Stocks are up more than +0.2% in premarket trading as renewed hopes for a U.S.-Iran peace deal lifted sentiment alongside a stronger-than-expected retail sales report. Vice President JD Vance and a U.S. delegation are set to arrive in Islamabad, Pakistan tomorrow for another round of talks. Retail sales jumped +1.7% in March, topping the +1.4% consensus and building on an upwardly revised +0.7% gain in February. Sales ex-gas and autos came in at +0.6% MoM, ahead of the +0.2% estimate.
Tim Cook Steps Down as Apple CEO
Apple (AAPL) is down more than -0.6% in premarket trading after announcing Tim Cook will step down as CEO effective September 1, becoming Executive Chairman, with hardware engineering chief John Ternus taking over the top job. Cook, 65, succeeded Steve Jobs in August 2011 and oversaw AAPL's market cap swell from $350B to roughly $4T while launching Apple Watch, AirPods, and Vision Pro. Ternus, a 25-year AAPL veteran, will also join the board, while Johny Srouji becomes chief hardware officer effective immediately.
Defense Giants Top Estimates as Guidance Splits Reaction
Northrop Grumman (NOC) is down -1% and RTX (RTX) is up +2% in premarket trading after both defense primes beat Q1 estimates but offered divergent outlooks. NOC posted revenue of $9.9B and EPS of $6.14, topping consensus, though reaffirmed 2026 EPS guidance of $27.65 trailed the $27.94 Street view, with backlog at $95.6B on B-21 and Sentinel momentum. RTX delivered revenue of $22.1B and EPS of $1.78, both ahead of estimates, and raised 2026 EPS guidance to a $6.80 midpoint on strength across Collins, Pratt & Whitney, and Raytheon.
GE Aerospace Falls Despite Q1 Beat
GE Aerospace (GE) is down -3% in premarket trading despite a strong Q1 beat, as investors fixated on full-year guidance that held steady below Street expectations. Revenue rose +29% YoY to $12.4B, topping the $10.7B consensus, with EPS of $1.86 ahead of the $1.60 estimate, while orders surged +87% to $23B. GE reaffirmed 2026 EPS guidance of $7.25 and free cash flow of $8.2B, noting results are tracking toward the high end but still short of the $7.46 consensus.
UnitedHealth Lifts Guidance, Insurers Rally
UnitedHealth (UNH) is up +7% in premarket trading after a Q1 double-beat and raised full-year outlook lifted managed care peers, with Humana (HUM), CVS Health (CVS), and others all trading higher. Revenue rose +2% YoY to $111.7B, topping the $109.7B consensus, with EPS of $7.23 beating by $0.63 as the medical care ratio improved 90 bps YoY to 83.9%. CEO Stephen Hemsley said UNH is "continuing to help simplify and modernize health care," as the company lifted full-year EPS guidance to above $18.25 from above $17.75 and announced plans to repurchase up to $2B in stock by the end of Q2.
