The dow industrial average, remember that apple is a dow jones stock. This loss 220 points roughly at the opening bell, that wipes out yesterdays game. Smp on the downside and nasdaq down about 1 . The loss they are because of tech stocks. The virus is also a negative with severe restrictions on travel and businesses in france, italy, germany and spain. Their resurgence has a stalled not good for us. Youre at home a record i think 882,000 new cases reported yesterday and restrictions are spreading, thats not good for this market. Four days till the election and even joe biden is picking up the pace going to three states today come i will, wisconsin, but will he answer questions about hunter maidan repacking the Supreme Court or the influence the socialist have on his campaign . Politico quoting three sources saying Elizabeth Warren wants to be and is the front runner for treasury secretary. The president goes to three states as well, michigan, wisconsin and minnesota as he frames the e
Yearoveryear. This, despite a huge boycott by many advertisers. Apple delivering a surprise revenue boost, growing 11 amid expectations of a possible decline. The company delaying its return to work, now setting early 2021 as a target date for the u. S. Campus. I just got off the phone with apple ceo tim cook. He highlighted a record quarter, Record Services revenue, and focused on the iphone result, which he says was better than expected after a fairly depressed first few weeks of april. Thanks bounced back he says the pandemic is likely helping sales for the iphone for the ipad and mac, but hurting iphone and wearables. I spoke to alphabet ceo who talked about the fragile macroeconomic environment. We will get to her comments in a moment. Lets start with apple. What you see . Were looking at the post market over the last few days and it has been a little bit rocky. Some of that was psychological overhang. Something very impressive on apple, they put up 2. 58 a share. That is exactly
Countrys seniors. We will bring you all those breaking headlines as soon as we have them. But well kick it off with fox Business Team coverage. Blake burman with the latest from the white house and Lauren Simonetti is watching the markets. Lets start with lauren. Hey, melissa you started talking about the disconnect between the Economic Data coming in and where market is headed. There was a selloff, the dow, s p 500 and nasdaq lower. But if you look at the month of april, the dow and the s p are looking at their best month since 1987. If you take a look at the nasdaq, its best month since 2001. It is only down for the year by 1. 1 . Why . Big tech coming in a big way this year. Lets take a look at these companies. Theyre 38 of the nasdaq. Facebook was the best performer in the nasdaq. Ad sales are stablizing. Amazon closing at a record high. These companies, amazon, apple, reporting momentarily. Health care was another bright spot today. Gilead is very close to getting fda approval for
Gene munster is gearing up for both of the calls. We kick things off with apple which is now negative after a brief pop after the release and josh lipton spoke with tim cook. Josh, whats the latest . Melissa, one question i had for tim cook is what hes seeing in china obviously, so important for apple as a key link in that cups supply chain and also as an important end market. I asked him what his iphone demand looked like in china and whether you can extrapolate for that and china is the leading indicator for possibly europe and the u. S. And cook telling cnbc there is a significant, steep falloff, and that began to recover some in march and weve seen further recovery in april and it leaves room for optimism. Its hard to tell thats a leading indicator and there are differences and the u. S. Has had a bold Stimulus Program and i think that will clearly help and im optimistic of the pace of the recovery in the United States i asked him about the work from home trend and so many millions
Of a sales plunge, whose says the company has a plan b. And the cost of being cool. A former executive testifies the Company Fired thousands of workers in recent years in an effort to compete with Companies Like google and amazon. The latest on multiple age discrimination lawsuits facing big blue. Our top story of the week, apple earnings. The tech giant forecasting revenues that topped analyst estimates, seeing a surge in services, which now contribute to a fifth of total sales. They also reported the iphone represented 48 of revenue, the first time it has made up half of sales in several years. In a way, this is progress towards apples less reliance on the flagship product and more on new lines of business. I got reaction from bloomberg businessweeks max chafkin and a Portfolio Manager, dan morgan, who manages about 240,000 shares apple stock for his clients. Dan it is an interesting report. If you would have told me they would have missed on both services and revenue, i would have s