Shares of Apple and Amazon.com eased in after-hours trading on Thursday, despite a surge in tech-related stocks during the regular session. The decline came after Apple reported estimated tariff costs that disappointed investors, with CEO Tim Cook stating that tariffs would add about $900 million in costs for the quarter ending in June if rates remain unchanged. Apple also outlined changes to its supply chain to minimize the impact of U.S. President Donald Trump’s trade policies.
Amazon.com’s shares fell 2.5% after the company reported first-quarter cloud revenue growth and forecast operating income below estimates. In contrast, Microsoft shares ended 7.6% higher after the company reported that AI contributed to a 16 percentage point increase in Azure growth during its fiscal third quarter. Meta Platforms shares rose 4.2% following its report that AI-powered tools helped attract advertising dollars despite economic uncertainty.
The Nasdaq gained 1.5% during the regular session as technology stocks, including those involved in artificial intelligence, rose sharply. Nvidia and Broadcom both gained 2.5%. Amazon ended the regular session up 3.1%, while Apple ended up 0.4%. The ‘Magnificent Seven’ – the top U.S. technology and growth stocks – had stumbled early in 2025 due to concerns about Trump’s tariffs but rebounded after he paused some of the tariffs on April 9.
