U.S. stock futures bounce as investors cheer Apple results

“U.S. stock index futures jumped on Wednesday, pointing to a strong open for Wall Street as Apple Inc’s stellar results and forecast allayed concerns about slowing growth in corporate profits,” Reuters reports. “Shares of the iPhone maker jumped 5.8% in premarket trading after it said sales in China were steadying and touted how rising demand for its services and accessories helped offset a record drop in iPhone revenue.”
“The company also announced plans for a new $75 billion share buyback and bumped up its cash dividend by 5%,” Reuters reports. “The S&P 500 index clocked another record high close on Tuesday and registered its best four-month rally in nearly nine years.”
“Besides a largely better-than-expected earnings season, recent gains in shares have also been powered by positive economic data, a dovish Federal Reserve and hints of progress in U.S.-China trade talks,” Reuters reports. “U.S. Treasury Secretary Steven Mnuchin said the two countries held ‘productive’ talks in Beijing on Wednesday and will continue discussions in Washington next week. On the data front, ADP’s national employment data for April, due at 8:15 am ET, will likely show an addition of 180,000 jobs, up from 129,000 jobs in March.”
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MacDailyNews Take: Apple’s expectations reset is proceeding nicely.
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