Highlights

• Apple beat Q2 estimates with $95.4B revenue and $1.65 EPS, announced a $100B share buyback, but warned of a $900M tariff headwind; shares fell ~2-3% after hours.12
• Amazon topped Q1 expectations on revenue and EPS, but issued a softer outlook citing tariff risks and FX drag; stock dropped 4-5% post-close.2
• Reddit posted its first profitable quarter, with Q1 revenue up 61% and strong user growth; shares surged up to 19% after hours before settling +5%.8
• Roblox Q1 revenue and bookings exceeded guidance, DAUs rose 26% to 97.8M; stock jumped 8% post-earnings.10
• Duolingo delivered a 38% revenue jump and raised its FY2025 outlook, driven by AI and paid subs; stock soared over 10% after hours.11
• Roku Q1 revenue up 16%, announced Frndly TV acquisition; stock beat EPS estimates but lowered FY2025 sales guidance.12
• Instacart missed Q1 EPS/revenue estimates but saw 14% order growth and strong GTV; Q2 guidance slightly below consensus.13
• Airbnb beat Q1 revenue estimates but guided Q2 below consensus, citing softening US travel demand; shares fell 4% after hours.9
• Amgen beat Q1 earnings/revenue forecasts and reaffirmed FY guidance; strong biotech growth.14
• Strategy (ex-MicroStrategy) reported a $4.22B Q1 loss but plans to raise $84B to expand Bitcoin holdings, citing a $5.8B YTD BTC gain.3
• EU offered to buy 850B in US gas/soybeans to ease Trump-era tariff tensions, but rejected 10% tariffs; US exempts CUSMA-compliant Canadian auto parts from 25% tariffs starting May 3.45
• Japans finance minister highlighted US Treasury holdings as trade leverage, with no current plans to use them or intervene on yen FX.6

Commentary

Mega-cap tech earnings dominated after-hours action, with Apple 12 and Amazon2 both beating top- and bottom-line estimates but facing immediate selling pressure on softer forward guidance and tariff risks. Apple s $100B buyback and dividend hike were overshadowed by a $900M tariff warning and a modest miss in Services revenue, while Amazons cautious outlook and explicit mention of tariff and FX headwinds spooked investors. These results reinforce ongoing concerns about the impact of trade policy volatility and a stronger dollar on US tech giants, even as operational performance remains robust.2

Consumer and internet stocks delivered a more upbeat tone. Reddit8, Roblox10, and Duolingo11 all posted strong revenue growth and user engagement, with each stock rallying after hours. Reddits first-ever profit and Duolingos AI-driven momentum signal that digital platforms with sticky user bases and pricing power are outperforming, while Robloxs bookings and DAU surge suggest continued strength in online entertainment. Roku s solid quarter and Frndly TV acquisition further highlight the competitive streaming landscape, though its lowered full-year outlook signals caution.12

On the macro front, trade policy remains a key risk. The EUs offer to ramp up US imports aims to defuse tariff tensions, but the Trump administrations ongoing tariff threats4 especially on autos5 continue to disrupt supply chains. The US exemption for CUSMA-compliant Canadian auto parts brings some relief, but retaliatory tariffs and automaker shutdowns (e.g., Stellantis) illustrate the persistent drag on the sector.5 Japans signaling of its US Treasury holdings as potential leverage adds another layer of uncertainty to global capital flows and FX markets, especially with no clear intervention path on the yen.6

In crypto, Strategys aggressive $84B capital raise to expand its Bitcoin treasury3 even after a multi-billion-dollar quarterly loss underscores institutional conviction in digital assets amid BTCs surge toward $97,000.3 Amgen s strong quarter and reaffirmed guidance provide a defensive anchor in healthcare,14 while Instacarts order growth but soft guidance reflect continued consumer caution.13

Traders should stay alert to further tariff headlines and FX volatility, particularly as tech and consumer names digest mixed earnings and guidance. Watch for spillover from trade policy into equity sector rotation (tech vs. defensives), potential moves in US Treasuries if Japan signals action, and ongoing crypto volatility as institutional flows accelerate. The market remains highly sensitive to forward-looking statements and macro risks, so expect choppy trading as positioning adjusts to the evolving policy and earnings landscape.