Market Verdict Week
This week we will be seeing major earnings reports from much of the Mag 7 and other notable large cap names.
Roughly 25% of the S&P500 companies have reported Q1 results in this earnings season, with 80% beating estimates. Equities continue to shrug off middle east conflict amid ceasefire negotiation extensions and relatively strong earnings results.
Tim Cook, Apple CEO, announced he will be stepping down and transition as Executive Chairman of Apple's Board of Directors. John Ternus, VP Hardware Engineering, will succeed Cook as CEO beginning September 1, 2026. Cook began his tenure as CEO in August 2011. Since then, he's added nearly $4 trillion in market capitalization to stakeholders. Its safe to say he is the most successful CEO of our time. Ritholtz Wealth Management puts into perspective how impactful his tenure was for shareholders (chart below), categorizing the rate at which he added shareholder value, nearly 11x the market cap of Apple during his tenure. Here's a brief overview of what successor John Ternus had accomplished at Apple so far: - All iPad model development - Oversaw AirPod development - MacBook hardware transition from Intel processor to M-chips - AppleWatch hardware development Insiders report that Ternus' decisive leadership style resonates Steve Jobs, and Tim Cook as Exec Chairman of the Board will serve as relationship management and engagement in Capitol Hill and other major partners.
A supposed assassination attempt occurred at the Washington Hotel during the White House Correspondence Association dinner on Saturday President Trump and VP Vance were escorted out by security shortly after apparent gunshots were heard from a distance, along with other members of the administration. The suspect was identified as Cole Tomas Allen, 31 from Torrence, California, federal officials told NBC.
Other news
- The DOJ officially dropped criminal probe on Fed Chairman Jerome Powell, the same week during Kevin Warsh's Senate Committee Hearing. Powell was being investigated for "reckless" spending on the Federal Reserve building renovation projects. - Rick Wurster, Schwab CEO, looking closely into prediction market capability around financial events and financial markets in a structure that clients will understand. - The Federal Aviation Administration is considering a potential partnership with Palantir Technologies for air traffic control capabilities. Palantir looks to expand its involvement and integration across federal agencies.