Apple Surges in Pre-market Trading Following China Data Rebound, Driving Stock Prices Up

New York, NY – The S&P 500 opened slightly higher as the trading week began, with the index showing a modest increase of 0.2% shortly after 9:30 a.m. ET. The Nasdaq Composite also saw a climb of 0.5%, while the Dow slipped 0.3%.

Silver prices are on track for their best month in nearly four years, with the precious metal having increased nearly 20% so far in May. This positive performance marks the third straight month of gains for silver, with the month of July 2020 being the last time silver saw a monthly increase of this magnitude.

Apple shares rose almost 2% in premarket trading following data that showed a rebound in China. iPhone shipments in China surged about 52% in April compared to the previous year, according to analysis by UBS. However, caution was advised as these figures can be volatile.

Stocks like GameStop, Nvidia, and Norwegian Cruise Line Holding made significant moves in the premarket, with GameStop shares surging nearly 27% after completing a substantial stock sale announcement. Nvidia jumped 3% premarket, continuing its rally post-earnings report from the previous week. Norwegian Cruise Line Holding rose 3% following an upgrade to buy from neutral at Mizuho.

T-Mobile announced a deal to acquire U.S. Cellular’s wireless operations and 30% of its spectrum assets for $4.4 billion. The agreement includes both cash and up to $2 billion in unassumed debt, along with a new licensing agreement for over 2,000 towers. Shares of U.S. Cellular saw a 7% increase in market trading, while T-Mobile was down slightly.

In other news, Minneapolis Federal Reserve President Neel Kashkari stated that more positive inflation data is needed before considering rate cuts. He emphasized the importance of continuing to monitor economic indicators before making any decisions on interest rates.

As trading began in European markets, the FTSE 100 was down 0.15%, the CAC in France fell 0.14%, the DAX in Germany was up 0.23%, and Italy’s FTSE MIB rose 0.2%. The mixed performance followed a quiet session in the previous trading day.

The Adani Group in India is reportedly expanding into the e-commerce and payments space, a move that will put them in competition with industry giants like Google and Reliance Industries. The conglomerate is also said to be planning roadshows this week to raise up to $4 billion through equity and debt refinancing.

Retail sales in Australia ticked higher in April but missed expectations, with retail turnover rising just 0.1% month-on-month, below the forecasted 0.2% increase. Despite this modest increase, cautious consumer spending trends have impacted retail sales in the country.

Japan’s services producer price index saw its fastest rise in nine years in April, increasing 2.8% year-on-year. The indicator provides insight into rising inflation in the country and is closely monitored by the Bank of Japan. The PPI climbed for the second consecutive month, exceeding the previous month’s revised 2.4% increase.

Overall, the stock market saw varied performance last week, with the Nasdaq Composite gaining 1.4%, the Dow falling 2.3%, and the S&P 500 finishing marginally above flat. Investors will continue to monitor market trends and economic indicators for future insights and opportunities.