However, the market share gains were overshadowed by a decline in U.S smartphone sales, such that Apple still delivered a lackluster performance in the December quarter. Revenue increased only 4% to $124 billion. And while GAAP net income jumped 10% to $2.40 per diluted share, stock buybacks rather than strong sales growth was the main driver.

Key Takeaways More than half of Wall Street's major stock market forecasters have slashed their outlook for the S&P 500 in recent weeks amid turmoil sparked by President Trump's tariffs.Confusion and uncertainty about the economic outlook have caused the gap between the Street's highest and lowest year-end S&P 500 forecasts to widen significantly.