US Stocks Surge on Upbeat Earnings from Apple and Fed Rate Cut Bets

US stocks surged on Friday, driven by positive earnings from Apple and a weaker-than-expected jobs report that raised hopes of a Federal Reserve interest rate cut. The Dow Jones Industrial Average jumped 1.2%, the S&P 500 rose 1.3%, and the Nasdaq Composite increased by 2%. Apple’s upbeat earnings, including a quarterly profit that beat expectations and a $110 billion stock buyback plan, lifted investor spirits. The April jobs report, which showed a cooling US labor market, fueled expectations of a rate cut from the Fed. Other companies like Amgen also saw stock gains after positive news. The market is now looking ahead to upcoming earnings reports from tech and entertainment giants like Palantir, Uber, Disney, and Warner Bros Discovery. Economic data on consumer confidence, consumer credit, and jobless claims will also be closely watched. Overall, the market is optimistic about the future, with tech giants like Apple and Amazon leading the way in shareholder returns and revenue growth.