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 last night. She then followed it with a host of no BS comments on the state of Intel.

    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 the call in large part are 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 U.S. upgrade cycle; 2) China competition; and 3) an unlikely inflection across all products/geographies remain,” said Brandon Nispel 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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