CNBC Daily Open: What DeepSeek? Big Tech is already bringing in billions
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Markets rise amid choppy trading
Major U.S. benchmarks rose on Thursday in a volatile session that saw stocks slump in the final hour of trading before sharply recovering losses. Asia-Pacific markets mostly advanced Friday. India's Nifty 50 index climbed around 0.8% ahead of the country's Union Budget on Saturday, in which the government has to balance fiscal prudence with economic stimulus.
Slower-than-expected U.S. economic growth
U.S. gross domestic product expanded by 2.3% on an annualized and inflation-adjusted pace in the fourth quarter of 2024, the U.S. Commerce Department reported Thursday. The figure was lower than the 2.5% expected by economists surveyed by Dow Jones, and a drop from the 3.1% growth recorded in the third quarter. Still, the U.S. experienced healthy economic growth of 2.8% for the whole of 2024.
Apple's services sales make up for iPhone slump
Apple shares climbed around 3% in extended trading after the company reported a 14% year-on-year jump in services revenue during its first fiscal quarter — which helped boost gross margins to 46.9%, the highest on record. That bump defrayed worries over declining iPhone sales, which fell 11% on an annual basis in the Greater China market. But CEO Tim Cook said there's "a national subsidy program" in China, which could boost sales.
Samsung Electronics' operating profits take a hit
Samsung Electronics reported fourth-quarter revenue that rose 12% from a year earlier, beating LSEG estimates. Annual revenue in 2024 was the second highest