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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

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 270157

Reported Deaths: 3297
CountyCasesDeaths
Hennepin579261084
Ramsey24528470
Anoka19211213
Dakota18738176
Washington12351104
Stearns1200389
Scott735654
St. Louis712297
Wright646135
Olmsted604730
Sherburne499538
Clay435954
Carver397312
Blue Earth367011
Rice350331
Kandiyohi337613
Crow Wing306729
Nobles293828
Chisago27778
Benton256338
Otter Tail251415
Winona240928
Mower232822
Polk222221
Douglas211929
Morrison207521
Lyon189810
McLeod18089
Beltrami177115
Goodhue173126
Becker16769
Itasca165223
Steele16396
Todd161412
Isanti159115
Carlton148310
Nicollet144523
Freeborn13625
Mille Lacs129030
Le Sueur12899
Waseca128710
Pine11625
Cass11538
Brown112610
Meeker10117
Martin97020
Roseau9443
Hubbard92822
Wabasha8961
Dodge7770
Watonwan7604
Redwood75118
Chippewa7437
Renville68818
Sibley6844
Cottonwood6800
Wadena6706
Pipestone65618
Aitkin64722
Rock6259
Houston6012
Fillmore5910
Yellow Medicine55310
Unassigned52756
Murray5173
Pennington5076
Kanabec49711
Swift4835
Faribault4650
Pope4620
Stevens4342
Clearwater4156
Marshall4047
Jackson3981
Lake3463
Koochiching3275
Wilkin3175
Lac qui Parle3123
Lincoln3081
Norman3006
Big Stone2711
Mahnomen2404
Grant2256
Red Lake1833
Kittson1786
Traverse1190
Lake of the Woods821
Cook570

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 210482

Reported Deaths: 2173
CountyCasesDeaths
Polk31270322
Linn13252158
Scott1022075
Black Hawk10209126
Woodbury9870111
Johnson900835
Dubuque866490
Story637819
Dallas595555
Pottawattamie574666
Sioux349925
Webster330928
Marshall327841
Cerro Gordo323041
Clinton303637
Buena Vista290214
Muscatine266964
Des Moines266116
Plymouth257937
Warren254610
Wapello239971
Jones221112
Jasper202739
Marion191518
Carroll188220
Lee188015
Bremer176012
Henry16847
Crawford168215
Benton157414
Tama145140
Jackson13608
Delaware134721
Boone127711
Washington126513
Dickinson126210
Mahaska119027
Wright11425
Buchanan10789
Page10774
Hardin105810
Clay10434
Harrison101428
Clayton10084
Cedar98913
Hamilton9877
Mills9806
Calhoun9787
Fayette9588
Lyon9458
Floyd92614
Kossuth9214
Poweshiek91512
Butler8943
Winneshiek88910
Winnebago87423
Iowa86711
Louisa79916
Hancock7947
Chickasaw7853
Grundy77310
Sac7617
Cherokee7484
Cass73519
Appanoose7336
Shelby7184
Allamakee71111
Mitchell7074
Emmet70123
Guthrie69215
Union6866
Franklin67619
Humboldt6495
Madison6414
Jefferson6121
Palo Alto6044
Unassigned5810
Keokuk5237
Pocahontas5072
Howard4999
Osceola4941
Greene4860
Clarke4564
Ida42810
Monroe42812
Montgomery42610
Davis4225
Taylor4162
Adair4066
Monona3912
Fremont3432
Worth3330
Van Buren3294
Lucas3056
Decatur2950
Wayne2836
Audubon2811
Ringgold1832
Adams1521
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