Apple beats out earnings estimates with continued iPhone momentum
Apple has posted strong quarterly earnings, beating out Wall Street expectations. The January-March results show continued momentum in iPhone sales. CEO Tim Cook said it was the company's best March quarter ever, with double-digit growth across every geographic segment. Apple earned $29.58 billion, or $2.01 per share, up about 22% from a year earlier. Revenue rose about 17% to $111.18 billion, exceeding analyst expectations. Investors are also focused on the upcoming CEO change and the company's AI strategy. Cook announced earlier this month he will step down, with John Ternus taking over later this year.
Unorthodox leadership change at the Fed: Warsh on deck while Powell remains
WASHINGTON (AP) — President Trump’s pick to lead the Federal Reserve, Kevin Warsh, has said he wants to bring “regime change” to the central bank, but if confirmed by the Senate he will find a Fed already transformed by the White House’s attacks. For the first in almost five decades, there will be a former chair on the central bank’s board, potentially creating an alternate center of power. And on Wednesday multiple officials dissented from the Fed’s statement, a sign they won’t easily roll over for a new chair who has sharply criticized recent policy. It’s all a sharp contrast to the previous three Fed chairs — Ben Bernanke, Janet Yellen, and Jerome Powell — who were all Fed governors before becoming chairs in relatively smooth transitions.
Wall Street mixed with most markets closed for May Day; US crude holds steady at $104 a barrel
Markets on Wall Street were mixed in light trading and oil prices held steady with no major developments in the Iran war. Futures for the S&P 500 inched 0.1% higher while futures for the Dow Jones Industrial Average rose 0.2% before the opening bell Friday. Nasdaq futures were off 0.1% a day after U.S stocks motored to more records on strong profits for some high-profile companies. Most global markets were closed for May Day holidays. The price for a barrel of Brent crude for June delivery rose 73 cents to $111.13 per barrel while U.S. benchmark crude fell back 80 cents to $104.27 a barrel.
Bessent wants Americans to avoid easy-money traps and invest in financial literacy
WASHINGTON (AP) — Treasury Secretary Scott Bessent says he’s concerned about the allure of easy money — lottery tickets, buy now, pay later loans and the promise of a crypto windfall. Bessent worries the get-rich-quick mindset often leads Americans farther from financial stability, not closer to it. The billionaire hedge fund manager and the first openly gay treasury secretary has a personal history marked by financial struggles, with humble beginnings in rural South Carolina. Bessent hopes part of his Treasury Department legacy will be promoting financial literacy, helping Americans budget and save. This push comes as the government amasses record debt and critics say Bessent should focus more on lowering Americans' cost of living.
Amtrak may make it easier to bring guns on its trains despite the alleged attempt on Trump's life
Amtrak is considering allowing people to store guns in lockboxes on most of its trains, which critics say would weaken security measures that instead should be strengthened in light of the shooting at last weekend’s White House Correspondents’ Association dinner. Two people familiar with the plans who spoke on the condition of anonymity told The Associated Press that Amtrak hasn't abandoned the proposed plan despite Saturday's attack at the Washington, D.C., event. They say the Trump administration started pushing for Amtrak to make the change months ago. Authorities say a California man traveled by rail across the country with his guns intent on killing President Donald Trump and other administration officials.
Profit for the biggest US oil companies declined in the first quarter, but only on paper
Profit for the two largest oil companies in the U.S. tumbled during the first quarter, a three-month period in which the price of crude and gasoline rocketed higher. It’s a setback on paper only, however, the result of financial hedges that backfired after the U.S. and Israel launched attacks on Iran in late February. Exxon Mobil and Chevron reported quarterly results on Friday, with adjusted profits for both companies topping Wall Street expectations. The shares of both companies, up sharply this week, ticked higher before the opening bell.
Habitat for Humanity is developing a new Atlanta community with help from the Carters' initiative
ATLANTA (AP) — Two years after his death, President Jimmy Carter is still inspiring Habitat for Humanity's efforts to build more affordable housing in the U.S. Over five days in May, nearly 1,000 volunteers with the international nonprofit will finish building 24 new housing units in Atlanta. The intensive, weeklong building session is the 40th Carter Work Project. Named after the president and his late wife, Rosalynn, the projects have constructed roughly 5,000 homes in 14 countries since 1984. Habitat for Humanity is bringing it back to Atlanta this year for the first time since 1988, when the Carters helped construct 21 homes in another neighborhood.
Disappearing before our eyes: One photographer's passion project of capturing local newsrooms
NEW YORK (AP) — Photographer Ann Hermes is fascinated by things that evoke a time gone by, or about to pass into history. Lately that's led her to spend a lot of time in newspaper offices across the country, particularly in smaller cities and towns where local news is endangered by the ongoing business woes of journalism. Her photographs dispel the notion that journalism is a glamorous profession populated by elitists. Often it's populated by people in ill-fitting clothes oblivious to the shabby offices that surround them, doing work they feel is a civic duty. Hermes has photographed 50 newsrooms, and she's halfway to her goal.
Trump gives go-ahead to major new Canada-US oil pipeline
FORT COLLINS, Colo. (AP) — President Donald Trump has granted a key approval to a major new pipeline that would move oil from Canada into the central U.S. The three-foot-wide Bridger Pipeline Expansion would carry up to 550,000 barrels of oil a day from the Canadian border with Montana down through eastern Montana and Wyoming, where it would link up with another pipeline. More state and federal approvals are needed before Casper, Wyoming-based Bridger Pipeline begins construction. Company officials expect to start next year. The pipeline is two-thirds the size of the better-known Keystone XL pipeline that Trump approved in his previous administration and that President Joe Biden canceled upon taking office.
What to know about May Day demonstrations as workers face rising energy costs due to Iran war
PARIS (AP) — Activists worldwide have gathered for May Day rallies and street protests, calling for peace, higher wages and better working conditions. The day is a public holiday in many countries and demonstrations are being held in major cities in Asia to Europe. The European Trade Union Confederation emphasizes that workers are refusing to bear the costs of conflicts like the Iran war. In Istanbul, police detained some 15 protesters who tried to reach Taksim Square, the epicenter of landmark 2013 protests, in defiance of a government ban. In the U.S., activists opposing President Donald Trump’s policies are planning marches. Rising energy prices and living costs are major concerns.
