Proactive Investors - Apple Inc (NASDAQ:AAPL, ETR:APC) is set to soar as the market opens on Friday, aiding the Dow Jones to a 302-point gain to reach 38,684.
Shares in the technology giant were up 6% in pre-market trading, after Apple beat expectations with second-quarter results and authorised a record-breaking US$110 billion buyback.
Futures trading had the Nasdaq and S&P 500 up 112 and 18 points respectively in the meantime, at 17,762 at 5,110.
XTB analyst Kathleen Brooks said Apple’s better-than-expected results, “mega” buyback and push into artificial intelligence were all buoying the stock.
On the latter, she added: “After the company abandoned its driverless car project, Apple lagged in the AI stakes. It said that it is investing in integrating AI into its hardware and software using chips made in-house and concentrating on privacy and security.
“Its experience with privacy and security on its iPhones and other devices could give it an advantage over its rivals.”
Traders also awaited jobs data for April on Friday, with expectations being for an additional 240,000 payrolls to have been created over the month.
This would mark the slowest rate of growth since November, with markets also eyeing wage growth data in the context of prospective interest rate cuts by the Federal Reserve, according to Brooks.