Nasdaq, S&P 500, Dow set for gains as investors embrace Apple earnings

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US stock futures rose on Friday after solid earnings from Apple (AAPL), as investors braced for a looming tariff deadline and an inflation report that could shape the path of interest rates.

Contracts on the Nasdaq 100 (NQ=F) climbed 0.8%, with spirits getting a boost from solid tech earnings. S&P 500 futures (ES=F) moved up roughly 0.5%, while Dow Jones Industrial Average (YM=F) added 0.3%, both set to build on Thursday’s gains.

Shares in Apple were rising in pre-market after the megacap posted a first quarter profit beat. While quarterly iPhone and China sales fell short, investors took an upbeat outlook for revenue as a sign of future recovery.

Intel’s (INTC) better-than-expected earnings were also helping markets move past the tech fears prompted by DeepSeek’s promise of cheap Chinese AI, as the chipmaker’s stock tipped higher.

But the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are headed for small weekly losses, thanks to the tech rout sparked by DeepSeek, while the Dow (^DJI) is on track for a gain amid a strong start to earnings season.

Meanwhile, a volatile January marked by Trump’s early days in office looks set to bring monthly wins for the major gauges, with the Dow eyeing a jump of over 5%.

Trump on Thursday doubled down on a threat to impose a first round of 25% tariffs on Canada and Mexico on Feb. 1. The looming Saturday deadline has revived worries about the impact on the economy from a clampdown on the US’s biggest trading partners.

Read more: The latest news and updates as Trump’s tariff deadline approaches

On social media, Trump warned BRICS countries that they will face 100% tariffs if they replace the dollar with their own joint currency or another. The dollar (DX-Y.NYB) rose, headed for its best week since November.

The lack of clarity over tariffs has left Federal Reserve Chair Jerome Powell wait-and-see mode, with the potential for tariffs to inflame inflation in focus.

That means a fresh reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, will be closely watched for a steer on the path of interest rates. Economists expect annual “core” PCE — excluding food and energy — to come in at 2.8% in December, unchanged from November.

Eyes are also the latest batch of earnings reports, with Chevron (CVX), Colgate (CL), Exxon Mobil (XOM), and Phillips 66 (PSX) on the docket.

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  • Brian Sozzi

    The only things to care about on Intel

    My award for best 2025 earnings call for an interim CEO award goes to Intel’s (INTC) co-interim CEO Michelle Holthaus.

    “There are no quick fixes,” Holthaus started her earnings call with last night. She then followed that with a host of no-BS comments on the state of the chipmaker.

    I liked it! I wish more execs didn’t blow smoke in the face of investors, analysts and media.

    Then again, everyone knows Intel is in a real bad place right now, so it doesn’t hurt to be bluntly honest.

    Holthaus’ comments and those by co-interim CEO David Zinsner on the foundry business (it’s not getting out of the cash-draining business, at least this year) suggest Intel is in for another brutal 2025. Cost cuts will make the bottom line feel less brutal, but this is likely a dead money stock until a permanent CEO is announced in the coming months.

  • Brian Sozzi

    The Apple AI hype

    Tim Cook’s bullish comments on Apple Intelligence on a conference call are in large part driving the pre-market bid in Apple (AAPL), based on what I am seeing out there.

    I can appreciate the enthusiasm on the product and what it may mean to the company’s services business. But Apple didn’t exactly blow minds with its results.

    China sales tanking 11% year on year is a big deal. Commentary on China on the call suggest a recovery in the business is a few quarters away.

    “While services remain strong and the mix is shifting toward higher margin, our concerns around: 1) lack of a US upgrade cycle; 2) China competition; and 3) an unlikely inflection across all products/geographies remain,” Brandon Nispel said in a client note this morning.

    Nispel reiterated an Underweight rating (sell equivalent) on the stock.

    Hat tip, Brandon, on the blunt analysis.



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