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U.S. stock futures are pointing higher after tech stocks pulled indexes lower Thursday; Apple (AAPL) shares are stabilizing in premarket trading after sinking yesterday on weak China iPhone sales; China says it met its 5% 2024 GDP growth target; UnitedHealth Group (UNH) stock is in focus after it led S&P 500 decliners yesterday; and a SpaceX Starship rocket broke up after launch. Here's what investors need to know today.
1. US Stock Futures Point Higher After Tech Selloff
U.S. stock futures are pointing higher after major market indexes slipped yesterday as tech stocks sunk across the board. Nasdaq futures are up 0.5%, and Dow Jones Industrial Average and S&P 500 futures are rising 0.4%. Bitcoin (BTCUSD) is more than 2% higher to trade above $102,000. Gold futures and yields on the 10-year Treasury note are lower. Oil futures are little changed.
2. Apple Stock Stabilizes After Plunging on Soft China iPhone Sales
Apple (AAPL) shares are nearly 1% higher in premarket trading after the tech giant's stock sank more than 4% yesterday—its worst day since Aug. 5—on reports of weak iPhone sales in China. Thursday's slide came as market research firm Canalys reported that Apple had fallen to third in 2024 smartphone sales in China, CNBC reported. Earlier this week, Counterpoint Research said Apple's fourth-quarter global iPhone sales had fallen 5% year-over-year. Apple shares have declined almost 9% to start the year.
3. China Says It Met 5% 2024 GDP Growth Target
China said that it met its annual 5% gross domestic product (GDP) growth target for 2024. According to the country's National Bureau of Statistics, China posted a 5.4% expansion in the fourth quarter, when it unveiled stimulus measures that buoyed economic activity. The data follows China's reported GDP growth of 5.2% in 2023. Its export-led growth comes as President-elect Donald Trump has threatened an additional 10% tariff on Chinese imports.
4. UnitedHealth Group Stock in Focus After Plummeting on Weak Earnings
UnitedHealth Group (UNH) stock is in focus a day after the health insurer plunged 6% to lead S&P 500 decliners on disappointing quarterly earnings and higher medical costs. While the company kept its 2025 outlook unchanged, it projected that its medical cost ratio (MCR) would reach 86% to 87% this year. The stock, which is down nearly 20% from its record high set in November, is down nearly 3% from a year ago, while the S&P 500 has gained 25%. UnitedHealth shares are edging higher in premarket trading.