Apple (Nasdaq: AAPL) reports earnings after the bell. Wall Street expects fiscal Q3 EPS of $1.89 and revenue of $108.96 billion, both well above year-ago levels. The focus will be less on the headline and more on iPhone demand, Services margins, Greater China, tariff costs, and whether September guidance can clear a high bar. Analyst Gene Munster expects the outlook to come in line to slightly better than expected, with price increases helping offset a more staggered iPhone rollout. Apple shares are down 1.8% at last check.
Advanced Micro Devices (Nasdaq: AMD) stock is soaring by 14.5% in a wider chip-stock rally that has the PHLX Semiconductor Index (SOX) up 9%. In addition to the semiconductor sector, market sentiment is being boosted today by Microsoft’s earnings results. MSFT stock is climbing 15.4% on the day.
Goldman Sachs is leaning bullish on memory pricing, arguing that the shortage story still has room to run. The firm expects conventional DRAM prices to rise at a solid double-digit pace in both Q3 and Q4, helped by tight supply and sustained AI-related demand.
The bigger upside may be in HBM. Goldman says HBM pricing could potentially double next year as conventional DRAM prices move higher, with Samsung Electronics’ HBM pricing projected to climb 87% year over year versus the 52% increase Wall Street currently expects.
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On the heels of the Federal Reserve’s decision to keep interest rates unchanged for now, stocks are moving higher. The latest economic data gave investors a mixed message: growth is slowing, but inflation is still not where the Fed wants it. Q2 GDP rose 1.5%, short of the 1.8% economists expected and down from 2.1% in Q1, suggesting the economy lost some momentum as spring turned into summer.
On the inflation side, the Fed’s preferred PCE gauge cooled 0.1% in June, but the annual rate still stood at 3.7%, well above the central bank’s 2% target. Core PCE, which strips out food and energy and is watched closely for trend inflation, rose 0.1% on the month and 3.3% from a year ago. Stock futures stayed positive, but Treasury yields moved sharply higher, suggesting traders are not ready to declare the inflation fight over.
Here’s a look at where things stand as of pre-morning trading:
Dow Futures: 51,968 Up 0.39%
Nasdaq 100 Futures: 27,810 Up 1.71%
S&P Futures: 7,398 Up 0.64%
Microsoft (Nasdaq: MSFT) delivered the kind of megacap beat the market needed, with EPS of $4.74 and revenue of $90.1 billion both clearing expectations. The report gives the AI trade a steadier anchor after a rough stretch for semiconductors.
Meta Platform’s (Nasdaq: META) quarter put the AI spending debate back under the microscope. Revenue guidance missed expectations at the midpoint, while free cash flow dropped 91% year over year to $784 million as the company kept pouring money into AI. Shares fell in pre-market trading and remain down about 16% this year.
Amazon’s (Nasdaq: AMZN) Zoox unit moved closer to a commercial robotaxi rollout after receiving a temporary NHTSA exemption for as many as 2,500 vehicles annually in the U.S. over the next two years, according to Bloomberg. The green light gives Amazon a new autonomy milestone as investors watch whether Zoox can become more than an expensive side bet.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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