Good morning. Apple’s victory against supply chain crunch, Biden to host Olaf Scholz to discuss Ukraine, Italy’s lawmakers haven’t agreed on a president and traders boost borrowing-cost bets. Here’s what’s moving markets.
Apple rallied in late trading after quarterly revenue sailed past Wall Street estimates, marking a victory against a supply-chain crunch fueled by the pandemic and chip shortages. The surprisingly strong results suggest that fears of supply upheaval were overblown. CEO Tim Cook had warned late last year that shortages could affect the company, but the tech giant navigated the crisis and benefited from a flood of new products, including the iPhone 13, Apple Watch Series 7 and updated Macs.