid, and exponential rise in price, followed by a sharp decline.



<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">Hey <a href="https://twitter.com/scottmelker?ref_src=twsrc%5Etfw">@scottmelker</a> If Bitcoin can regain the broken parabolic slope then <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> is on target to reach the bull market cycle top in the $125k to $150K level by Aug/Sep 2025, then a 50%+ correction <a href="https://t.co/WUUzxl0ckn">pic.twitter.com/WUUzxl0ckn</a>&mdash; Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1917927972625121316?ref_src=twsrc%5Etfw">May 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Cryptocurrency trader and analyst CryptoBullet stated Ethereum's mid-term correction is over, and the asset was primed for a "good" mid-term bounce.



"So in the next few months, I&#8217;m expecting a good rally: ETH &amp; its ecosystem will bounce. My first target is $2500," the trader predicted.



<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=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> Monthly chart &#x7C; Macro Perspective I believe this mid-term correction is over. We took out the Aug-Oct 2023 lows, printed a giant reversal candle and held the mid line of the Channel The bottom is in and we&#39;re gonna have a good mid-term bounce &#x1f4c8; This can be a Dead Cat… <a href="https://t.co/4vCK9DvjFq">https://t.co/4vCK9DvjFq</a> <a href="https://t.co/PddpRkujp1">pic.twitter.com/PddpRkujp1</a>&mdash; CryptoBullet (@CryptoBullet1) <a href="https://twitter.com/CryptoBullet1/status/1917946030773178711?ref_src=twsrc%5Etfw">May 1, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: alfernec on Shutterstock.com



Read Next:    



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45106306/inside-donald-trumps-plan-to-become-the-bitcoin-superpower">Inside Donald Trump&#8217;s Plan To Become The &#8216;Bitcoin Superpower&#8217;</a></li>
</ul>

Cryptocurrency

$BTC

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Spike Alongside Stocks: Trader Peter Brandt Says BTC On Target To Reach Bull Market Top Of $125,000-$150,000

Social media platform,&nbsp;Reddit Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>) is seeing strong commercial intent across its iconic comment threads, and it&#8217;s now turning that engagement into ad revenue as part of a broader monetization push.



What Happened: During the company&#8217;s <a href="https://benzinga.com/general/social-media/25/05/45151798/reddit-stock-soars-after-better-than-expected-q1-daily-active-uniques-up-31-ad-revenue-up-61-and-more">first quarter earnings</a> call on Thursday, COO Jen Wong addressed the new ad placements inside the platform&#8217;s comments section, which is known for its high levels of engagement and activity. This comes in addition to the ads that were already in place below the post and above the comments.



Wong notes that 40% of conversations on Reddit are commercial in nature, with users actively discussing products and services. Given the high engagement, she said, many users are on their &#8220;purchase decision journey,&#8221; making the platform's comments section ripe for ad placements.



&#8220;I think almost no [other] platform has ads in their comments,&#8221; Wong said, adding that this level of engagement is a uniquely Reddit trait. 



See More: <a href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45155666/robinhood-stock-falls-after-analysts-cite-weak-crypto-volumes-and-market-headwinds-in-q2-outlook">Robinhood Stock Falls After Analysts Cite Weak Crypto Volumes And Market Headwinds In Q2 Outlook</a>



Wong explains that there are two ways that people end up in Reddit&#8217;s famed comments section: either by clicking on search results for a very specific query, looking for answers in the comments, or by engaging with a post on their feed, because it looked interesting. Either way, she says, &#8220;the intent in the space is very high.&#8221; 



Reddit is encouraged by early results, with Wong noting earlier in the call that ads within comment sections already accounted for 6% of total ad impressions during the quarter.



Why It Matters: Analysts had predicted <a href="https://benzinga.com/markets/25/03/44209873/heres-why-reddits-ad-revenue-growth-is-outpacing-other-social-media-giants">Reddit&#8217;s ad revenue</a> growth to outpace that of peers in 2025, citing its growing appeal to advertisers and the community-driven nature of the platform.



Analysts also attribute the company&#8217;s growing ad business to the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38703190/reddits-enhanced-advertising-tools-drive-sizable-upside-jpmorgan">significant enhancements</a> it has made to its advertising tools over the past year.



The company is now focused on <a href="https://www.benzinga.com/general/social-media/24/11/42221015/reddit-targets-india-brazil-to-boost-global-user-growth-revenue">accelerating its global expansion</a>, turning towards countries such as Brazil and India for user growth, as well as advertising opportunities.



The strong advertising performance is aiding Reddit&#8217;s bottom line, with the company reporting $0.13 earnings per share, from $392 million in revenue, up 61% YoY.



Price Action: The stock was up 1.96% during the regular session on Thursday, and is up 6.49% in after-hours trading, following the announcement of its first quarter results.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="136" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01223533/Screenshot-2025-05-02-at-8.05.14-AM-1024x136.png" alt="" class="wp-image-898190" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01223533/Screenshot-2025-05-02-at-8.05.14-AM-1024x136.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01223533/Screenshot-2025-05-02-at-8.05.14-AM-300x40.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01223533/Screenshot-2025-05-02-at-8.05.14-AM-768x102.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01223533/Screenshot-2025-05-02-at-8.05.14-AM-1536x204.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01223533/Screenshot-2025-05-02-at-8.05.14-AM.png 1598w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



According to Benzinga Edge Stock Rankings, the stock scores well on momentum but does poorly on growth and value. The price trend is favorable in the long run, but is weak in the short and medium terms. For more such insights, sign up for <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge</a>.



Photo Courtesy: Ink Drop On Shutterstock.com



Read More: 



<ul>
<li><a href="https://www.benzinga.com/tech/25/05/45156890/apple-ceo-tim-cook-warns-of-900-million-tariff-impact-in-june-quarter-expects-majority-of-iphones-sold-in-us-to-be-made-in-india">Apple CEO Tim Cook Warns Of $900 Million Tariff Impact In June Quarter, Expects Majority Of iPhones Sold In US To Be Made In India</a></li>
</ul>

RDDT

Reddit Stock Spikes Over 6% After-hours After Earning Beat, Platform Considers Putting Ads In Comments To Monetize High 'Engagement'

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) reported financial results for the second quarter after the market close on Thursday. Here&#8217;s a rundown of the <a href="https://www.benzinga.com/pressreleases/25/05/b45151418/apple-reports-second-quarter-results">iPhone maker&#8217;s report</a>.



Q2 Earnings: Apple reported fiscal second-quarter revenue of $95.36 billion, beating analyst&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;of $94.53 billion. The Cupertino-based company reported second-quarter earnings of $1.65 per share, beating analyst estimates of $1.63 per share.



With Thursday&#8217;s beat, Apple has now exceeded analyst estimates on the top and bottom lines in nine straight quarters, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Total revenue was up 5% year-over-year, and earnings per share climbed 8% year-over-year. Americas sales totaled $40.31 billion in the quarter, Europe sales came in at $24.45 billion, Greater China sales were approximately $16 billion, Japan sales totaled $7.3 billion and the rest of Asia Pacific sales were $7.29 billion.



Products revenue came in at $68.7 billion, up from $66.89 billion year-over-year. Services revenue totaled $26.65 billion, up from $23.87 billion year-over-year, representing a new all-time high. Here&#8217;s a breakdown of product sales by category:



<ul>
<li>iPhone:&nbsp;$46.84 billion, versus $45.96 billion last year</li>



<li>Mac:&nbsp;$7.95 billion, versus $7.45 billion last year</li>



<li>iPad:&nbsp;$6.4 billion, versus $5.56 billion last year</li>



<li>Wearables, Home and Accessories:&nbsp;$7.52 billion, versus $7.91 billion last year</li>
</ul>



Apple noted that its active installed base of devices once again reached new all-time highs across all products and geographic segments. The company attributed the growth to high levels of customer loyalty and satisfaction.



&#8220;Today Apple is reporting strong quarterly results, including double-digit growth in Services. We were happy to welcome iPhone 16e to our lineup, and to introduce powerful new Macs and iPads that take advantage of the extraordinary capabilities of Apple silicon,&#8221; said Tim Cook, CEO of Apple.



Check This Out: <a href="https://www.benzinga.com/news/legal/25/05/45128130/google-aims-for-gemini-ai-deal-with-apple-this-year-says-sundar-pichai-amid-dojs-bid-to-curb-search-monopoly">Google Aims For Gemini AI Deal With Apple This Year, Says Sundar Pichai Amid DOJ&#8217;s Bid To Curb Search Monopoly</a>



Apple&#8217;s board declared a quarterly cash dividend of&nbsp;26 cents&nbsp;per share. The dividend is payable on May 15 to shareholders of record as of May 12. The company also said its board authorized an additional share repurchase program of up to $100 billion. 



Apple refrained from providing an outlook in its second-quarter earnings release, but the company typically provides commentary on the conference call on how it generally expects its different product lines to perform in the months ahead. 



The second-quarter call is scheduled to start at 5 p.m. ET. A link to the conference call is provided below.



AAPL Price Action: <a href="http://benzinga.com/quote/aapl" target="_blank" rel="noreferrer noopener">Apple shares</a> were down 2.20% after-hours, trading at $208.42 at the time of publication Thursday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



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<li><a href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45145869/apples-strong-services-growth-and-iphone-pricing-power-fuel-analysts-confidence-despite-tariff-risks">Apple&#8217;s Strong Services Growth And iPhone Pricing Power Fuel Analyst&#8217;s Confidence Despite Tariff Risks</a></li>
</ul>



Photo: Tada Images/Shutterstock.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534; WATCH LIVE: Apple Q2 2025 Earnings Call &#x7C; $AAPL" width="500" height="281" src="https://www.youtube.com/embed/PgTTJDzPADA?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>

After-Hours Center

Apple Reports 'Strong' Q2 Earnings: Revenue Beat, EPS Beat, Installed Base Hits All-Time High Across All Segments, $100 Billion Buyback And More

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) reported first-quarter financial results after <a href="https://www.benzinga.com/earnings">market close Thursday.</a>



Here are the key highlights.



What Happened: Amazon.com reported first-quarter net sales of $155.7 billion, up 9% year-over-year. The net sales beat a Street consensus estimate of $155.04 billion according to data <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0501">from Benzinga Pro.</a>



The company reported first-quarter earnings per share of $1.59, beating a Street consensus estimate of $1.36.



By operating segment, here were the net sales:



<ul>
<li>North America: $92.9 billion, +8% year-over-year</li>



<li>International: $33.5 billion, +5% year-over-year</li>



<li>AWS: $29.3 billion, +17% year-over-year</li>
</ul>



The company reported operating income of $18.4 billion, up from $15.3 billion in last year's first quarter. Here was the operating income breakdown by segment, with last year&#8217;s first-quarter total in parentheses:



<ul>
<li>North America: $5.8 billion ($5.0 billion)</li>



<li>International: $1.0 billion ($0.9 billion)</li>



<li>AWS: $11.5 billion ($9.4 billion)</li>
</ul>



"We're pleased with the start to 2025, especially our pace of innovation and progress in continuing to improve customer experiences," Amazon CEO Andy Jassy said.



Jassy highlighted the company's next-generation Alexa+, delivery speed records for Prime members, the new Trainium2 chips and the first Project Kuiper satellites successfully launching.



"We're continuing to find meaningful ways to make customers' lives easier and better every day."



For the company's Prime Video streaming platform, the company highlighted the third season of "Reacher," which had 54.6 million viewers for the debut in the first 19 days.



The company also highlighted its new joint venture to create the next James Bond film.



Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45142478/amazon-com-q1-earnings-preview-all-eyes-on-e-commerce-trends-ai-as-tariff-anxiety-grows">Amazon.com Q1 Earnings Preview: All Eyes On E-Commerce Trends, AI As Tariff Anxiety Grows</a>



What's Next: Amazon is guiding for second-quarter net sales of $159 billion to $164 billion, up 7% to 11%. Analysts expect the company to have net sales of $160.91 billion in the quarter.



The company is forecasting operating income to come in a range of $13.0 billion to $17.5 billion for the second quarter, compared to $14.7 billion in last year's second quarter.



Amazon said the guidance is subject to "unpredictable" items that include foreign exchange rates, changes in geopolitical conditions and "tariff and trade policies."



AMZN Price Action: Amazon stock is down 3.2% to $184.05 in after-hours trading Thursday versus a 52-week trading range of $151.61 to $242.52.



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<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534; WATCH LIVE: Amazon.com Q1 2025 Earnings Call &#x7C; $AMZN" width="500" height="281" src="https://www.youtube.com/embed/tad_DWtWpoU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Image created using photos from Shutterstock.

Entertainment

Amazon Q1 Earnings: Double Beat, Q2 Guidance, CEO Focuses On Making 'Customers' Lives Easier And Better'

Oil prices jumped sharply Thursday after President Donald Trump took to Truth Social, telling all nations to cease purchases of Iranian oil and petrochemicals, or violators will face <a href="https://www.benzinga.com/topic/regulations">sweeping U.S. secondary sanctions.</a>



"All purchases of Iranian Oil, or Petrochemical products, must stop, NOW!" Trump wrote. 



"Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions. They will not be allowed to do business with the United States of America in any way, shape, or form."



While the declaration has yet to be backed by an official White House press release or executive order, energy markets wasted no time reacting. 



Within 30 minutes of the post going live, West Texas Intermediate (WTI) crude prices — tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) — rose from $58.60 to $59.20, a gain of nearly 1%. 



The move underscores the market's sensitivity to Middle East-related supply disruptions, particularly involving Iran, which remains a major crude player despite being under sanctions since 2018.



U.S. oil &amp; gas stocks – as tracked by the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) – flipped to gains, rising 1% by 2:20 p.m. ET. 



Wall Street remained broadly unfazed by the rising risk of a potential Iranian oil embargo, with the S&amp;P 500 index extending daily gains, up <a href="https://www.benzinga.com/government/regulations/25/05/45146182/wall-street-eyes-8th-positive-day-as-sp-500-recoups-tariff-led-losses-bitcoin-rallies-to-97000-whats-driving-markets-thursday">1.2% to 5,635 points. </a>



<h3 class="wp-block-heading">China Is The Largest Buyer Of Iranian Crude</h3>



China currently accounts for nearly 90% of Iranian oil exports, which hit an all-time high of 1.8 million barrels per day in March, per ship tracking data from Vortex cited by Reuters.



A significant portion of that oil is believed to be offloaded into the northeastern province of Shandong, home to independent refineries that often operate outside international regulatory frameworks.



Beijing's persistent imports have drawn increasing ire from U.S. policymakers. 



"The Iranian regime uses the revenue it generates from these sales to finance attacks on U.S. allies, support terrorism around the world, and pursue other destabilizing actions," said Department of State spokesperson Tammy Bruce in a March press release.



According to the U.S. Department of State, &#8220;China is by far the largest importer of Iranian oil.&#8221; 



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</ul>



Photo: Shutterstock

Government

Regulations

Oil Prices Soar After Trump Threatens Sanctions On Iranian Crude Buyers: Is China On Top Of The List?

Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) analysts highlight a strong showing by Azure as the key factor that powered the tech giant&#8217;s better-than-expected <a href="https://www.benzinga.com/25/04/45117886/microsoft-q3-earnings-highlights-revenue-beat-eps-beat-cloud-revenue-up-20">third-quarter performance.</a>



Microsoft Analysts: TD Cowen analyst Derrick Wood maintained a Buy rating on Microsoft and raised the price target from $475 to $490.



KeyBanc analyst Jackson Ader maintained a Sector Weight rating with no price target.



JPMorgan analyst Mark Murphy maintained an Overweight rating and raised the price target from $465 to $475.



Piper Sandler analyst Brent Bracelin maintained an Overweight rating and raised the price target from $435 to $475.



Bank of America analyst Brad Sills reiterated a Buy rating and raised the price target from $480 to $515.



Scotiabank analyst Patrick Colville reiterated a Sector Outperform rating and raised the price target from $470 to $500.



Read Also: <a href="https://www.benzinga.com/25/05/45125965/how-microsoft-plans-to-thrive-during-a-recession-satya-nadella-explains-the-role-of-cloud-solutions-in-weathering-economic-storms">Microsoft Plans To Leverage A &#8216;Malleable Resource&#8217; To Th</a>rive In A Recession, Satya Nadella Explains



TD Cowen on MSFT: A rebound in non-AI growth and strong AI demand were highlights in the third quarter for Wood according to a new investor note.



The analyst said Azure, cloud and AI saw strong demand in the quarter. For Azure, growth of 35% year-over-year was well above guidance, Wood said.



"MSFT attributed upside mostly to better-than-expected non-AI workload growth, driven by enterprise strength and accelerating demand for cloud migrations," Wood said.



Wood said the strength of Azure reverses several bumpy quarters and could shift the narrative on the stock.



"MSFT appears well positioned in key secular growth markets, particularly Public Cloud with its Azure platform, which we expect to be the company's main growth driver."



KeyBanc on MSFT: Microsoft reported its "cleanest quarter in a while," Ader said in a new investor note.



The analyst said the right items delivered the upside.



"Azure growth was the standout at 35% growth in constant currency on the back of cleaning up some execution that hurt last quarter and some capacity being unlocked earlier than expected," Ader said.



Ader said his recent downgrade of the stock "looks pretty foolish right now."



"The quarter does highlight a principal risk in not being overweight MSFT right now, which is that we have no visibility into capacity unlocks."



The analyst said Microsoft's return on investment math for AI is still difficult to make sense of and there could be better stocks to play "offense" with.



JPMorgan on MSFT: Investors may have been too pessimistic ahead of Microsoft's earnings, Murphy said in a new investor note.



"Azure performance a ray of light," Murphy said.



The analyst said the hard data looks more resilient than the soft data and Microsoft's Azure and AI strength showed up in the quarter.



"The apparent lack of any tangible macro stress or strain, including commentary that demand signals across the commercial business were consistent in April and are expected to remain so moving forward."



Murphy said Microsoft's AI Services are showing upside faster than expected.



"Microsoft has pulled ahead of the pack with a state-of-the-art cloud platform." &nbsp;



Piper Sandler on MSFT: Third-quarter results were "better-than-feared," Bracelin said in a new investor note.



"Azure growth surprisingly accelerated to 35% on a combination of non-AI outperformance and continued AI momentum," Bracelin said.



The analyst said Microsoft's strong operating cash flow provides flexibility for increased capex, dividends, M&amp;A or stock buybacks in the future.



"The world's largest cloud franchise with a first-mover advantage in Gen AI," Bracelin said of Microsoft.



Bank of America on MSFT: Azure and AI were the highlights for Sills.



"View Microsoft as the sole AI leader in both apps and infrastructure," Sills said.



The analyst said Microsoft has balanced cloud and AI growth that helped boost Azure in the quarter.



"Q3 results suggest that ROI on capex is coming into view sooner than expected."



Scotiabank on MSFT: Microsoft is bringing "a new golden age driven by Azure," Colville said in a new investor note.



The analyst said the third quarter was a standout quarter with standout guidance.



"Azure F3Q growth was a blowout, driven by unleashed AI spend and traditional workloads up-ticking Q/Q," Colville said.



The analyst said the quarterly results could shutdown the "AI slowdown bear narrative."



"With MSFT trading not far off 5-year valuation lows, we think now is the time to step back in."



The analyst said Microsoft has a strong future as a "leading horseman of the AI revolution."



MSFT Price Action: Microsoft stock is up 8.5% to $428.93 on Thursday versus a 52-week trading range of $344.79 to $468.35. Microsoft stock is up 2.4% year-to-date in 2025.



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Photo: Shutterstock

Price Target

Reiteration

Analyst Ratings

Microsoft Stock Rallies On Q3 Strength Of Azure: Analyst Says Company Is 'Sole AI Leader In Both Apps And Infrastructure'

E-commerce leader Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) could shed some light on how growing anxiety over tariffs is affecting consumption trends and the broader economic environment, when it reports first-quarter financial results after <a href="https://www.benzinga.com/earnings">market close Thursday.</a>



Here are the analyst earnings estimates, what experts are saying ahead of the report and key items to watch.



Earnings Estimates: Analysts estimate the e-commerce behemoth will report first-quarter revenue of $155.01 billion, up from $143.31 billion in the year-earlier period, according to data <a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0430">from Benzinga Pro. </a>



The company has beaten analyst estimates for revenue in two straight quarters and eight of the last 10 quarters overall.



Analysts expect Amazon to report first-quarter earnings per share of $1.36, up from 98 cents per share a year earlier. The company has beaten analyst estimates for earnings per share in nine straight quarters.



Previous <a href="https://www.benzinga.com/25/02/43545590/amazoncom-q4-earnings-highlights-revenue-beat-eps-beat-most-successful-holiday-shopping-season-in-company-history">guidance from the company </a>calls for first-quarter net sales to be in a range of $151 billion to $155.5 billion.



Read Also: <a href="https://www.benzinga.com/25/04/45012329/amazon-sellers-hike-prices-on-essentials-as-trumps-china-tariffs-squeeze-margins">Amazon Sellers Hike Prices On Essentials As Trump China Tariffs Squeeze Margins</a>



What Experts Are Saying: Freedom Capital Markets Chief Global Strategist Jay Woods said AI monetization and consumer spending habits are set to be key aspects in Amazon's earnings report.



"Investors are also focused on their e-commerce and consumer trends to get a better gauge to see if new spending habits are impacting the bottom line as expectations of tariffs grow," Woods said in a weekly <a href="https://jaywoods.substack.com/">newsletter</a>.



With Amazon shares down by more than 20% from its late-January highs, WestPark Capital analyst Curtis Shauger <a href="https://www.benzinga.com/25/04/44591414/amazon-stocks-recent-pullback-offers-unique-opportunity-analyst">highlighted a buying opportunit</a>y for the stock.



Shauger initiated Amazon with a Buy rating and $280 price target. The analyst highlighted the company's e-commerce dominance and Amazon Web Services being a top player in the infrastructure-as-a-service market.



The analyst estimates that AWS is about twice the size of Microsoft's Azure and around three times the size of Alphabet's Google Cloud Platform.



Oppenheimer analyst Jason Helfstein <a href="https://www.benzinga.com/25/04/45050326/oppenheimers-helfstein-cuts-amazon-price-target-to-220-on-tariff-concerns">recently maintained an </a>Outperform rating on Amazon while lowering the price target from $260 to $220.



The analyst lowered Amazon estimates due to the overall economic uncertainty fueled by the Trump administration&#8217;s tariffs. Helfstein said sellers may have to pass the higher tariff costs onto consumers in the future.



Key Items to Watch: Tariffs will be the biggest topic on the minds of investors and analysts. The question will be how much color Amazon will provide, given a report the company was preparing to show the impact of tariffs directly to consumers did not go over well with <a href="https://www.benzinga.com/trading-ideas/movers/25/04/45067585/amazon-stock-tumbles-as-white-house-calls-tariff-visibility-plans-a-hostile-act">the White House.</a>



Amazon could be cautious in its language about tariffs, given the company's founder Jeff Bezos reportedly received a phone call from President Donald Trump earlier this week.



Outside of tariffs, AI and cloud will likely be the next biggest topics, with the company&#8217;s AWS segment and any commentary on new contracts and company demand potential positives. 



The geographical split of revenue growth could be a key item to watch. In the fourth quarter, North American net sales were up 10% year-over-year, outperforming the 8% year-over-year growth of the International segment.



AWS led all three segments with 19% year-over-year growth.



The latest quarterly result won't have several of the catalysts that were part of the fourth-quarter result including Black Friday and Cyber Monday, but could see results from "Thursday Night Football" and NFL coverage, which was highlighted in the last report.



Amazon streamed an <a href="https://www.benzinga.com/general/sports/25/01/43013529/amazon-scores-record-with-steelers-ravens-nfl-playoffs-stream-how-game-stacks-up-with-other-media-streamers">NFL playoff game</a> in January, which set a new Amazon NFL streaming record. Analysts and investors will be looking for more commentary on Prime Video subscribers, advertising revenue and more.



Another item to watch could be any update on Amazon's new Trainium 2 AI chip. The chip was mentioned in the last earnings report, but there has not been many updates since that time.



AMZN Price Action: Amazon stock was down 1.6% to $184.42 on Wednesday versus a 52-week trading range of $151.61 to $242.52. Amazon stock is down 16.3% year-to-date in 2025 and shares are up around 5% over the last year.



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</ul>



Photo: Shutterstock

Amazon.com Q1 Earnings Preview: All Eyes On E-Commerce Trends, AI As Tariff Anxiety Grows

Tech giant Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) could show better-than-feared results for China and the iPhone when the company reports second-quarter financial results after the <a href="https://www.benzinga.com/earnings">market close Thursday.</a>



Here are analyst earnings estimates, a look at what analysts are saying ahead of the report and key items to watch.



Earnings Estimates: Analysts expect Apple to report second-quarter revenue of $94.42 billion, up from $90.75 billion in last year's second quarter, according to data<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0430"> from Benzinga Pro.</a>



The company has beaten analyst estimates for revenue in eight straight quarters and nine of the last 10 quarters overall.



Analysts expect Apple to report second-quarter earnings per share of $1.62, up from $1.53 in last year's second quarter.



The company has beaten analyst estimates for earnings per share in eight straight quarters and in nine of the last 10 quarters overall.



Read Also: <a href="https://www.benzinga.com/25/04/45084812/readers-correctly-predicted-tesla-earnings-heres-their-view-on-apple-stock">Readers Correctly Predicted Tesla Earnings – Here&#8217;s Their View On Apple Stock</a>



What Experts Are Saying: Progress on global production of items like the iPhone could be a key focus for investors in the second quarter results, said Jay Woods, Freedom Capital Markets chief global strategist.



"AAPL shares are 19% below all-time highs and facing pressure in the Chinese markets. The company has announced plans to shift production to India," Woods said in a weekly <a href="https://jaywoods.substack.com/">newsletter</a>.



He added that quarterly results could show a bump in iPhone sales with people "rushing out to beat expected tariff increases.&#8221; And that "iPhone sales will also be scrutinized closely."



Woods said Apple could provide a "tease" of what's to come next, but that will likely be reserved for their upcoming events.



Apple and the tech sector face a "black cloud overhang" due to tariffs, Wedbush analyst Dan Ives said in a recent investor note.



He expects minimal guidance from Apple, given the overhang and predicts that Apple could see lower demand if China tariffs stay in place.



"We remain bullish on the long-term opportunity for Apple's flagship ecosystem and focus on its 1.5 billion iPhone and 2.4 billion iOS installed base and massive Services business for downside protection in this market backdrop for tech investors," Ives said.



He advised Apple investors to look past the next quarter and assume tariff negotiations will take a positive turn in the future to "stop this tariff tornado from hitting iPhone prices."



Rosenblatt analyst Barton Crockett <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44632659/trump-tariffs-could-blow-up-apple-analyst-estimates-39-5-billion-impact">recently said that</a> Trump's tariffs could "blow up Apple." The analyst maintained a Buy rating on Apple with a $263 price target.



Crockett estimates that Apple could face $39.5 billion in tariff costs.



&#8220;We believe that close to 100% of iPhones sold in the U.S. are made in China, 90% of Macs, 80% of iPads, 90% of Apple Watches and 35% of Airpods.&#8221;



Without Apple raising prices, the analyst estimates that operating profits and earnings per share could be down by around 32% annually. Raising prices could offset demand, Crockett warned.



Tigress Financial analyst Ivan Feinseth said Apple's Services growth and the integration of Apple Intelligence<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/44961882/iphone-resecue-apple-tariff-worries"> are future catalysts </a>that investors should focus on.



The analyst said these two items and Apple&#8217;s growing customer base will &#8220;continue to drive ongoing revenue and cash flow growth.&#8221;



&#8220;AAPL&#8217;s ongoing integration of Apple Intelligence will increasingly enhance the cadence of new product introductions and drive Services growth and further growth of its ecosystem,&#8221; Feinseth said.



Feinseth noted that Apple&#8217;s installed base of active devices hit an all-time high in the most recently reported quarter and reiterated a Strong Buy rating on Apple, raising the price target from $295 to $300.



JPMorgan analyst Samik Chatterjee <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/04/45046046/apple-q2-will-be-better-than-feared-analyst-says-iphone-company-has-proven-track-record">recently said Apple's</a> second quarter results will be "better-than-feared."



The analyst, who maintained an Overweight rating and a $245 price target, said fears of demand disruption and cost headwinds from tariffs could weigh on Apple stock, while maintaining a bullish outlook on revenue and momentum.



&#8220;We are positive on AAPL shares with a near-term view into a positive set up into earnings with the likelihood of better-than-feared outcomes in relation to both revenues and gross margins,&#8221; Chatterjee said.



The analyst expects a &#8220;modest pull-forward&#8221; in demand thanks to consumer upgrades and channel inventory fill.



Key Items to Watch: Tariffs and iPhones will be the two most closely watched items in Apple's results and management commentary.



In the first-quarter iPhone sales declined to $69.14 billion from the previous first quarter total of $69.7 billion. That weakness was offset by year-over-year growth for other segments like Mac, iPad, Wearables and Services.



So, while all eyes will be on the iPhone, investors and analysts will also look at the other lines to see whether the strength there is offsetting or is complementary to the iPhone segment.



Guidance will be another key topic, as Apple does not provide forward guidance after the first quarter. Many companies have stopped reporting guidance or have been more cautious in their guidance, given the tariff concerns and the macroeconomic environment.



Apple will host the Worldwide Developers Conference beginning on June 9. The company could provide a tease of what items or parts of this it is most excited about. 



AAPL Price Action: Apple stock trades at $211.32 on Wednesday versus a 52-week trading range of $169.11 to $260.10. Apple stock is down 13.3% year-to-date in 2025 and up 24% over the last year.



Read Next: 



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Apple Q2 Earnings Preview: Analysts Remain Bullish But Warn Of 'Tariff Tornado' Hitting iPhone

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has broken through $96,000 in Thursday trading and could be headed even higher, <a href="https://www.benzinga.com/money/bitcoin-price-prediction">according to technical analysis</a>.



What Happened: In his monthly market analysis <a href="https://www.youtube.com/watch?v=SY0Mp_PU430">podcast</a> published on April 30, technical analyst Kevin highlighted that Bitcoi is nearing a potential breakout from its current consolidation at the golden pocket resistance zone. 



This price between $94,410 and $95,581 is historically significant, and Kevin suggests a resolution is likely imminent, particularly with the help of favorable macroeconomic conditions.



He points to improving inflation data, a potential shift in Federal Reserve policy, and growing Bitcoin dominance as bullish signals.



Kevin also noted that Bitcoin dominance has risen for five consecutive months, a rare occurrence only seen once before in 2019. 



If the Fed pivots on monetary policy, he believes it could trigger a rotation back into altcoins, breaking that streak.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45112881/sell-bitcoin-ethereum-xrp-in-may-and-go-away-dont-be-so-sure-in-2025-expert-says">Sell Bitcoin, Ethereum, XRP In May And Go Away? Don&#8217;t Be So Sure In 2025, Expert Says</a>



Why It Matters: The May 8 Fed meeting is widely seen as a pivotal moment. 



Traders are watching closely for indications of rate cuts or changes in quantitative tightening, both of which could inject new momentum into crypto markets.



Kevin highlights that core PCE inflation has now dropped to its lowest since August 2021, validating his long-standing thesis that inflation would continue to cool. Despite a weaker GDP headline, the Atlanta Fed's Q2 estimate is +2.4%, suggesting the economic backdrop may support risk assets like Bitcoin.



Meanwhile, altcoins are also flashing bullish signals. 



Kevin notes that the Total3 altcoin market cap excluding BTC and ETH chart has formed a bullish engulfing monthly candle and held multiple key Fibonacci levels. 



A breakout above $872 billion could spark a fresh leg higher for the broader crypto market.



What's Next: Market expectations for Fed policy have shifted dramatically, with the FedWatch tool now showing a 62% chance of a rate cut in June, followed by additional cuts in July and September.



While maintaining a bullish medium-term outlook, Kevin cautions traders about potential short-term volatility: &#8220;Until we break through this golden pocket durably and show follow through, you have to be a little cautious at this level." If Bitcoin fails to break out immediately, $88,000–$90,000 is the key support zone to watch before any move higher.



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</ul>



Image: Shutterstock

Bitcoin Breaks $96,000 Ahead Of 'Pivotal Week'

Editor&#8217;s Note: The article has been udpated to correct the Stock Movers list.



Wall Street pushed higher in midday trading, with the S&amp;P 500 on track for its eighth consecutive gain — its longest winning streak since November 2023. The index rose about 1% to 5,560, fully recovering the losses sustained after former President Donald Trump announced <a href="https://www.benzinga.com/topic/tariffs">trade tariffs on April 2.</a>



Technology stocks led the rally, with the Nasdaq 100 climbing 1.5%. Strong and resilient corporate earnings continue to fuel investor appetite for risk, helping markets shrug off recent tariff concerns.



President Trump reassured investors, stating that progress on trade negotiations is going "very well" and that the timeline for the tax bill remains on schedule.



On the economic front, data continued to paint a weaker picture. After Wednesday's disappointing first-quarter GDP report, the ISM manufacturing PMI showed factory activity contracted for the second straight month in April. Meanwhile, price pressures surged at the fastest pace since June 2022, reflecting <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45139383/us-manufacturing-activity-contracts-in-april-as-tariffs-push-input-prices-toward-3-year-highs">inflationary effects from tariffs.</a>



Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) was a standout gainer, soaring 8.60% after delivering a blowout quarter that beat expectations across the board, reinforcing its leadership in cloud and AI. The stock reached its highest level since late January.



Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) also topped estimates, with shares climbing more than 4%.



Sector-wise, technology outperformed, while health care lagged. Eli Lilly And Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) plunged over 9% after the pharmaceutical giant cut its 2025 guidance.



Crude oil erased early losses, rebounding to $58 per barrel after briefly dipping below $57. Gold slipped 2.2% to a two-week low.



The U.S. dollar strengthened to its highest level in over two weeks, bolstered by manufacturing surveys showing rising input costs tied to tariffs.



Treasury yields climbed for a second straight session, with the 10-year yield rising to 4.21%.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged past the $97,000 mark, hitting its highest level in over two months.



<h1 class="wp-block-heading">Thursday&#8217;s Performance In Major U.S. Indices, ETFs</h1>



<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>19,853.70</td><td>+ 1.5%</td></tr><tr><td>S&amp;P 500</td><td>5,614.89</td><td>+ 0.9%</td></tr><tr><td>Russell 2000</td><td>1,971.76</td><td>+ 0.4%</td></tr><tr><td>Dow Jones</td><td>40,802.25</td><td>+ 0.3%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:55 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% to $560.02.</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 0.5% to $408.25.</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;rose 1.6% to $483.23.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) inched 0.5% higher to $195.71.</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 2.6%; the&nbsp;Health Care&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, down 2.3%.</li>
</ul>



<h1 class="wp-block-heading">Thursday&#8217;s Stock Movers</h1>



Stocks reacting to earnings reports included: Microsoft Corporation: up 8.30% Meta Platforms, Inc.: up 4.29% Eli Lilly And Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>): &#8211; 9.88% Mastercard Incorporated&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>): -0.20% McDonald's Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>): -1.24% Linde plc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LIN#NASDAQ">LIN</a>): -1.14% Qualcomm Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>): -8.28% KKR &amp; Co. Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>): up 1.19% The Southern Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>): up 0.22% Intercontinental Exchange, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ICE#NYSE">ICE</a>): up 1.83% KLA Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KLAC#NASDAQ">KLAC</a>): -2.43% CVS Health Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>): up 6.23% Equinix, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>): -0.16% Parker-Hannifin Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PH#NYSE">PH</a>): up 0.70% Air Products and Chemicals, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APD#NYSE">APD</a>): -0.09% Howmet Aerospace Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HWM#NYSE">HWM</a>): up 7.44% Carrier Global Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>): up 11% Aflac Incorporated&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AFL#NYSE">AFL</a>): -4% Public Storage&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSA#NYSE">PSA</a>): -0.18% The Allstate Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>): -1.27% MetLife, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MET#NYSE">MET</a>): up 0.47% W.W. Grainger, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWW#NYSE">GWW</a>): Up 2.14% Becton, Dickinson and Company&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDX#NYSE">BDX</a>): -15.73% Quanta Services, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>): up 10.10% Exelon Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EXC#NASDAQ">EXC</a>): -0.33% Dominion Energy, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/D#NYSE">D</a>): up 0.91%



Stocks slated to report earnings after the bell include Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amgen Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMGN#NASDAQ">AMGN</a>), Arthur J. Gallagher &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>), Airbnb Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>), Atlassian Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>), Motorola Solutions Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSI#NYSE">MSI</a>), EOG Resources Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EOG#NYSE">EOG</a>), American International Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>), Consolidated Edison Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ED#NYSE">ED</a>), Ingersoll Rand Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IR#NYSE">IR</a>), DexCom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DXCM#NASDAQ">DXCM</a>), Monolithic Power Systems Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MPWR#NASDAQ">MPWR</a>), Ameren Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEE#NYSE">AEE</a>), GoDaddy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDDY#NYSE">GDDY</a>), Mettler-Toledo International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTD#NYSE">MTD</a>), MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>), Hologic Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOLX#NASDAQ">HOLX</a>), Mohawk Industries Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHK#NYSE">MHK</a>), Camden Property Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPT#NYSE">CPT</a>) and Live Nation Entertainment Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LYV#NYSE">LYV</a>).



Read Now: 



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</ul>



Photo: Shutterstock

Sector ETFs

Broad U.S. Equity ETFs

AMGN

CARR

DXCM

EQIX

GDDY

HOLX

KLAC

MPWR

MSTR

QCOM

TEAM

Wall Street Eyes 8th Positive Day As S&P 500 Recoups Tariff-Led Losses, Bitcoin Rallies To $97,000: What's Driving Markets Thursday? (CORRECTED)

The U.S. manufacturing sector shrank for the second straight month in April, driven by weakening demand and rising price pressures linked to tariffs, according to the latest data from the <a href="https://www.benzinga.com/news/econ-s">Institute for Supply Management (ISM).</a>



The ISM Manufacturing Purchasing Managers&#8217; Index (PMI) fell from 49% in March to 48.7%, its third consecutive monthly decline. While surpassing the economist consensus of 48%, the outcome remains below the neutral 50% threshold, indicating another month of contraction.



&#8220;Demand and output weakened while input strengthened further, conditions that are not considered positive for economic growth,&#8221; Timothy R. Fiore, chair of the ISM Manufacturing Business Survey Committee, stated. 



He added that destaffing continued as firms grappled with uncertainty and rising costs.



Fiore cited growing backlogs and supplier delivery delays, noting that "prices growth accelerated slightly due to tariffs," which may have pushed firms to frontload purchases and accumulate inventories.



<h3 class="wp-block-heading">Manufacturing Price Pressures Hit 34-Month High</h3>



The New Orders Index rose modestly to 47.2%, up 2 points from March's 45.2%, but remained in contraction territory for the third straight month.



Production deteriorated sharply, with the Production Index plunging to 44% from 48.3% in March—a drop of 4.3 points and a clear sign of weakening factory activity.



The Backlog of Orders Index was 43.7%, down 0.8 percentage point from the previous reading of 44.5%.



The Employment Index registered 46.5%, up 1.8 percentage points from March's 44.7%, remaining in contraction zone.



&#8220;The Supplier Deliveries Index indicated a continued slowing of deliveries, registering 55.2%, 1.7 percentage points higher than the 53.5% recorded in March,&#8221; said Fiore. 



Notably, the Prices Index rose to 69.8% in April, the highest since June 2022 and up slightly from March's 69.4%. This elevated reading underscores the resurgence of inflationary forces within the supply chain, largely tied to renewed trade barriers and tariffs.



Export activity weakened significantly, with the New Export Orders Index falling to 43.1%, a steep drop from March's 49.6%. Imports also dipped into contraction territory, registering 47.1%, down from 50.1%.



Inventory levels expanded for the second consecutive month, with the Inventories Index at 50.8%. Fiore warned that "inventory growth is not a positive sign when demand is moving in the opposite direction." 



&#8220;The recent expansion is considered a temporary move to avoid tariffs, and levels will decline when such trade issues are resolved,&#8221; Fiore added.



<h3 class="wp-block-heading">Market Reaction: Dollar Rallies, Yields Rise</h3>



Markets reacted swiftly to the report, particularly in currency and bond markets. 



The U.S. dollar strengthened, with the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>) rising 0.5% and regaining the 100 mark, reaching two-week highs. 



The 10-year Treasury yield climbed 4 basis points to 4.19%, as traders priced in the likelihood that the Federal Reserve may delay rate cuts due to persistent price pressures.



Stock markets were relatively unfazed. 



The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), rose 0.4% to 5,615 by 10:15 a.m. ET. Gains were mirrored across the Dow Jones and Nasdaq 100, while the small-cap Russell 2000 outperformed with a 0.9% advance.



Read now: 



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<li><a href="https://www.benzinga.com/markets/25/04/45124966/us-trade-deficit-explodes-to-record-162-billion-in-march-as-import-frenzy-precedes-trumps-tariff-bar">US Trade Deficit Explodes To Record $162 Billion In March As Import Frenzy Precedes Trump&#8217;s Tariff Barrage</a></li>
</ul>



Photo: Shutterstock

US Manufacturing Activity Contracts In April As Tariffs Push Input Prices Toward 3-Year Highs

Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) will be reporting its second-quarter earnings on Thursday. Wall Street expects $1.63 in EPS and $94.53 billion in revenues as the company reports<a href="https://www.benzinga.com/calendars/earnings?tickers=AAPL" target="_blank" rel="noreferrer noopener"> after market hours</a>.



The stock is up 25.52% over the past year, down 12.86% YTD.



Let&#8217;s look at what the charts indicate for Apple stock and how the stock currently maps against Wall Street estimates.



Read Also: <a href="https://www.benzinga.com/news/legal/25/05/45128130/google-aims-for-gemini-ai-deal-with-apple-this-year-says-sundar-pichai-amid-dojs-bid-to-curb-search-monopoly">Google Aims For Gemini AI Deal With Apple This Year, Says Sundar Pichai Amid DOJ&#8217;s Bid To Curb Search Monopoly</a>



<h2 class="wp-block-heading">Apple Stock Stuck In A Stagnant Trend Ahead Of Q2 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=0501"><img loading="lazy" decoding="async" width="627" height="489" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01073826/Screenshot-2025-05-01-at-4.47.56-PM.png" alt="" class="wp-image-896651" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01073826/Screenshot-2025-05-01-at-4.47.56-PM.png 627w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/01073826/Screenshot-2025-05-01-at-4.47.56-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=0501">Chart created using Benzinga Pro</a>



Apple stock is currently navigating a relatively stagnant trend, but underlying buying pressure may be laying the groundwork for a bullish breakout. Apple stock, at $212.50, is trading above its eight-day and 20-day simple moving averages &#8211; $208.54 and $199.51, respectively &#8211; indicating short-term bullish momentum. This suggests that traders are stepping in to support the stock at current levels, a constructive sign for potential upside.



However, Apple stock still faces resistance on longer timeframes, as it trades below its 50-day and 200-day simple moving averages of $216.38 and $227.23. These levels suggest that the broader trend remains bearish for now. The Moving Average Convergence Divergence (MACD) reading of a negative 0.71 further supports this cautious stance, though the Relative Strength Index (RSI) at 54.2 reflects moderate bullish sentiment without being overbought. 



Overall, while Apple stock isn't yet in full bullish territory, continued buying pressure and a break above the 50-day moving average could mark a trend reversal worth watching.



<h2 class="wp-block-heading">Tariffs, AI Delays Could Mute Super Cycle Talk</h2>



Heading into earnings, expectations are being tempered by macro uncertainties. According to Hightower Advisors&#8217; Chief Investment Strategist Stephanie Link, first-quarter numbers may have seen a pull-in ahead of tariffs, but Apple may refrain from providing forward guidance. 



She points to tariffs and AI delays as reasons why she finds the scenario of a &#8220;super cycle unlikely.&#8221; Though services &#8211; expected to grow double digits &#8211; will likely be a bright spot. Still, with Apple trading at 28x earnings and showing only single-digit revenue growth, valuation could be a headwind.



<h2 class="wp-block-heading">Apple Analysts See About 4% Upside</h2>



Ratings &amp; Consensus Estimates:<a href="https://www.benzinga.com/quote/AAPL/analyst-ratings" target="_blank" rel="noreferrer noopener"> The consensus analyst rating</a> for Apple stock is currently a Buy, with a price target of $233.40. The three most recent analyst ratings for Apple stock, from Rosenblatt, Loop Capital and Barclays, imply a 3.70% upside based on their average price target of $217.



AAPL Stock Price Action: Apple stock was down 0.2% at $212.06 at the time of publication Thursday.



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Photo Courtesy: Tada Images on Shutterstock.com

Technicals

Previews

Apple Gears Up For Q2 Earnings With Bearish Technicals: 'Super Cycle Unlikely' Says Strategist

Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) delivered a blockbuster quarter that beat expectations across the board, with cloud and AI momentum now so strong that Goldman Sachs sees the stock marching near all-time highs <a href="https://www.benzinga.com/topic/expert-ideas">at $480 per share. </a>



In a note shared Thursday, Goldman Sachs analyst Kash Rangan said Microsoft's fiscal third-quarter results reinforced confidence in the company's long-term AI leadership, as Azure growth reaccelerated and new data pointed to durable enterprise demand for cloud infrastructure and AI tools.



<h3 class="wp-block-heading">What Drove The Beat?</h3>



For the quarter ending March 31, Microsoft reported earnings per share of $3.46, exceeding estimates of $3.21, while revenue climbed to $70.07 billion, ahead of the $68.48 billion consensus. 



Azure and other cloud services revenue rose 35% year-over-year in constant currency, accelerating from 31% in the prior quarter and topping Goldman's forecast of 32%.



Crucially, artificial intelligence continues to drive Azure's growth. AI-related services contributed 16 percentage points of that 35% increase, up from 13 points last quarter. Non-AI workloads also posted their first acceleration since early 2024, growing 19%, a sign that demand is broadening beyond early AI adopters.



"We reiterate our Buy rating while raising our PT to $480 (vs. $450 prior) following F3Q25 outperformance across all key metrics," Rangan said. 



He added that Microsoft is increasingly well-positioned to capture a share of the AI market across both infrastructure and application layers.



<h3 class="wp-block-heading">CapEx: Still High, But Under Control</h3>



Microsoft's capital expenditures came in at $21.4 billion, marking the first sequential decline in CapEx since the first fiscal quarter of 2023, which helped ease concerns that the company was overspending to maintain its AI advantage.



Despite the pullback, Goldman says Microsoft's capital expenditures (CapEx) are still likely to grow faster than cloud revenue in the short term, reflecting longer-term investments required to meet rising demand.



Rangan held his fiscal year 2026 CapEx growth forecast at 21% year-over-year and signaled that capital intensity may begin moderating after years of heavy investment.



This, Rangan said, should be a "relief for the tech food chain," as it suggests peak CapEx is not yet behind the company but may soon be reached.



<h3 class="wp-block-heading">Copilot Gains Traction</h3>



Another standout: Microsoft's generative AI product Copilot continues to gain adoption, with user numbers up 3x year-over-year and over 230,000 organizations engaging with Copilot Studio. 



This supports Goldman's thesis that Copilot could evolve into the defining enterprise application of the AI era.



Record customer seat purchases further strengthen the case that Copilot is not just a flashy experiment but a sticky, revenue-generating platform that could replicate the kind of success seen in Microsoft 365.



<h3 class="wp-block-heading">Q4 Guidance And AI Outlook</h3>



Looking ahead, Microsoft guided fourth-quarter cloud margins to about 67%, with intelligent cloud revenue expected between $28.75 billion and $29.05 billion. 



Productivity segment sales are forecast at $32.05 billion to $32.35 billion, while more personal computing should bring in $12.35 billion to $12.85 billion.



Goldman says that despite macroeconomic uncertainty and potential tariff risks, the company is set up to post free cash flow growth of 3% and earnings-per-share growth of 17% in fiscal year 2026, with Azure maintaining a 30% growth rate.



The firm expects earnings to reaccelerate into the high double digits as Microsoft exits its capital-intensive phase and enters the high-margin inference stage of AI deployment.



"We continue to believe that as Gen-AI moves from the infrastructure layer to the platform/application layers, Microsoft is well positioned to capitalize on this shift," Rangan said.



Shares of Microsoft were up as much as 8.4% in premarket trading Thursday. 



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Photo: Shutterstock

Microsoft's Blockbuster Quarter Cements Goldman's Bullish AI, Cloud Thesis

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