Stock Market Winners & Losers: Dow, S&P 500 Build on Records | Amazon is Primed and Ready | Apple Makes Strides in India
Stocks opened higher as investors assessed big bank earnings and a retail sales surprise, with growing confidence that an interest rate cut is near. Bank of America's quarterly profit fell but beat estimates. Federal Reserve Chair Jerome Powell indicated that rate cuts might start soon due to solid inflation figures. Retail sales were flat but better than expected in June.
Apple is focusing on India to diversify its revenue as global competition intensifies. Global smartphone shipments increased to 45.2 million units in Q2, with Apple maintaining its No. 2 position behind Samsung. However, Apple's global market share slipped from 16.6% to 15.8%, while Xiaomi and Vivo saw increases. Apple's sales in India surged nearly 33% to almost $8 billion, tapping into the country's rising middle class. Despite this, iPhones account for just 3.5% of the 690 million smartphones in India.
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