Key Takeaways
- Major U.S. stock indices closed significantly higher, with the NASDAQ (^IXIC) surging 2.29% and the S&P 500 (^GSPC) gaining 1.57%.
- Apple (AAPL) has reportedly cancelled its 2026 iPhone Air release, citing a lack of traction for the initial model, marking a setback for new iPhone variants.
- Occidental Petroleum (OXY) reported Q3 2025 adjusted net income and EPS above estimates, despite a slight miss on net sales, while CoreWeave (CORE) exceeded revenue and adjusted EBITDA forecasts.
- Former President Trump issued multiple statements on economic policy, including a new air traffic control system, predictions for inflation, and proposed tariff adjustments.
U.S. equity markets concluded the trading day with substantial gains, as the S&P 500 (^GSPC) rose by 105.67 points, or 1.57%, to close at 6,834.47. The NASDAQ (^IXIC) led the advance, climbing 526.66 points, or 2.29%, to 23,531.20, while the Dow Jones Industrial Average (^DJI) finished up 382.64 points, or 0.81%, at 47,369.74.
In corporate news, Apple (AAPL) has reportedly decided to pull next year’s iPhone Air from its 2026 release lineup. Sources involved in the project indicate the decision was made after the first model failed to gain traction, representing another challenge in the company's efforts to introduce a successful new iPhone variant.
Quarterly earnings reports also captured investor attention. Occidental Petroleum (OXY) announced its Q3 2025 results, with adjusted net income reaching $649 million (estimated $499.3 million) and EPS at 65 cents (estimated 49 cents), both surpassing analyst expectations. However, net sales came in slightly below estimates at $6.62 billion against an estimated $6.69 billion. The company's Oil & Gas Pre-Tax Income was strong at $1.3 billion (estimated $1.07 billion), while Chemical Pre-Tax Income was $197 million (estimated $216.4 million). The realized oil price per barrel was $64.78, slightly above the estimated $64.34.
Cloud infrastructure provider CoreWeave (CORE) also released its Q3 2025 earnings, reporting revenue of $1.36 billion, exceeding the estimated $1.29 billion. Adjusted EBITDA reached $838.1 million (estimated $821.7 million), with an adjusted EBITDA margin of 61% (estimated 62.3%). The company's adjusted operating income was $217.2 million (estimated $177.2 million), and it reported a net loss of $110.1 million, which was better than the estimated loss of $299.6 million. Loss per share was 22 cents.
Meanwhile, Commonwealth Bank of Australia’s profit saw an increase in the first quarter, driven by robust growth in lending to both businesses and households.
In political and economic commentary, former President Trump made several notable statements. He announced that the U.S. is set to launch a new air traffic control system within the next 2-3 weeks. Trump also predicted that inflation will drop to 1.5% "pretty soon" and indicated that his administration is working on a slightly lower tariff structure for Switzerland. On international relations, he stated that the U.S. is working to improve Israel’s relations with all nations and is cooperating with Israel on normalizing ties with Syria. Furthermore, Trump and Syrian President Al-Sharaa reportedly agreed to integrate the SDF with the Syrian Army, with Trump reaffirming support for a Syria–Israel security pact. Domestically, Trump proposed a $2000 dividend for middle and lower-income Americans, to be funded by tariff revenue, and warned of an economic disaster if the Supreme Court rules against a key tariff case. He also described a recent shutdown deal as "very good" and stated that his healthcare plan would prioritize payments to people over companies.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.