{"id":62463,"date":"2024-05-03T13:17:51","date_gmt":"2024-05-03T13:17:51","guid":{"rendered":"https:\/\/hub.onequity.com\/?p=1606"},"modified":"2024-05-03T13:17:51","modified_gmt":"2024-05-03T13:17:51","slug":"u-s-stocks-rally-supported-by-apple-momentum","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/ar\/u-s-stocks-rally-supported-by-apple-momentum\/","title":{"rendered":"U.S. stocks rally supported by Apple momentum"},"content":{"rendered":"\n

Stocks rose on Friday, supported by better-than-expected results from Apple, although sentiment remained mixed ahead of key nonfarm payrolls data.<\/p>\n\n\n\n

Apple rises on earnings and share buybacks<\/strong><\/h2>\n\n\n\n

Apple (AAPL) rose 6% in pre-market trading after the company released results that exceeded prior expectations.<\/p>\n\n\n\n

The drop in revenue and profit was less severe than anticipated, even though iPhone sales revenue fell short of estimates. This occurred in a context of weakening demand and increasing competition across all markets, especially in China.<\/p>\n\n\n\n

However, Apple’s service revenue exceeded estimates, and the company believes that its revenue will increase again in the June quarter.<\/p>\n\n\n\n

Apple shares were boosted by a record $110 billion share buyback, and the company increased its dividend payout.<\/p>\n\n\n\n

Wall Street’s major indexes reported gains on Thursday, with the Dow Jones, S&P 500, and NASDAQ Composite rising 0.9% and about 1.5% respectively.<\/p>\n\n\n\n

Despite this, all three indices traded lower for much of the week as a result of fears of an extended period of interest rate hikes.<\/p>\n\n\n\n

The next challenge : non-farm payrolls<\/strong><\/h2>\n\n\n\n

Investor sentiment remained on edge as the market awaited key nonfarm payrolls data due later in the session.<\/p>\n\n\n\n

The data, expected to influence the Fed’s interest rate decisions, follows a recent Fed meeting where the bank indicated that rates will remain unchanged due to persistent inflation.<\/p>\n\n\n\n

Continued strength in the labor market supports keeping rates high, though the Fed has stated it will not increase rates further.<\/p>\n\n\n\n

Friday’s nonfarm payrolls data comes after the figures have missed expectations for five consecutive months.<\/p>\n\n\n\n

Block shoots up in Q1; Cloudflare fall<\/strong><\/h2>\n\n\n\n

Block (SQ) was another top performer on Friday, as the payments firm jumped 7% before the session started, driven by its better-than-expected first-quarter earnings. The company also announced its ongoing investments in Bitcoin.<\/p>\n\n\n\n

Cybersecurity company Cloudflare (NET) retreated 13% as its weak forecast overshadowed its strong quarterly earnings.<\/p>\n","protected":false},"excerpt":{"rendered":"

Stocks rose on Friday, supported by better-than-expected results from Apple, although sentiment remained mixed ahead of key nonfarm payrolls data. 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