Apple Moves Our iPhone Production from China to India
Apple has a strategy to avoid President Trump’s sudden tariffs in China. It’s about making more iPhones in India. Sources told Reuters that the tech giant is in urgent talks with manufacturers Foxconn and Tata with the goal of producing most of its mobile phones in the US in India by the end of 2026.
US stocks closed higher as the Blue Chip Dow and Broad S&P 500 Index earned nine consecutive times.
China is exploring ways to address US concerns about Asian countries’ role in the fentanyl crisis, and is perhaps opening the door for consultation, according to the Wall Street Journal.
Chinese leader Xi Jinping’s security emperor Wang Xiao Hong has asked China what he wants to do when it comes to the chemical ingredients used to make fentanyl, but he says the prominent debate remains fluid and cites sources. China also reportedly wants to see some softening of President Donald Trump’s stance on China.
The Dow went 1.39%, or 564.47 points, and 41,317.43, with the S&P 500 adding 1.47% (82,53 points) to 5,686.67. And the high-tech Nasdaq has grown to 1.51% (266.99 points) to 17,977.73. The benchmark 10-year yield rose to 4.308%. The nine-day victory marks the longest consecutive victory in the S&P 500 in 20 years.
All three indexes have finished in the top spot for two consecutive weeks. The S&P 500 and NASDAQ have recovered all of their tariff-related losses since April 2, the day Trump announced his aggressive tariff plans.
Previously, China also suggested in a statement considering a customs talks with the US, with a quarter of imported US products being quietly exempt from tariffs, Bloomberg reported.
“The US hopes to send a message to China recently through related parties and begin consultations with China,” China’s Commerce Department said in a statement Friday. “China is currently evaluating this.”
All this shows a pivot on the possibility of melting in US-China relations after Trump hiked tariffs as high as 145% and Beijing retaliated. Over the past week, Trump has claimed that the US is in discussions with China about tariffs, which China has vehemently denied. China had previously vowed to “fight to the end” against Trump’s sudden tariffs.
Separately, China has exempted around 131 products, which are likely to cover imports worth around $40 billion. Exempt products include pharmaceuticals and industrial chemicals. It has not been officially confirmed, but Bloomberg said at least half a dozen Chinese companies were able to bring items from the list without paying tariffs.
The job market is fine
Investors worried about the craters of the labor market under mass federal layoffs and slowing investment tariffs, found some relief in their monthly employment reports Friday morning. According to Factset, the economy added 177,000 jobs in April, making its average forecast of 135,000 affordable. The unemployment rate remained at 4.2%.
“There are no signs of tariff stress in the labor market yet — strong employment and stable wages,” said Jamie Cox, managing partner at Harris Financial Group. “If you’re embarking on a trade war and the economy is based on consumption, this is the leverage you want.”
Corporate News
Here are the stocks to watch:
- Amazon’s results for the first three months of the year surpassed street estimates, but the current quarterly outlook was shy about forecasts. It pointed to tariffs and trade policies that could reduce spending by consumers. Stocks fell 0.12%.
- Apple’s second quarter results beat Wall Street’s forecasts, but the company’s services division was revealed. He said it is expected to add $900 million in costs this quarter due to tariffs. Stocks fell almost 4%.
- Oil company Chevron’s revenue missed analysts’ forecasts. Stocks rose almost 2%.
- Take-Two Interactive is delaying the release of Grand Theft Auto VI from fall 2025 to May 26, 2026. Video games are considered one of the most predicted games in history. The stock has slid 6.66%.
- ExxonMobil’s revenues outweighed street forecasts for the first three months of the year. Stocks of the oil giant rose slightly.
- Reddit said revenue and revenue for the first three months of the year exceeded analyst estimates, providing surprisingly strong sales guidance for the quarter. Stocks fell 4.18%.
- Airbnb’s first quarter results meet forecasts, but on the vacation home rental platform, sales for the next quarter can be seen under Street View. He noted that travel from Canada to the US has “softness” towards the end of the quarter. Stocks rose 1%.
- Duolingo has increased annual sales and profit outlook beyond its full year forecasts as the AI offering leads users to higher-priced subscriptions. Stocks rose 21.61%.
- Instacart announced its strongest order growth rate since 2022, raising its full year outlook after exceeding revenue expectations in the first three months of the year. Stocks rose 13.62%.
- Digital Payments Company Block posted first quarter results below analyst estimates, lowering year-round profit guidance due to a more challenging macroeconomic environment. Stocks fell 20.43%.
Cryptocurrency
MicroStrategy has raised its annual Bitcoin yield target from 15% to 25%, and has announced $21 billion in common stock to buy more Bitcoin, even after releasing quarterly results due to the recent decline in Bitcoin prices.
Bitcoin rose 0.54% to $97,013.07.
This story has been updated with new information.
Medora Lee is a money, market and personal finance reporter for USA Today. mjlee@usatoday.com and Subscribe to our free daily money newsletter Personal finance tips and business news every Monday to Friday.
