"The pullback continues. After yesterday's pullbacks and late-day recovery on the Dow, the major indices are getting walloped. At the moment, the S&P 500 is down 0.8%. The SPDR S&P 500 ETF ( SPY) is down 0.71%. The Dow is down 0.7%, as the Nasdaq sinks nearly 1%. Not something to want to see at 5:45 am. But at least it's Friday."
"That's even after the company posted blowout fiscal first-quarter results, with notably strong revenue from its iPhone 17 models. Apple earned $2.84 per share for the quarter, higher than the $2.67 per share expected. Revenue came out at $143.76 billion, significantly exceeding analysts' expectations of $138.48 billion. SanDisk ( NASDAQ: SNDK) is up about 20% or by $105.70 per share in premarket."
Major U.S. indices are pulling back, with the S&P 500 down about 0.8%, the SPDR S&P 500 ETF (SPY) down 0.71%, the Dow down 0.7%, and the Nasdaq nearly 1% lower. Gold has dropped roughly 5% (about $260) on expectations that President Trump will nominate Kevin Warsh as Federal Reserve chair. Deutsche Bank noted Warsh's recent support for lower rates but past hawkish criticism of the Fed's balance sheet and suggested the Fed put for asset prices could be weaker under Warsh. Apple reported strong fiscal first-quarter results but trades lower premarket; SanDisk jumped roughly 20% after strong guidance. Insider buying activity in Abbott Laboratories and GameStop was noted.
Read at 24/7 Wall St.
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