Cheddar

Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump’s tariffs on its business. Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results. Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs.

Stocks are rallying on Wall Street following a stronger-than-expected report on the U.S. job market. The S&P 500 climbed 1.6% in afternoon trading Friday, putting the index on track for a ninth straight day of gains. The Dow Jones Industrial Average added 582 points, or 1.4%, and the Nasdaq composite was up 1.8%. Employers added 177,000 jobs in April, more than forecast. However the latest job figures don't yet reflect the effects on the economy of President Donald Trump’s across-the-board tariffs against America's trading partners. Treasury yields rose in the bond market.

Amid a backdrop of ongoing tariff uncertainty, more and more gamers are facing price hikes. Microsoft raised recommended retailer pricing for its Xbox consoles and controllers around the world this week. Its Xbox Series S, for example, now starts at $379.99 in the U.S. — up $80 from the $299.99 price tag that debuted in 2020. And its more powerful Xbox Series X will be $599.99 going forward, a $100 jump from its previous $499.99 listing. The tech giant didn’t mention tariffs specifically, but cited wider “market conditions and the rising cost of development.” Beyond the U.S., Microsoft also laid out Xbox price adjustments for Europe, the U.K. and Australia. The company said all other countries would also receive updates locally.

McDonald's just reported its biggest U.S. same-store sales decline since 2020, with a 3.6% drop in Q1. The company pointed to weaker consumer demand and rising external pressures. On the earnings call, CEO Chris Kempczinski said geopolitical factors had an unexpected impact. “During the first quarter, geopolitical tensions added to the economic uncertainty and dampened consumer sentiment more than we expected,” Kempczinski said. Chipotle and Starbucks also reported declines, adding to signs that fast-food traffic is slipping as consumers pull back.

Trump Looking to Cut Billions from Budget in 2026

📈 Big Tech check-in: Microsoft’s on top. The S&P 500 rose 0.6% on May 1, marking its 8th straight gain, as strong results from Microsoft and Meta lifted tech stocks. Microsoft surged on AI and cloud strength, while Meta impressed with ad growth. Meanwhile, Apple and Amazon slipped after offering weak or no guidance amid ongoing China-related concerns.

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Palantir, for one. We take a closer look at why—and where it's going. Plus: Google, Starbucks, Meta, Amazon, and the future of U.S. shipbuilding.

Palantir, for one. We take a closer look at why—and where it's going. Plus: Google, Starbucks, Meta, Amazon, and the future of U.S. shipbuilding.

Yo, cheddheadz! It's Friday and there's news you Need2Know! 🧀 Trump blames market slump on “Biden overhang” 🧀 Wait…Microsoft and Meta lead markets higher 🧀 Visa wants to give AI ‘agents’ your credit card 🧀 Nvidia CEO says China is right behind U.S. on AI 🧀 How to navigate summer travel uncertainty and win