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.
Asian shares gain with most markets closed for May Day, while oil holds steady at $111 a barrel
Shares are higher in Asia, though most markets in the region are closed for May Day holidays. Brent crude's price held steady at about $111 per barrel. On Thursday, the U.S stock market zoomed to more records, lifted by strong profit reports for many companies including Alphabet, owner of Google and YouTube. The S&P 500 rallied 1% to finish its best month in more than five years. The Dow Jones Industrial Average jumped 1.6%, and the Nasdaq composite climbed 0.9% to its own record. Prospects for a deal to cement a three-week ceasefire in the Iran war remained clouded as Iran’s supreme leader said it will protect its nuclear and missile capabilities as a national asset.
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.
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 kick off May Day rallies Friday, demanding peace, higher wages, and better working conditions. The day is a public holiday in many countries and demonstrations are expected in major cities. The European Trade Union Confederation emphasizes that workers are refusing to bear the costs of conflicts like the Iran war. In the U.S., activists opposing President Donald Trump’s policies are planning marches. Rising energy prices and living costs are major concerns. Workers in countries like the Philippines and Indonesia have cited growing economic pressures.
Trump says he's lifting certain tariffs on Scotch whisky after royal visit
WASHINGTON (AP) — President Donald Trump says he's removing certain tariffs on Scotch whisky after this week’s White House visit by King Charles III and Queen Camilla of the United Kingdom. Trump posted on social media Thursday that the royal couple got him to do "something that nobody else was able to do, without hardly even asking!” Trump says people had wanted this change, especially with regard to the wooden barrels in which the spirits of Scotch and bourbon can be aged. His post left it unclear if the tariffs were being lifted on bottles of Scotch or on the materials used to produce alcohol in both countries. The White House did not respond to emails seeking clarification.
Tax refunds and AI boom have offset some US economic pain from Iran war and high gas prices, so far
WASHINGTON (AP) — Americans are paying for the war in Iran with every visit to the gas station, but some of the damage to the U.S. economy is being offset — for now anyway — by big tax refunds and an investment boom driven by artificial intelligence. According to a slew of economic data released Thursday, prices rose at the fastest pace in almost three years last month, U.S. economic growth is steady and layoffs fell last week. But an inflation gauge closely monitored by the Fed had its biggest gain in three years, driven by soaring gasoline prices.
U.S. economy grew 2% from January-March, recovering from federal shutdown; Iran war clouds outlook
WASHINGTON (AP) — The U.S. economy accelerated at the start of 2026, expanding at a modest 2% pace from January through March after recovering from last fall’s 43-day federal government shutdown. But the outlook is clouded by the Iran war. The Commerce Department reported Thursday that gross domestic product — the nation’s output of goods and services — rebounded from a lackluster 0.5% expansion the last three months of 2025. Growth in consumer spending slowed to 1.6% in the first quarter from 1.9% at the end of 2025. But business investment, likely driven by investments in artificial intelligence, rose at an 8.7% pace.
US stocks rally to the finish of their best month since 2020, even as oil prices whipsaw
NEW YORK (AP) — The U.S stock market motored to more records as profits keep piling up for big businesses. The S&P 500 rallied 1% Thursday and topped its prior all-time high to finish its best month in more than five years. The Dow Jones Industrial Average jumped 1.6%, and the Nasdaq composite climbed 0.9% to its own record. Alphabet led the way after the owner of Google and YouTube reported profit for the start of 2026 that blew past analysts’ expectations. The gains came after the latest whipsaw moves for oil prices, which surged toward their highest levels since the war with Iran began only to quickly regress.
