Stocks are bouncing back after a selloff yesterday, with gold and silver climbing alongside. Oil prices are up modestly, too, while Treasuries and the dollar are flat.
Apple Inc. (AAPL) CEO Tim Cook announced he will step down as of Sept. 1, handing the reins over to John Ternus, the head of Apple’s hardware division. During Cook's 15-year tenure, he grew Apple’s services business, oversaw the release of multiple new products and updated versions of old ones, and instituted stock buybacks and dividend payouts (something Jobs had resisted). Apple stock gained 1,900% since Cook took over in 2011, while its market capitalization surpassed $4 trillion.
AAPL, GEV, VRT (YTD % Change)
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On the earnings front, the electric power and AI data center play GE Vernova Inc. (GEV) beat profit and sales targets in the first quarter. Plus, it raised its full-year outlook, citing strong demand for its products and services – and the acquisition of Prolec GE. GE Vernova stock was up 7% at last check. The power, cooling, and IT infrastructure company Vertiv Holdings Co. (VRT) also reported strong results and raised guidance. But Vertiv stock slipped a few percentage points anyway.
Meanwhile, Wall Street cheered the news late yesterday that President Trump would indefinitely extend the two-week ceasefire with Iran. He did so despite the cancellation of a second round of talks in Pakistan – and Iran followed up by firing on three ships in the Persian Gulf. Iran’s ambassador to the UN said it would resume negotiations if the US lifted its blockade of Iranian ports – a step Trump has so far resisted.
Lastly, SpaceX is gearing up for a mid-2026 Initial Public Offering (IPO) that could value the company at as much as $2 trillion. But it’s not resting on its laurels in the meantime. The Elon Musk-led company inked a deal to buy AI startup Cursor for $60 billion later this year. By delaying the transaction until after the IPO, SpaceX avoids having to rework deal-related regulatory filings. Cursor produces AI tools that make programming and coding easier.
