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What’s happening: Shares of Apple and Amazon fell on Friday, after the companies released results for their latest quarters.
What happened: Both tech giants reported better-than-expected sales and earnings for the latest quarter.
However, shares of both Apple and Amazon moved lower during Friday’s session due to some weakness in their financial results and tariff concerns.
How were the results: Both Apple and Amazon reported single-digit growth in sales for the latest quarter.
Why it matters: Apple and Amazon joined tech peers Microsoft, Alphabet and Meta Platforms in reporting better-than-expected top- and bottom-line results for the quarter ended March.
Shares of Apple came under pressure on the disappointing performance of its services division, which is the company’s second-biggest revenue generator behind iPhone. Amazon’s stock was also shorted of the company’s Cloud segment failed to meet estimates for the third consecutive quarter.
CEOs of both tech firms also warned about challenges in issuing guidance for the year due to tariff-related macro uncertainty.
Apple has begun shifting production of iPhones from China to India. CEO Tim Cook said India would become the primary manufacturing hub for Apple devices sold in the US. Cook identified Vietnam as the manufacturing hub for non-iPhone devices, including iPads, Apple Watches, Macs and AirPods.
Cook projected a cost impact of $900 million in the iPhone division in the ongoing quarter, assuming the “current global tariff rates, policies and applications don’t change for the balance of the quarter.”
Amazon projected operating income of $13.0 billion to $17.5 billion for the fiscal second quarter, short of consensus estimates of $17.7 billion. The company signalled pressure on margins from the high tariffs imposed by the Trump administration on goods imported from China.
How shares responded: Amazon’s shares 5% in after-hours trading on Thursday and another 0.1% to close at $189.98 on Friday. Apple’s stock declined by 3.7% to settle at $205.35.
What to watch: Investors will continue monitoring tariff-related announcements, which are expected to significantly impact results of both companies ahead.
Context: The CAD/USD forex pair moved higher this morning amid weakness in the US dollar.
Details: Data released last week showed slight growth in Canadian GDP in March, despite the decline in the price of major commodities and economic concerns due to tariff announcements by US President Donald Trump.
The new Prime Minister Mark Carney took office as the Liberal Party won the federal election for the fourth straight term.
Weakness in the US dollar also lent support to the CAD/USD forex pair this morning. The US dollar index, which measures the greenback’s performance versus a basket of major peers, fell more than 0.3% to 99.70.
However, lower prices of crude oil, one of Canada’s major exports, weighed on the loonie this morning. WTI crude oil prices dipped around 3.7% to trade at $56.11 a barrel.
The CAD/USD pair rose over 0.1% to 1.3800 this morning. The S&P/TSX Composite Index had gained 0.95% to close at 25,031.51 on Friday.
What to watch: Investors await the release of data on Canada’s S&P Global composite PMI (1730 UAE Time) and S&P Global services PMI (1730 UAE Time) today. The S&P Global Canada composite PMI, which fell to 42 in March 2025 from 46.8 in the previous month, is expected to contract further to 41.7 in April. Analysts expect the S&P Global services PMI to decline to 41 in April, from 41.2 in the previous month.
Other Markets: European indices closed higher on Friday, with the FTSE 100, DAX 40, CAC 40 and STOXX Europe 600 Index up by 1.17%, 2.62%, 2.33% and 1.67%, respectively.
Russia’s President Vladimir Putin said he hopes nuclear weapons would not be required in its war with Ukraine. The news sent the RUB/USD forex pair lower in forex trading this morning.
Australia’s Melbourne Institute’s Monthly Inflation Gauge came in at 0.6% in April, easing from 0.7% in March, which lent support to the AUD/USD forex pair.
Vietnam’s S&P Global manufacturing PMI declined to 45.6 in April, from 50.5 in the previous month. This signalling the steepest fall in factory activity since May 2023 sent the VND/USD pair lower in forex trading this morning.
Mexico’s S&P Global manufacturing PMI dipped to 44.8 in April, from 46.5 in March. This being the lowest reading since February 2021 exerted pressure on the MXN/USD forex pair.
Singapore’s manufacturing PMI declined to 49.6 in April, from 50.6 in the previous month. However, the SGD/USD pair rose in forex trading this morning.
Brazil’s IPC-Fipe inflation (1200 UAE Time), as well as US S&P Global composite PMI (1745 UAE Time), S&P Global services PMI (1745 UAE Time), ISM services PMI (1800 UAE Time), ISM services business activity (1800 UAE Time), ISM services employment (1800 UAE Time), ISM services new orders (1800 UAE Time) and ISM services prices (1800 UAE Time).
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