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Top stories today:
- Apple Q2 earnings beat estimates amid tariff pressure
- U.S. job growth seen slowing in Apr., with 138K expected payroll gain
- Amazon Q1 revenue +9% YoY to $155.7B in Q1, beating estimates
- U.S. said to weigh easing Nvidia chip curbs on UAE as Trump plans visit
- NVIDIA blasts Anthropic in rare public clash over AI policy
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. Apple Q2 revenue +5% YoY to $95.4B, beating estimates amid tariff pressure
~+5% in net income to $24.8B.
+12% in services revenue to $26.6B.
U.S. tariffs are expected to add $900M to Apple’s costs for Q3, CEO Tim Cook said.
Tariffs are likely to increase manufacturing in India, Vietnam, and other regions with labor prices similar to China, not the U.S. itself.
Apple stock is ~-3% in pre-market trading, as Cook said “very difficult” to predict tariff costs beyond Jun.
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