Stocks Rally on Apple Strength: Stock Market Today
The iPhone maker will boost its U.S. investment by $100 billion, which sent the Dow Jones stock soaring.



Stocks resumed their uptrend Wednesday as investors parsed through the latest batch of corporate earnings reports. Rising expectations for a September rate cut also kept spirits high after another Fed member signaled support for a lower federal funds rate.
While the majority of S&P 500 companies have already reported earnings, there are still plenty more to go. Among Wednesday's most notable post-earnings movers was Advanced Micro Devices (AMD), which shed 6.4% after its results.
AMD beat on the top line, but its Q2 earnings of 48 cents per share fell short of Wall Street's estimates. The chipmaker also said that year-over-year revenue growth in its data center segment slowed to 14% from 57% in Q1 and 115% in Q2 2024.
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Revenue in AMD's artificial intelligence (AI) data center business was down compared to the year prior, "as U.S. export restrictions effectively eliminated MI308 sales to China, and we began transitioning to our next-generation MI350 series accelerators," said Advanced Micro Devices CEO Lisa Su in the company's earnings call.
But Argus Research analyst Jim Kelleher doesn't expect these restrictions to impact earnings in the upcoming quarters, given the Trump administration's signals that it intends to ease export controls on chip shipments to China.
Kelleher reiterated his Buy rating on the semiconductor stock after earnings and lifted his price target to $200 from $160, representing implied upside of more than 20% to current levels.
Super Micro Computer (SMCI, -18.3%) and Walt Disney (DIS, -2.7%) were also post-earnings losers.
Shopify soars after earnings
At the other end of the ledger was Shopify (SHOP), with the e-commerce technology firm surging 22.0% in the wake of its second-quarter earnings report.
SHOP reported higher-than-expected earnings and revenue and said it expects third-quarter revenue to increase by a "mid-to-high twenties percentage rate." Analysts, meanwhile, are projecting Q3 revenue growth of 22%.
Needham analyst Scott Berg, who initiated coverage on SHOP mid-July with a Buy rating, says he believes "the company remains in only the mid-cycle of a durable growth opportunity."
While Berg admits that he is a "touch cautious" on the consumer, "spending remains strong and the recent U.S. tax bill can spur near-term consumer spend that can positively impact SHOP's gross merchandise value."
McDonald's (MCD, +3.0%) and Arista Networks (ANET, +17.5%) also gained after earnings.
Apple's stock pops on $100 billion U.S. investment
In non-earnings news, Apple (AAPL) jumped 5.1% today – making it the best Dow Jones stock – as reports swirled that the tech giant will announce another $100 billion in U.S. manufacturing commitments at the White House later this afternoon.
This will add to Apple's previously announced $500 billion in U.S. investments.
The news follows threats from President Donald Trump to impose a 25% tariff on iPhones if Apple does not shift production of the devices to the U.S.
It also comes after the White House earlier today doubled tariffs on exports from India – to 50% – after the country said it will not stop buying Russian oil. Apple currently manufactures the bulk of iPhones sold in the U.S. in India.
As for the main indexes, the tech-heavy Nasdaq Composite climbed 1.2% to 21,169, the broader S&P 500 added 0.7% to 6,345, and the blue-chip Dow Jones Industrial Average added 0.2% to 44,193.
Kashkari signals support for a September rate cut
While no hard data was featured on today's economic calendar, appearances from several Federal Reserve officials were in the lineup.
Among them was Minneapolis Fed President Neel Kashkari, one of the more hawkish members of the central bank, who told CNBC's Squawk Box that "it may become appropriate to start adjusting" the federal funds rate in the near term as the economy slows.
This follows the July jobs report, which showed the labor market is much weaker than many had thought. Kashkari said that this, along with other recent data, gives him "confidence" that the economy is cooling.
Kashkari added that two quarter-percentage-point rate cuts by year's end "seems reasonable to me." However, the central banker noted that if President Trump's tariffs have an outsized impact on inflation, the Fed could cut just once or not at all.
According to CME FedWatch, futures traders are currently pricing in a 95% probability the Fed will announce a 0.25% rate cut at its next meeting in September – up from 47% one week ago.
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With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
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