Eyes on Apple – US Market Wrap
Daily Dose, US

Eyes on Apple – US Market Wrap

– The world’s largest technology companies drove stocks higher ahead of Apple Inc.’s earnings, with traders also gearing up for Friday’s jobs report. Bonds climbed, while the dollar dropped the most in 2024.
– After a two-day decline, equities recovered, with Apple rising 2.3% and Nvidia spearheading a recovery in chipmakers. Wall Street anticipates that the producer of iPhones will declare a buyback, imitating the actions of other major tech companies like Meta Platforms and Alphabet. A stock that has lost 10% so far this year could see further excitement from any announcement about artificial intelligence features.
– Data in the lead-up to the monthly employment report revealed that US labour expenses increased for the first time in a year as productivity gains halted, increasing the likelihood that inflation will stay high. According to a survey of economists, Nonfarm Payroll growth would increase by 240,000, the smallest rate since November.
– The Nasdaq 100 gained 1.3%, and the S&P 500 reached 5,060. A positive forecast caused Qualcomm, the largest processor supplier to smartphones worldwide, to soar. eBay Inc. plummeted due to an unsatisfactory forecast. The yield on the Treasury 10-year dropped five basis points to 4.57%.