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Today in the Market (5/4/2023)

Good Evening! On Thursday, the stock market experienced a decline following the Fed’s recent interest rate increase of 25 basis points and increased stress on regional banks.

All three benchmarks saw red across the board with S&P 500 falling by 0.72%, Dow Jones down by 0.86%, and Nasdaq Composite declining by 0.49%.

EARNING SEASON IS ALMOST OVER

Apple (AAPL) exceeded analysts’ expectations in its fiscal Q2 earnings report, primarily due to higher-than-anticipated iPhone sales. However, sales of Mac and iPad products did not meet estimates.

  • Revenue: $94.8 Billion vs. $92.6 Billion Expected
    • iPhone: $51.3 Billion vs. $48.9 Billion Expected
    • Mac: $7.1 Billion vs. $7.7  Billion Expected
    • iPad: $6.6 Billion vs. $6.7 Billion Expected
  • Earnings Per Share: $1.52 vs. $1.43 Expected

It was expected sadly… Apple’s Mac and iPad revenue declined in the same quarter compared to the previous year, reflecting the overall decrease in PC sales. Why is that? Gartner reported a 30% decline in global computer shipments in Q1 2023 compared to the previous year.

Apple isn’t stopping! Apple is gearing up to hold its yearly WWDC. The company is widely anticipated to unveil its much-awaited AR/VR headset. It has the potential to generate additional revenue for Apple and establish its position as a significant contender in the rapidly growing market.

FIRST OF A KIND?

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As part of a shift toward electric power, New York became the first state to prohibit the use of natural gas in newly developed buildings. All natural gas facilities in new residential and certain commercial buildings would be subject to the prohibition, which is set to take effect in 2026.  However, restaurants, hospitals, and crematoriums are excluded

So what was the reason behind the unprecedented ban? The International Journal of Environmental Research and Public Health has reported that natural gas has negative impacts on both human health and the environment. On top of that, the ban will aid New York in achieving its difficult targets for greenhouse gas emissions.

However, any change comes with some pushback… If this ban does go through then it may serve as a potential model for other states. Unfortunately, the effectiveness is dependent upon its ability to withstand anticipated opposition from Republican legislators and the fossil fuel sector

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