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Apple profit soars; Tariff threats; Tesla earnings

1. Apple profits: Apple sold essentially the same number of iPhones last quarter as it did a year pr...

Posted: Aug 1, 2018 12:41 PM
Updated: Aug 1, 2018 12:41 PM

1. Apple profits: Apple sold essentially the same number of iPhones last quarter as it did a year prior, but sales and profits soared as it made more money from higher-priced devices.

The tech company posted a $11.5 billion profit for the three months ending in June, up 32% from the same period a year ago. Apple's revenue increased 17% to $53.3 billion, a new record for its fiscal third quarter.

The results highlight Apple's successful shift away from depending on selling more and more iPhones in order to grow its business.

Apple stock rose more than 3% premarket following the earnings report. It's now within striking distance of becoming the first company to top a $1 trillion market value.

Related: Watch CNNMoney's 'Markets Now' today at 12:45 p.m. ET

Another development to consider: China's Huawei has passed Apple to become the world's second largest smartphone seller, according to research firms IDC, Canalys and IHS Markit.

2. Steeper tariffs? The Trump administration plans to raise pending tariffs on $200 billion in Chinese goods to 25% from 10%, a source familiar with discussions confirmed to CNN.

The move is not finalized and could change, according to the source. Talks between US and Chinese officials have done little to ease trade tensions.

The United States has already imposed 25% tariffs on Chinese goods worth $34 billion. China immediately responded with its own tariffs on US goods worth $34 billion.

A second round of US tariffs on products worth $16 billion could take effect as soon as this week.

3. Tesla earnings: Tesla is set to report earnings after the closing bell. It may be the most closely watched earnings report in the company's history.

The electric carmaker just hit an important target for production of the Model 3, its cheapest car. But the company is trying to stop mounting losses and convince investors it can avoid further production line problems.

On top of that, CEO Elon Musk keeps making headlines with bizarre tweets and outbursts against critics.

4. Volkswagen's warning: Volkswagen reported record earnings for the first six months of the year, but warned about challenges ahead. The carmaker said growing protectionism and new European emissions tests pose risks.

The company is also still feeling the impact of its diesel scandal. It said it took -1.6 billion ($1.9 billion) charge in connection to the issue in the second quarter.

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

European markets were mixed, following a negative session in Asia.

The Dow Jones industrial average closed 0.4% higher on Tuesday, while the S&P 500 added 0.5% and the Nasdaq gained 0.6%.

Oil prices slipped 0.8% after a rough trading session on Tuesday. Unofficial estimates from the American Petroleum Institute showed an unexpected rise in US stockpiles.

An official report on US crude inventories from the Energy Information Administration will be released at 10:30 a.m. ET.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

6. Companies and economics: AMC Entertainment, Caesars Entertainment, Ferrari, Garmin, Humana, Molson Coors Brewing and Sprint will release earnings before the open.

Allstate, Boingo Wireless, Churchill Downs, Fitbit, T-Mobile US, TripAdvisor, US Steel, Valvoline and Wynn Resorts will follow after the close.

Shares in Chipotle dropped 7% on Tuesday, after customers reported getting sick in Ohio.

The Federal Reserve will wrap its two day meeting on Wednesday.

The central bank is not expected to raise interest rates, but investors will be watching the statement closely for the central bank's read on the economy and clues about interest rates. It previously signaled that it plans two more rate hikes this year and three in 2019.

The Institute for Supply Management will release its ISM Index for July at 10 a.m. ET.

The Reserve Bank of India hiked a key interest rate to 6.5% from 6.25% as it works to combat inflation and prevent money from flowing out of the country.

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

7. Coming this week:
Wednesday - Fed statement; Humana, Sprint, Tesla earnings
Thursday - Bank of England meets; Berkshire Hathaway, Yum Brands, Aetna earnings
Friday - US jobs report; Kraft Heinz, Toyota earnings

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 297321

Reported Deaths: 6805
CountyCasesDeaths
DeSoto19814231
Hinds18949395
Harrison16886282
Rankin12842265
Jackson12750234
Lee9720163
Madison9516204
Jones8035148
Forrest7289138
Lauderdale6872228
Lowndes6061140
Lamar593381
Lafayette5767114
Washington5232130
Bolivar4630124
Oktibbeha443095
Panola433698
Pearl River4212132
Warren4144115
Pontotoc411071
Marshall405995
Monroe3996129
Union397174
Neshoba3848171
Lincoln3624104
Hancock352978
Leflore3400121
Sunflower320986
Tate303974
Pike302697
Scott296171
Alcorn292763
Yazoo292066
Itawamba290675
Coahoma283069
Tippah280065
Copiah279959
Simpson277581
Prentiss271258
Marion258878
Wayne255641
Leake254172
Covington250280
Grenada248878
Adams235778
George232745
Newton232753
Winston222179
Jasper214145
Tishomingo213266
Attala206971
Chickasaw201954
Holmes182870
Clay179452
Stone173429
Tallahatchie171739
Clarke170773
Calhoun158628
Smith153833
Yalobusha145736
Greene128133
Walthall125441
Montgomery123540
Noxubee123431
Perry123235
Lawrence121421
Carroll119425
Amite112435
Webster111132
Jefferson Davis102731
Tunica99824
Claiborne99030
Benton94024
Humphreys93128
Kemper91423
Quitman77514
Franklin76420
Choctaw70117
Jefferson62827
Wilkinson62727
Sharkey49217
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 499411

Reported Deaths: 10149
CountyCasesDeaths
Jefferson719951403
Mobile36396741
Madison32674469
Tuscaloosa24391423
Montgomery22789523
Shelby22250219
Baldwin19915289
Lee15070161
Calhoun13961296
Morgan13785255
Etowah13413327
Marshall11458215
Houston10121264
Elmore9509190
Limestone9435139
St. Clair9050228
Cullman8993183
Lauderdale8628214
DeKalb8507175
Talladega7643165
Walker6600260
Jackson6551104
Autauga634492
Blount6252128
Colbert6007121
Coffee5261104
Dale4680107
Russell407534
Franklin400779
Covington3996107
Chilton3911104
Escambia379473
Tallapoosa3637143
Clarke344553
Chambers3432111
Dallas3428142
Pike292973
Marion288796
Lawrence285787
Winston258568
Bibb246058
Marengo244657
Geneva240270
Pickens225757
Barbour213851
Hale212569
Fayette202657
Butler201466
Henry183541
Cherokee178140
Monroe166739
Randolph165141
Washington157036
Macon147845
Crenshaw146755
Clay146254
Cleburne140141
Lamar133933
Lowndes133151
Wilcox123225
Bullock117736
Conecuh107224
Perry106427
Sumter100832
Coosa90324
Greene88732
Choctaw55723
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