Apple and Amazon both reported earnings that surpassed analysts’ expectations for the quarter ending in March. However, underlying weaknesses were evident. Apple’s Services division, which includes advertising, iCloud, and Apple TV+, missed estimates, marking a significant concern as it is the second-largest revenue generator after iPhones. Meanwhile, Amazon’s cloud division, the world’s largest cloud provider, failed to meet revenue expectations for the third consecutive time, indicating slowing growth. Both CEOs highlighted the challenges of predicting the impact of tariffs on future quarters. Despite positive reactions to Microsoft and Meta earnings, Big Tech still faces hurdles. Additionally, Standard Chartered exceeded profit expectations due to growth in wealth management and global banking, boosting investor confidence. U.S. stock indexes rose, driven by strong performances from Meta Platforms and Microsoft. — new from CNBC
