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Apple's Q2 Earnings: Performance exceeded expectations and shares surged!
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FOMC Brought the Green, Apple Enjoyed Earnings | Wall Street Today

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Moomoo Recap US joined discussion · May 2 15:52
FOMC Brought the Green, Apple Enjoyed Earnings | Wall Street Today
The market closed in a lush green at the end of the day. 9770 equities in the climbing were winning compared to just 3560 in the red. The much-awaited mag seven giant Apple climbed after raising its dividends and beating expectations.
FOMC Brought the Green, Apple Enjoyed Earnings | Wall Street Today
Just past 3:30 PM EST, the $S&P 500 Index(.SPX.US)$ grew 0.91%. The $Dow Jones Industrial Average(.DJI.US)$ climbed 0.85%, and the $Nasdaq Composite Index(.IXIC.US)$ climbed 1.51%
MACRO
Nonfarm productivity rose by 0.3% in Q1 after a 3.5% gain in Q4, below expectations for a 0.5% gain in a survey compiled by Bloomberg as of 7:35 am ET. Blomberg reported that labor costs increased by the most in a year during the first quarter.
Wednesday, the Federal Open Market Committee left the target Federal Funds Rate unchanged at 5.25%-5.50%. In a statement released at 2 PM, the committee said inflation has eased, but it can only expect to reduce the target range when they have more confidence inflation has lowered for good.
Federal Reserve Chairman Jerome Powell said it's unlikely that policymakers will increase interest rates, even though he acknowledged that bringing inflation down to their 2% target remains uncertain.
"I think it's unlikely that the next policy rate move will be a hike," Powell said in the press conference following the announcement. "We need persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation down to 2%. That's not what I think we're seeing, as we mentioned."
SECTORS
Crude oil futures climbed after a month of decline, up just 0.06%. WSJ reported that the pick-up is cautious from yesterday's selloff, brought on by the Fed signaling that interest rates will likely stay high for longer, as expected, and by a surprisingly large 7.3 million barrel build in U.S. crude oil stocks that raised concerns about demand.
FOMC Brought the Green, Apple Enjoyed Earnings | Wall Street Today
Gold and silver futures were falling. Bitcoin climbed slightly, leading to a jump in crypto stocks.
MOOVERS
$Apple(AAPL.US)$ jumped 6% after the close after the firm's Q2 reported earnings of $1.53 per share beat expectations of $1.5 on revenue of $90.75B vs. $90.33B estimated. The firm said it would repurchase an additional US$110 billion in stocks, raising quarterly dividends.
$Qualcomm (QCOM.US)$ reported quarterly earnings Wednesday of $2.44 per share, beating the analyst consensus estimates and jumping 9%, pulling up the Nasdaq 100.
$Coinbase(COIN.US)$ fell after earnings disappointed
$Carvana (CVNA.US)$ jumped 35% at open after flying in the post-market hours after the firm reported a swing to profit of $0.23 a share compared to expectations of a loss and a loss of $1.5/share a year ago.
$Etsy Inc (ETSY.US)$ Was the largest decliner on the S&P 500, down 15% after its earnings disappointed, with a 3.7% decline in gross merchandise sales.
$Boeing(BA.US)$ climbed 4%, the highest gainer on the Dow.
$Peloton Interactive(PTON.US)$ CEO Barry McCarthy stepped down Thursday, sending the stock down 11%. The company also announced a 15% cut in its global workforce, attributing the decision to a slump in demand for its fitness products in the post-pandemic era.
WORD FROM THE HEARD: Mooers, what are you watching?
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