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Apple shares slid nearly 3% on Friday after the company trimmed its stock buyback program by $10 billion, and warned of an estimated $900 million in additional costs for the current quarter due to trade tariffs imposed under US President Donald Trump’s administration.

Chief Executive Tim Cook said the company is bracing for a significant rise in expenses for the quarter ending in June, assuming no further changes to global tariff rates.

“I’m not sure what will happen with the tariffs … It’s very difficult to predict beyond June,” Cook said.

“Tim Cook did his best to reassure investors on last night’s earnings call, but many likely came away still wanting more clarity about what lies beyond June,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown, adding that the $900 million hit to profit turned out to be smaller than many had feared.

India and Vietnam step in as Apple diversifies supply chain

To blunt the impact of new tariffs, Apple is accelerating its supply chain diversification efforts.

Cook revealed that a majority of iPhones sold in the US this quarter will be manufactured in India, while nearly all US-bound iPads, Mac computers, Apple Watches, and AirPods will originate from Vietnam.

“It looks like Apple is progressing faster than expected with its move to shift production of US phones into the region (India),” Matt said.

Analysts at Wedbush called India Apple’s “life raft supply chain” as the tech giant navigates tariff headwinds.

Despite these moves, Cook noted that China will remain the primary manufacturing base for Apple products sold outside the United States.

Nonetheless, the company has reportedly begun stockpiling US-bound inventory to avoid the full brunt of tariff increases in the near term.

Revenue outlook steady but investor nerves remain

Apple expects its revenue to grow in the low- to mid-single-digit-percentage range for the June quarter, Chief Financial Officer Kevan Parekh said, with gross margins projected between 45.5% and 46.5%.

Operating expenses are forecast between $15.3 billion and $15.5 billion.

Cook was quick to caution that the $900 million tariff-related cost should not be extrapolated to future quarters, citing “certain unique factors” in the June period.

Still, despite Cook’s efforts to calm market anxiety, investors remained cautious.

Apple’s stock has declined about 15% so far this year, underperforming peers such as Microsoft and Alphabet.

Microsoft’s shares are up nearly 1%, while Meta Platforms has fallen just 2.3% over the same period.

“The question for investors is what can replace China for Apple? This is not an easy question to answer and could threaten the long-term trajectory of Apple’s growth plan,” said Kathleen Brooks, research director at XTB.

Apple faces pressure amid Big Tech divergence

While Apple grapples with production shifts and cost pressures, its Big Tech peers reported stronger earnings.

Alphabet, Microsoft, and Meta Platforms all beat quarterly expectations, aided by investments in artificial intelligence. Amazon’s cloud business, however, posted slower-than-expected growth.

In contrast, electronics firms with heavy reliance on hardware and consumer budgets—such as Qualcomm, Samsung Electronics, and Intel—have painted a gloomier picture, similar to Apple’s.

The changing landscape has also weighed on Apple’s valuation.

The company’s 12-month forward price-to-earnings ratio now stands at 27.63, slightly below Microsoft’s 28.64 but above Meta’s 21.48.

The post Apple (AAPL) shares drop after company flags $900 million tariff hit appeared first on Invezz

Coinbase’s decision to delist the MOVE token on May 15 has intensified concerns around Movement Labs, the company behind the token.

The delisting follows a wave of controversy stemming from a $38 million USDT sell-off linked to a terminated market maker, leaked chats, and allegations of mismanagement.

Although Coinbase has not explicitly accused the project of wrongdoing, the timing aligns with growing scrutiny into Movement Labs’ governance and token practices.

Initially launched with high investor interest and major listings, MOVE quickly surged to $0.70.

But behind the scenes, concerns were building. Now, with the price plunging and confidence shaken, the spotlight has shifted from hype to accountability.

The fallout has reignited broader questions around due diligence on centralised exchanges, and whether decentralised finance projects are adequately transparent with investors.

Binance’s parallel action and community frustration have only deepened the crisis, leaving MOVE’s future in doubt.

Manipulation concerns

The MOVE token began as a well-funded project, gaining early momentum through major listings, including Coinbase.

However, it was hit hard by a $38 million USDT dump, reportedly linked to a market maker associated with Movement Labs.

Leaked internal documents and chat logs suggest that Rentech, a firm with ties to both Movement Labs and the market maker, may have influenced trading activity.

This raised suspicions of coordinated manipulation. In response, the Movement Network Foundation launched an internal probe and promised to buy back dumped tokens via a reserve fund—yet that process remains incomplete.

Exchange reactions

Coinbase moved MOVE into limit-only mode before confirming its full delisting.

Though the platform gave no explicit reason, the move came amid mounting evidence and market backlash.

Binance also took steps, banning Web3Port, a related entity.

In an effort to regain trust, Movement Labs pledged to buy back the tokens and proceed with an airdrop.

However, both plans have been delayed, fuelling more scepticism across the crypto community.

Price impact

MOVE fell over 20% to $0.18 after Coinbase’s delisting announcement, later stabilising at $0.20. Its market cap dropped below $500 million for the first time.

The token is now down 73% from its all-time high of $0.70.

This steep drop occurred despite a broader crypto rally, including Bitcoin hitting a 70-day high.

The divergence underscores how internal risks can eclipse favourable market trends. It was MOVE’s sharpest single-day decline since launching in December.

Community backlash

Within Movement’s Telegram channel, users expressed confusion and anger.

Some claimed they were misled, while others demanded answers on delayed airdrops and the buyback scheme.

A community manager stated the Coinbase action was a “suspension”, not a permanent delisting, and that talks were ongoing.

But with little progress on promised remedies, faith in the project continues to erode.

Unless Movement Labs restores investor trust and resolves outstanding commitments, the MOVE token could face further losses and additional exchange removals.

The post Movement Labs’s MOVE token tumbles 73% as Coinbase delisting follows $38M sell-off appeared first on Invezz

US stocks surged on Friday after a stronger-than-expected April jobs report eased recession concerns and bolstered confidence in the economy.

The Dow Jones Industrial Average gained 384 points, or 0.9%, while the S&P 500 climbed 0.9%, extending its rally and putting the benchmark index on track for its longest winning streak in over two decades.

The Nasdaq Composite also advanced 0.8%, reflecting broad optimism across markets.

Strong jobs report boosts investor sentiment

April’s nonfarm payrolls grew by 177,000, handily beating the 133,000 expected by economists surveyed by Dow Jones.

While the figure was lower than March’s revised 185,000, it was enough to calm nerves around a potential slowdown.

The unemployment rate held steady at 4.2%, meeting expectations and reinforcing the view that the labor market remains resilient.

The upbeat report led traders to push back expectations for a Federal Reserve rate cut.

According to the CME FedWatch Tool, investors now anticipate the next rate reduction in July, removing a June cut from immediate forecasts.

Market pricing continues to suggest three to four rate cuts for 2025, depending on economic developments.

S&P 500 nears historic milestone

The S&P 500’s performance on Friday placed it on course for a nine-day winning streak—its longest since November 2004.

Strong corporate earnings and easing trade tensions have contributed to the rally, with the S&P up 2.3% this week.

The Dow is tracking a 2.5% weekly gain, while the Nasdaq is up 2.7%.

Positive sentiment was further lifted by reports that China may reopen trade negotiations with the US, although Beijing reiterated its demand for the removal of unilateral tariffs.

Apple and Amazon earnings in focus

Among mega-cap tech stocks, Apple slid 4% after reporting disappointing services revenue and warning of $900 million in additional tariff-related costs for the current quarter.

Amazon hovered near the flatline, with better-than-expected Q1 results tempered by conservative forward guidance that cited risks from trade policy changes.

Chevron falls on weaker profits

Shares of oil giant Chevron fell more than 2% after the company reported a sharp 30% drop in Q1 profits due to falling oil prices.

Chevron posted earnings of $3.5 billion, or $2 per share, down from $5.5 billion a year earlier.

While earnings excluding one-time items matched Wall Street expectations at $2.18 per share, weak oil demand and oversupply concerns weighed on sentiment.

Looking ahead, investor attention will remain focused on Federal Reserve policy, geopolitical developments, and the continuation of Q1 earnings season.

The resilience in US jobs data, combined with trade-related headlines, will likely shape market momentum in the weeks ahead.

As Wall Street eyes a potential turning point, the next few sessions will be critical in determining whether the current rally has room to extend.

The post Dow jumps 384 points as jobs data lifts Wall Street; S&P 500 eyes longest winning streak since 2004 appeared first on Invezz

The Justice Department (DOJ) has filed lawsuits against four Democrat-led states: Hawaii, Michigan, New York and Vermont, over what it calls unconstitutional climate policies that threaten U.S. energy independence and national security.

The move follows President Donald Trump’s Executive Order 14260, Protecting American Energy from State Overreach, directing federal action against state laws that burden domestic energy development.

‘These burdensome and ideologically motivated laws and lawsuits threaten American energy independence and our country’s economic and national security,’ said Attorney General Pam Bondi.

‘The Department of Justice is working to ‘Unleash American Energy’ by stopping these illegitimate impediments to the production of affordable, reliable energy that Americans deserve.’

The DOJ filed complaints Tuesday against New York and Vermont over newly passed ‘climate superfund’ laws, which would impose strict liability on fossil fuel companies for alleged contributions to climate change.

New York’s law alone seeks $75 billion in damages from energy firms. According to the DOJ, these laws are preempted by the federal Clean Air Act, violate the Constitution, and infringe on federal foreign affairs powers.

‘These state laws assess penalties on businesses for global activities that Congress has not authorized states to regulate,’ the DOJ argued in its filings.

Separate lawsuits were filed Monday against Hawaii and Michigan to block those states from suing fossil fuel companies in state court over past climate harms. The DOJ argues that those states’ litigation would place unconstitutional burdens on energy producers.

‘When states seek to regulate energy beyond their constitutional or statutory authority, they harm the country’s ability to produce energy and they aid our adversaries,’ said Acting Assistant Attorney General Adam Gustafson.

This post appeared first on FOX NEWS

President Donald Trump late Thursday announced plans to designate May 8 as World War II ‘Victory Day’ in the United States, which coincides with the ‘Victory in Europe Day’ that has been celebrated in most of Europe since the Germans surrendered in 1945.

Trump acknowledged in a Truth Social that ‘many of our allies and friends’ already celebrate on May 8, but said America should join in because ‘we did more than any other Country, by far, in producing a victorious result.’

On May 7, 1945, the Germans surrendered to the Allied Forces, and agreed to cease all operations the next day. 

World War II officially ended later in the year on Sept. 2 when the Japanese signed an instrument of surrender, though Japan waved a white flag on Aug. 14 – about a week after the United States dropped atomic bombs on Hiroshima and Nagasaki.

The U.S. does not have any public holidays commemorating World War II specifically, but there have been remembrance ceremonies in May, August and September across the country for decades.

Former President Harry Truman, who was in office during the end of WWII, issued a proclamation in August 1946 declaring Aug. 14 as ‘Victory Over Japan Day.’

‘And I call upon the people of the United States to observe Victory Day as a day of solemn commemoration of the devotion of the men and women by whose sacrifices victory was achieved, and as a day of prayer and of high resolve that the cause of justice, freedom, peace, and international good-will shall be advanced with undiminished and unremitting efforts, inspired by the valor of our heroes of the Armed Services,’ Truman’s proclamation read, in part.

In the same post, Trump stated that Nov. 11 will also be recognized as World War I ‘Victory Day.’

‘We won both Wars, nobody was close to us in terms of strength, bravery, or military brilliance, but we never celebrate anything,’ the president wrote. ‘That’s because we don’t have leaders anymore, that know how to do so! We are going to start celebrating our victories again!’

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President Donald Trump fired off a scathing Truth Social post late on Thursday night as he is once again targeted for impeachment, floating the idea that Republicans should target Democrats for expulsion from Congress.

‘The Democrats are really out of control. They have lost everything, especially their minds! These Radical Left Lunatics are into the ‘Impeachment thing’ again. They have already got two ‘No Name,’ little respected Congressmen, total Whackjobs both, throwing the ‘Impeachment’ of DONALD J. TRUMP around, for about the 20th time, even though they have no idea for what I would be Impeached,’ Trump declared in the post.

Earlier this week Rep. Shri Thanedar, D-Mich., announced articles of impeachment against Trump. 

Rep. Al Green, D-Texas, applauded the impeachment effort and declared during a speech, ‘Add my name to your articles of impeachment.’ 

Green also plans to introduce his own articles of impeachment targeting Trump.

‘These Congressmen stated that, they didn’t know why they would Impeach me but, ‘We just want to do it.’ The Republicans should start to think about expelling them from Congress for all of the crimes that they have committed, especially around Election time(s),’ Trump asserted in his post. 

Thanedar’s resolution includes seven articles of impeachment: ‘OBSTRUCTION OF JUSTICE, VIOLATION OF DUE PROCESS, AND A BREACH OF THE DUTY TO FAITHFULLY EXECUTE LAWS,’ ‘USURPATION OF THE APPROPRIATIONS POWER,’ ‘ABUSE OF TRADE POWERS AND INTERNATIONAL AGGRESSION,’ ‘VIOLATION OF FIRST AMENDMENT RIGHTS,’ ‘CREATION OF UNLAWFUL OFFICE,’ ‘BRIBERY AND CORRUPTION,’ and ‘TYRANNY.’

The House impeached Trump twice during his first term in office, but in each case the Senate vote failed to reach the threshold necessary for conviction.

The second impeachment occurred at the tail end of Trump’s term in the wake of the Jan. 6, 2021 Capitol riot, and the Senate vote resulting in acquittal occurred after Trump had already departed from office.

‘These are very dishonest people that won’t let our Country heal! Why do we allow them to continuously use Impeachment as a weapon against the President of the United States who, by all accounts, is working hard to SAVE OUR COUNTRY. It’s the same playbook that they used in my First Term, and Republicans are not going to allow them to get away with it again. These are total LOWLIFES, who hate our Country, and everything it stands for,’ Trump declared in his late-night post on Thursday.

‘Perhaps we should start playing this game on them, and expel Democrats for the many crimes that they have committed — And these are REAL crimes,’ he declared. ‘Remember, ‘Shifty’ Adam Schiff demanded a Pardon, and they had to use the power of the Auto Pen, and a Full Pardon, for him and the Unselect Committee of Political Thugs, to save them from Expulsion, and probably worse!’

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FIRST ON FOX : Fox News Digital has learned that the U.S. could withhold funding for the war against Islamist terror in Somalia until Europe, the African Union (A.U.) and the United Nations (U.N.) pay more of their ‘fair’ share toward the cost of striking out and keeping the peace in the conflict-torn country. 

These plans to ‘prohibit’ the use of U.S. funds are key details, shown first to Fox News Digital, of a new bill to be introduced by three prominent Republican senators.

In line with President Donald Trump’s administration’s widespread moves to tighten fiscal controls in the U.S. and overseas, Sens. Jim Risch, R-Idaho., Chairman of the Senate Foreign Relations Committee Sen. Ted Cruz, R-Texas, and Sen. Rick Scott, R-Fla., are to introduce ‘the African Union Support and Stabilization Mission in Somalia (AUSSOM) Funding Restriction Act of 2025.’ 

This is ‘to safeguard U.S. taxpayer funds and hold the U.N. and A.U. accountable in African peace operations,’ Risch told Fox News Digital.

The bill also seeks to mandate the U.S. to oppose any U.N. Security Council action which enables such funding.  

The East African country of Somalia has been wracked for decades by attacks and insurgency from Islamist terrorists, both from ISIS and the al Qaeda-linked al-Shabab. In just the past five weeks, U.S. Africa Command reported that it has carried out four airstrikes; three against ISIS terrorists and one against al-Shabaab. At least one of these strikes, the command stated, was against multiple targets.

Chairman Risch told Fox News Digital, ‘The Trump Administration has taken decisive action to counterterrorist groups across Africa, and I’m very supportive.’

However, officials from the European Union, according to Risch, plan to skew payments for the AUSSOM peacekeeping and stablization operation more toward the U.S.; in other words, make the U.S. pay more than it should, he said.

‘At the U.N., our European partners are looking to skirt their financial commitments to AUSSOM in Somalia by switching to a new imbalanced funding mechanism that pushes the burden on Americans,’ he stated.

‘We can’t let that stand,’ Risch continued. ‘This bill will prohibit U.S. contributions to AUSSOM under this new funding scheme, until the A.U. and the U.N. can prove that they are using the funds they have responsibly, and prevent Americans from being locked into perpetually funding a broken system.’

Risch said, ‘President Trump has ushered in a new era of American foreign policy where American taxpayer dollars will be used only to secure a safe and prosperous America. For far too long, our allies have taken America for a ride, and profited off of America paying the lion’s share for global security. Europe must continue to shoulder this burden.’  

The other two senators sponsoring the bill, Cruz and Scott, also serve on the Senate Foreign Relations Committee. 

Scott told Fox News Digital, ‘The United States will not allow our tax dollars to be exploited by the U.N. while our partners refuse to pay their fair share, much less for a mission that fails to spend these dollars responsibly or transparently. I am proud to join my colleagues on the AUSSOM Funding Restriction Act to ensure Americans’ interests are put first, and their tax dollars spent wisely.’

The specific aims of the bill that have been shown to Fox News Digital are:

  • Protect U.S. Taxpayer Funds: Prohibit U.S. financial contributions to AUSSOM under UNSCR 2719 and mandate U.S. opposition to any U.N. Security Council action enabling such funding.
  • Ensure Rigorous Oversight: Require the Secretary of State to conduct annual, independent assessments of the A.U.’s compliance with UNSCR 2719 criteria for all A.U.-led peace operations.
  • Enhance Transparency and Accountability: Mandate comprehensive reporting to Congress on the assessment findings, AUSSOM’s performance and funding, and any U.S. contributions under UNSCR 2719.
  • Strengthen Congressional Consultation: Expand existing State Department briefings to include specific updates on A.U. peace operations funded under UNSCR 2719.
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China is ‘evaluating’ an offer from the U.S. to hold talks on tariffs, according to a Friday statement from the Chinese Commerce Ministry. This shift in tone could leave the door open for the world’s two largest economies to deescalate the trade war that has left global markets in turmoil.

‘The U.S. has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China,’ the ministry said in a statement, according to a Reuters translation. The ministry also said that Beijing was ‘evaluating this.’

However, while Beijing appears to be open to negotiations, the Chinese Commerce Ministry warned that it would not be forced into making a bad deal. According to the Reuters translation, the ministry said that ‘attempting to use talks as a pretext to engage in coercion and extortion would not work.’

On Thursday, Treasury Secretary Scott Bessent told Fox Business’ Maria Bartiromo on ‘Mornings with Maria’ that he believed Beijing was looking to reach an agreement with the U.S.

‘I am confident that the Chinese will want to reach a deal. And as I said, this is going to be a multi-step process. First, we need to de-escalate. And then the over time we will start focusing on a larger trade deal,’ Bessent said.

President Donald Trump announced sweeping global tariffs last month. He slapped a 145% tariff on Chinese imports. Meanwhile, Beijing put a 125% tariff on U.S. imports. However, the country recently waived the tariff on a host of American-made products. 

There were already exemptions for some pharmaceuticals, microchips and aircraft engines, but China added an exemption for ethane imports, according to Reuters.

Beijing’s change in messaging regarding the tariffs comes in stark contrast to its April 23 comments during a U.N. Security Council Arria-formula meeting on ‘The Impact of Unilateralism and Bullying Practices on International Relations.’ At that meeting, China accused the U.S. of using tariffs to bully the rest of the world.

‘Under the guise of reciprocity and fairness, the U.S. is playing a zero-sum game, which is essentially about subverting the existing international economic and trade order by means of tariffs, putting U.S. interests above the common good of the international community and advancing hegemonic ambitions of the U.S. at the cost of the legitimate interest of all countries,’ Chinese U.N. Ambassador Fu Cong said in his opening remarks.

A State Department spokesperson told Fox News Digital that the meeting was ‘a waste of U.N. Security Council members’ time.’ The spokesperson also slammed the meeting as an example of China’s manipulation of ‘the multilateral system to support its economic, political, and security interests.’

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McDonald’s reported its worst quarterly sales for the United States since the height of the pandemic in 2020, the latest restaurant chain to be affected by America’s turbulent economic environment.

The burger giant reported U.S. same-store sales fell 3.6%, the largest three-month drop since Q2 2020, when they plunged 8.7%. Forecasts had been for a decline of just 1.7%.

‘Consumers today are grappling with uncertainty,’ McDonald’s Chairman and CEO Chris Kempczinski said in a statement, as the chain cited lower guest counts.

In a follow-up call with investors, McDonald’s executives said that traffic among middle-income diners fell by ‘nearly double digits’ alongside an ongoing drop-off among low-income ones. As an example, they said more people appear to be skipping breakfast entirely to cut back on spending, or eating breakfast at home.

‘People are just visiting less,’ they said.

High-income traffic, meanwhile, remained stable, they said.

That reflects the economy writ large: While less-well-off consumers rein in transactions to focus on essentials, wealthy consumers continue to spend freely.

McDonald’s is the latest restaurant chain to report weak financial results amid signs that consumers are pulling back on discretionary spending. Chipotle, Domino’s, Pizza Hut, Shake Shack and Starbucks all saw slowing or declining sales in their quarter, with many citing particular weakness among lower-income consumers.

McDonald’s also reported revenues that missed forecasts for the third time in four quarters.

The more volatile economic environment that’s been accelerated by President Donald Trump’s tariffs policies is also being felt abroad.

On the call, company officials said that while the McDonald’s brand hadn’t been affected by worsening perceptions of the U.S. by overseas consumers, its internal surveys had picked up a notable uptick in anti-American sentiment, particularly among diners in northern Europe and Canada.

‘We have seen … an increase in people in various markets saying they’re going to be cutting back on purchases of American brands,’ they said.

It nevertheless maintained its full-year financial outlook, including plans to open 2,200 locations, which it said should help boost sales growth by slightly more than 2%. It said a promotional tie-in with the ‘Minecraft Movie’ had been a hit, and that its refreshed value offerings continued to position it strongly compared with competitors.

Still, officials said on the call that they remained “cautious about consumer sentiment.”

Shares fell 1.6% in early trading.

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Shares of Tesla were flat in premarket trading Thursday after the EV maker denied a Wall Street Journal report that its board was searching for a replacement for chief executive Elon Musk.

The report, citing comments from sources familiar with the discussions, said that Tesla’s board members reached out to several executive search firms to work on a formal process for finding the company’s next CEO. Shares of Tesla fell as much as 3% in overnight trading on trading platform Robinhood following the news, before paring losses.

Tesla chair Robyn Denholm wrote on the social media platform X that the report was “absolutely false.”

“Earlier today, there was a media report erroneously claiming that the Tesla Board had contacted recruitment firms to initiate a CEO search at the company,” she wrote.

Elon Musk during a Cabinet meeting at the White House on Wednesday.Evan Vucci / AP

“This is absolutely false (and this was communicated to the media before the report was published). The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”It comes after a sharp drop in the electric vehicle giant’s sales and profits, with its top and bottom lines missing estimates in the first quarter. Musk has admitted that his involvement with the Trump administration could be hurting the automaker’s stock price.

The mega-billionaire said on a Tesla earnings call last week that he plans to spend just a “day or two per week” running the so-called Department of Government Efficiency beginning in May.Tesla’s total revenue slipped 9% year-on-year to hit $19.34 billion in the January-March quarter. This falls short of the $21.11 billion forecast by analysts, LSEG data shows.

Revenue from its automotive segment declined 20% year-on-year to $14 billion, as the company needed to update lines at its four vehicle factories to start making a refreshed version of its popular Model Y SUV. Tesla also attributed the decline to lower average selling prices and sales incentives as a drag on revenue and profit.

Its net income plunged 71% to $409 million, or 12 cents a share, from $1.39 billion or 41 cents a year ago.

Since the start of the year, its shares have plunged over 30%.

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