Trade Tensions Stifle Tech Giant

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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see markets were somber on Friday as investors anxiously await the upcoming US jobs numbers. The latest employment report will test optimism over whether the Fed will continue its rate increases or finally close the chapter on the steepest rate hikes since the early 1980’s.

There’s also a couple big stock movers in the tech sector this morning. Check out all the details below.

Here’s a look at the top-moving stocks this morning.

Apple Inc. (Nasdaq: AAPL)

Apple is down 3.12% premarket. The tech giant reported fiscal fourth-quarter results that topped Wall Street expectations. However, the company is seeing challenges in China as sales in the country missed analyst estimates. China represents 20% of revenue for Apple. Senior Research Analyst Tom Forte said Apple can no longer rely on iphone sales to boost its stock due to these escalating trade wars overseas.

Block, Inc. (NYSE: SQ)

Block is up 16.44% premarket. Block reported third-quarter results that topped Wall Street estimates on both the top and bottom lines. The fintech company reported adjusted earnings of $0.55 per share compared to estimates of $0.45 cents per share and revenue of $5.62 billion versus expectations of $5.47 billion. The company also raised its full-year adjusted EBITDA forecast for 2023 and issued upbeat guidance for 2024.

Tech stocks offer some of the best potential for massive gains in the market. Our Lead Technical Tactician Nate Bear uses a unique chart analysis system that identifies squeezes on stocks that could serve as catalysts for big moves.

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BILL Holdings (NYSE: BILL)

Bill Holdings is down 31.26% premarket after the payment and billing software maker announced better-than-expected earnings for Q1 FY2024, with revenue up 32.6% year on year to $305 million. Despite posting strong revenue, the company issued guidance of $298 million for next quarter, which was 6.47% below analysts’ estimates.

Those are the biggest stock movers for today.

Happy trading!

The Wake-Up Watchlist Research Team

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