Market Wrap: Wall Street’s winning streak extended as investor optimism grew around tech earnings - Thursday, 1st May

U.S. stocks extended their rally Thursday, with the S&P 500 climbing for an eighth consecutive session, while the Nasdaq 100 advanced 1.1%. Microsoft and Meta led the gains with strong quarterly results, and Nvidia surged after reports that the U.S. may ease export restrictions to the United Arab Emirates. Investors are now looking ahead to Friday’s U.S. jobs report, which could help shape the Federal Reserve’s next move on interest rates.

Today's Economic Data Releases

• 8:30 AM Eastern Time - Initial Jobless Claims Forecast: 226k | Previous 222k | Actual 241k
• 10:00 AM ET - ISM Manufacturing PMI (April) Forecast: 47.8 | Previous: 49.0 | Actual 48.7

Apple Warns on Tariff Impact as China Sales Disappoint
Apple posted mixed results for its fiscal second quarter, reporting revenue of $95.4 billion — up 5% from a year earlier and ahead of the $94.6 billion consensus. Earnings per share came in at $1.65, topping the $1.62 estimate. iPhone sales reached $46.8 billion, slightly above estimates of $45.9 billion.

Performance in China fell short of expectations, with regional revenue dropping 2.3% to $16 billion. The company also warned it expects an additional $900 million in costs this quarter due to tariffs. Apple shares slid more than 3% in after-hours trading. Despite the challenges, the company expanded its share repurchase program by $100 billion and raised its quarterly dividend by 4% to 26 cents per share.

Amazon Projects Softer Profit Amid Trade Uncertainty
Amazon reported first-quarter revenue of $155.7 billion, a 9% increase from the prior year and slightly ahead of the $155.2 billion estimate. Operating income reached $18.4 billion, beating expectations of $17.5 billion and reflecting continued strength in the company’s core operations.

Looking ahead, the company offered a more cautious outlook. Second-quarter operating income is projected to fall between $13 billion and $17.5 billion, just below the $17.8 billion consensus. Revenue is expected to range from $159 billion to $164 billion, roughly in line with estimates. CEO Andy Jassy cited trade tensions, currency volatility, and broader economic uncertainty as potential risks in the coming months.