Apple's gift to investors; Fed decision; Tesla earnings

1. Apple rewards investors: Shares in Apple jumped as much as 4% in extended trading after the compa...

Posted: May 2, 2018 12:44 PM
Updated: May 2, 2018 12:44 PM

1. Apple rewards investors: Shares in Apple jumped as much as 4% in extended trading after the company announced a record cash giveaway to shareholders.

Apple spent $22.8 billion buying back its own stock in the first three months of this year and announced plans for further $100 billion worth of share buybacks.

Apple sold 52.2 million iPhones during the first three months of the year, up just 3% from the same period a year earlier. Analysts had expected sales to hit 53 million iPhones.

2. Europe health check: The eurozone economy grew 0.4% in the first quarter of 2018 compared to the previous three months, according official data. That's a slowdown from 0.7% in the previous quarter.

The GDP data, which was in line with analyst expectations, could influence plans by the European Central Bank to gradually end its stimulus program. The central bank had recently downplayed some weak regional economic data.

Some European economies are faring better than others: Data released last week showed the UK economy stalled in the first quarter, expanding just 0.1%.

3. Metal moves: Shares in aluminum producer Rusal surged 8% in Hong Kong after the US Treasury extended a deadline for investors to divest their holdings in the sanctioned company.

The Russian oligarch Oleg Deripaska agreed last week to reduce his stake EN+, a company listed in London that is the largest shareholder in Rusal, to below 50%.

Deripaska was hit earlier this month with tough sanctions on Russian oligarchs that target him and his businesses. EN+ and Rusal are part of a tangled web of corporate entities under his control.

Aluminum prices, which spiked dramatically after the sanctions were imposed, have fallen 13% from their recent high.

4. Fed decision: The US Federal Reserve will announce an interest rate decision at 2:00 p.m. ET.

Economists expect the central bank to keep rates on hold, but they will pay close attention to any details that give a sense of the bank's plans.

The Fed signaled in March that the path of future rate hikes could be "slightly steeper" over the next few years than previously thought.

5. Global market overview: US stock futures were mixed.

Major European markets opened higher, while stocks in Asia ended the session mixed.

US crude futures jumped 0.6% ahead of the release of a weekly oil inventories report to trade at $67.70 per barrel.

The S&P 500 closed 0.3% higher on Tuesday and the Nasdaq added 0.9%. The Dow Jones industrial average shed 0.3%.

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6. Earnings and economics: CVS Health, Energizer, Estee Lauder, Garmin, Humana, MasterCard, Molson Coors Brewing, and Yum! Brands will release earnings before the open.

Avis Budget, Caesars Entertainment, Express Scripts, Fidelity National, Fitbit, Hyatt Hotels, Kraft Heinz, MetLife, Spotify, Sprint, Square, Tesla, and Valvoline will follow after the close.

Gilead Sciences slumped 6% in extended trading following a disappointing set of results.

Match Group, the owner of Tinder, plunged 22% on Tuesday after Facebook unveiled a new dating feature.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

7. Coming this week:
Wednesday - CVS, Humana, Kraft Heinz, Metlife, Molson Coors, Spotify, Tesla, Yum; Fed meeting
Thursday - Cigna, DowDuPont, Kellogg, Weight Watchers earnings
Friday - Alibaba, Newell Brands earnings; Berkshire Hathaway annual shareholder weekend kicks off; Jobs report

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Cases: 1177241

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CountyCasesDeaths
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Will64432882
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Kane50242708
Winnebago28194431
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Kendall1093783
LaSalle10681216
Macon9386185
Vermilion8487114
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Williamson6763119
Boone590471
Whiteside5881146
Clinton555189
Coles515990
Grundy506762
Knox5010131
Ogle497373
Jackson458560
Effingham448169
Macoupin432178
Henry430456
Marion4253111
Livingston414475
Franklin412665
Stephenson406273
Monroe403280
Jefferson3953115
Randolph395177
Woodford363360
Morgan356776
Montgomery346067
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Bureau327373
Fayette306152
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Douglas241032
McDonough230440
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Saline227046
Union218134
Shelby211834
Crawford200021
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Cass187522
Pike168249
Clark167329
Hancock166529
Warren166243
Wayne166248
Richland163238
Jo Daviess159822
White159525
Washington157223
Carroll156434
Ford156344
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Clay142241
Greene137631
Johnson133911
Piatt130714
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De Witt127322
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Cumberland118318
Jasper110217
Menard10318
Marshall83114
Hamilton78315
Schuyler6745
Pulaski6675
Brown6586
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Henderson4958
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Scott4481
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Indiana Coronavirus Cases

(Widget updates once daily at 8 p.m. ET)

Cases: 657037

Reported Deaths: 12450
CountyCasesDeaths
Marion901321624
Lake48105871
Allen35552632
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Elkhart25261412
Vanderburgh21115377
Tippecanoe19765197
Johnson16242352
Porter15838267
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Delaware9788178
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Harrison395160
Clinton392353
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Steuben335955
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Clay238944
Randolph225076
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Jennings213544
Washington207727
Sullivan202038
Fountain200341
Starke185950
Owen181652
Jay177328
Fulton176437
Carroll175618
Perry172435
Orange170450
Rush163922
Franklin158335
Vermillion158040
Tipton145441
Parke137915
Pike127232
Blackford120027
Pulaski105643
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Benton91113
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Martin80114
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Union66810
Ohio52711
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