The iPhone maker gained 3.5% in pre-market deals after posting record sales for its flagship phones during the holiday quarter.
The Wall Exchange’s main indexes are on course for their fourth straight weekly decline as traders and big banks raised bets on nearly five rate hikes by December after the Federal Reserve hinted it would was going to raise rates in March and warned of persistent inflation.
“While it doesn’t sound like fun, we are coming out of a period of 0% interest rates and trillions of dollars in asset purchases by the Fed,” said Darrell Spence, an economist at Capital Group.
“We knew this was bound to happen sometime, and now that we’re getting out of that environment and into a different regime, we have to expect a bit more volatility.”
Geopolitical tensions between Russia and the West over Ukraine also increased market volatility, with Wall Bourse’s fear indicator rising 0.75 points to 31.24.
On Thursday, the benchmark S&P 500 narrowly saw a correction for the fourth time this week. Small caps suffered the most, with the Russell 2000 index down 20.8% from its record closing peak on November 8, confirming the existence of a bear market.
Market participants will be watching the Fed’s favorite gauge of inflation, the December PCE Price Index, which will be released at 8:30 a.m. ET, to see if price growth peaks.
As of 7:15 a.m. ET, Russell 2000 futures were down 1.1%.
The Dow e-minis were down 156 points, or 0.46%, the S&P 500 e-minis were down 14.5 points, or 0.34%, and the Nasdaq 100 e-minis were down up 4 points, or 0.03%.
The panorama of the results of the fourth quarter is for the moment mixed. Of the 145 S&P 500 companies reporting earnings through Thursday, 79.3% beat earnings forecasts, according to Refinitiv data.
Visa gained 4.5% after beating Wall Exchange quarterly estimates as increased international travel and e-commerce led to higher spending volumes.
However, commission-free broker Robinhood Markets Inc fell 13.2% after reporting a net loss, while storage hardware maker Western Digital fell 10.4% on a weaker earnings outlook.