Apple’s terrible start to 2025 in one chart

For the majority of the Big Tech companies — or BATMMAAN, as we call them around here sometimes — 2025 has kicked off in a similar way to how 2024 ended: with their stock prices generally going up and to the right. Indeed, even with today’s minor weakness, Nvidia is still up more than 8% already this year.

Apple, however, is the notable exception, with the iPhone maker seeing its shares shed nearly 11% of their value.

Why is Apple under pressure? So far, it seems like you can bucket investors’ concerns into three broad categories:

The iPhone just isn’t selling like it used to — particularly in China.
Apple is falling further behind on AI, with Apple Intelligence underwhelming some users.
Whether the company’s valuation premium (29x P/E vs. the wider market on 22x P/E, per a recent Barron’s report) is still deserved.

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Tasha Matsumoto, Luke Kawa

17h

S&P 500 just barely notches third consecutive all-time high in record day for call volumes

The S&P 500 just barely managed to pull off a three-peat, despite five of the Mag 7 stocks trading lower.

Chicago Bulls players Dennis Rodman (L), Scottie Pippen (C) and Michael Jordan (R) hold three of the team's four recent Larry O'Brien trophies 18 June at a rally for the team in Grant Park in Chicago.

Max Knoblauch

17h

Automakers spike on report that Trump administration is considering tariff relief

The Trump administration is considering significant tariff relief for many major automakers, according to reporting by Reuters.

“The signal to the car companies around the world is, look, you have final assembly in the US, we’re going to reward you,” Ohio Republican Senator Bernie Moreno told Reuters. “For Ford, for Toyota, for Honda, for Tesla, for GM, those are the almost in order the top five domestic content vehicle producers — they’ll be immune to tariffs.”

The senator told Reuters that President Trump could potentially extend the higher levels of tariff offsets announced by the Commerce Department in June.

According to the White House, Moreno’s comments should be considered “speculative,” but shares of vehicle makers including Ford, GM, Toyota, Honda, and Stellantis all rose after the report came out.

Matt Phillips18h

Palantir disputes report of flaws in Army product

Palantir says security vulnerabilities with a prototype battlefield communications product highlighted in a September 5 Army memorandum have already been addressed, according to a Bloomberg report.

The company said any conclusions that the product was seriously flawed, drawn from reports in Reuters and an online publication known as Breaking Defense, were “out of date and inaccurate.”

Separately, Army officials also told Breaking Defense that deficiencies with the battlefield communication product were “mitigated immediately.”

Going into the last hour of trading, Palantir shares were on track for their worst day since August in the wake of the reports.

Palantir Rebuts Claims of Security Flaws After Stock Falls

J. Edward Moreno19h

Novo says it will offer weight-loss pill via telehealth, Bloomberg reports

Hims & Hers slipped after Novo Nordisk’s US head, David Moore, told Bloomberg that the company plans to sell its upcoming weight-loss pill through its current telehealth partners.

The company’s weight-loss pill recently reported encouraging results in a late-stage trial.

Novo currently has partnerships with Hims competitors like Ro and Weight Watchers. Hims had a deal with Novo earlier this year, which blew up epically in less than two months.

Novo Plans to Make Obesity Pill Available Online Once Approved

Nia Warfield20h

Shopify soars after Rothschild Redburn hikes price target to $200

Shopify popped nearly 7% Friday afternoon after Rothschild Redburn reiterated its “buy” rating and raised its price target to $200 from $180, tying the highest on Wall Street and about 23% above current levels.

The firm pointed to Shopify’s new partnership with OpenAI’s ChatGPT as a key growth driver, saying it opens up a fresh sales channel that, for now, only Shopify and Etsy merchants can tap into.

Analysts also highlighted that unlike the Magnificent 7 tech names, Shopify can fold AI revenue into its model without heavy capital spending, meaning those contributions could offer a quick boost to free cash flow.

On that note, the firm also bumped its 2025 to 2027 earnings estimates by about 6% to 8%. Shopify shares have already more than doubled over the past year and are up roughly 50% year to date.

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