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Apple beats US appeal claiming it shortchanged customers on iCloud storage

Apple beats US appeal claiming it shortchanged customers on iCloud storage

Mint6 days ago
-A U.S. federal appeals court on Wednesday rejected claims by Apple customers that the iPhone maker gave them less iCloud data storage than they paid for when upgrading.
In a 3-0 decision, the 9th U.S. Circuit Court of Appeals in San Francisco said reasonable consumers in the proposed class action would not have been misled by Apple's promises about storage capacity in its iCloud plans.
The plaintiff Lisa Bodenburg said she paid $2.99 a month for 200 GB of storage, believing Apple would add it to the 5 GB that all iCloud customers receive, and was shortchanged because Apple gave her only 200 GB of total storage, not 205 GB.
Circuit Judge Milan Smith, however said Bodenburg "received exactly what Apple promised her" when the Cupertino, California-based company offered "incremental" or "supplemental" storage, on top of the 5 GB she got for free.
He cited dismissals of other cases based on "unreasonable assumptions," including that Diet Dr. Pepper would aid in weight loss, and the net weight on a lip balm label failed to reveal that the dispenser's design left some balm inaccessible.
"Apple's statements are not false and deceptive merely because [they] may be unreasonably misunderstood by an insignificant and unrepresentative segment of consumers," Smith wrote.
Lawyers for Bodenburg did not immediately respond to requests for comment. The decision upheld a May 2024 dismissal by U.S. District Judge Trina Thompson in San Francisco.
The case is Bodenburg v Apple Inc, 9th U.S. Circuit Court of Appeals, No. 24-3335.
This article was generated from an automated news agency feed without modifications to text.
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Homegrown Enigma EV's revenue rises 300% on-year in FY25, sells 4,000 vehicles
Homegrown Enigma EV's revenue rises 300% on-year in FY25, sells 4,000 vehicles

Time of India

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Homegrown Enigma EV's revenue rises 300% on-year in FY25, sells 4,000 vehicles

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AI Is Wrecking an Already Fragile Job Market for College Graduates
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Hindustan Times

time22 minutes ago

  • Hindustan Times

AI Is Wrecking an Already Fragile Job Market for College Graduates

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US stock market futures surge in record-breaking tsunami as S&P 500, Nasdaq hit all-time highs and Dow rallies ahead of big tech earnings and Fed decision
US stock market futures surge in record-breaking tsunami as S&P 500, Nasdaq hit all-time highs and Dow rallies ahead of big tech earnings and Fed decision

Economic Times

time22 minutes ago

  • Economic Times

US stock market futures surge in record-breaking tsunami as S&P 500, Nasdaq hit all-time highs and Dow rallies ahead of big tech earnings and Fed decision

IANS US stock market futures are climbing as Wall Street enters one of the most critical weeks of 2025. With major earnings from tech giants like Apple, Amazon, and Microsoft on deck, plus a highly anticipated Federal Reserve meeting and key trade deadlines approaching, investor attention is sharply focused. This week could shape the market's near-term path, with the S&P 500 and Nasdaq already touching record highs, while small caps and blue-chip stocks react to rising uncertainty. The US stock market opened the week on a cautious yet optimistic note as stock futures for the Dow Jones, S&P 500, and Nasdaq ticked higher early Tuesday. Investors are bracing for what could be one of the most influential weeks of 2025, packed with earnings from tech giants, a critical Federal Reserve decision, major economic data releases, and the looming impact of new global trade tariffs. S&P 500 rose ~0.09% , marking another record close. , marking another record close. Nasdaq Composite climbed ~0.29% , also hitting all-time highs. , also hitting all-time highs. Dow Jones Industrial Average increased ~0.10% Last week, the stock market closed at record highs, largely driven by easing inflation signals, upbeat earnings, and a trade breakthrough between the US and the European Union. The S&P 500 surged to an all-time high, with the Nasdaq also hitting new records following strong performances from chipmakers and AI-linked tech companies. Much of that momentum now faces a test as a flood of second-quarter earnings reports begins pouring in. More than 150 S&P 500 companies are set to report this week, including some of the most heavily weighted stocks in the index. Among the key companies reporting are: Meta Platforms (Wednesday) Apple (Thursday) Microsoft (Wednesday) Amazon (Thursday) Alphabet (Google's parent, Wednesday) Along with UPS, Boeing, AstraZeneca, P&G, UnitedHealth, and McDonald's across sectors. So far, earnings season has outperformed expectations. According to FactSet, around 80% of companies reporting have beaten Wall Street estimates, suggesting continued resilience despite rising costs and global uncertainty. Sarepta Therapeutics (SRPT) ▪️ Surged around +35% ▪️ Boosted by FDA approval to resume shipments of its gene therapy drug Elevidys ▪️ Surged around ▪️ Boosted by FDA approval to resume shipments of its gene therapy drug Elevidys Cadence Design Systems (CDNS) ▪️ Gained approximately +7.6% ▪️ Jumped after strong Q2 earnings and raised forecast ▪️ Gained approximately ▪️ Jumped after strong Q2 earnings and raised forecast Tesla (TSLA) ▪️ Rose by +3% ▪️ Driven by a new $16.5 billion AI chip manufacturing deal with Samsung ▪️ Rose by ▪️ Driven by a new $16.5 billion AI chip manufacturing deal with Samsung Nvidia (NVDA) ▪️ Up about +1.9% ▪️ Continued to gain on strong demand for AI and data center chips The Federal Reserve's July meeting concludes Wednesday, and while no rate hike is expected, investor attention is sharply focused on the central bank's tone and guidance. The Fed has been walking a tightrope between controlling inflation and supporting economic growth. With inflation data showing signs of cooling—particularly the core Personal Consumption Expenditures (PCE) index—many analysts expect the Fed to maintain current interest rates, while possibly hinting at rate cuts later this year. Market futures currently imply a 60–70% chance of a rate cut by September, according to CME FedWatch data. However, a hawkish tilt from Fed Chair Jerome Powell could dampen market sentiment, especially if the central bank stresses inflation risks or delays easing. Another major development weighing on the market is the August 1 deadline for the US to finalize trade agreements with several nations or impose significant new tariffs. While the US–EU deal last week helped calm investor nerves by capping tariffs at 15%, trade relations with China, India, and some Southeast Asian economies remain uncertain. 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YTD 2025 Return : +18.7% : +18.7% Recent High : Record close at 5,495 : Record close at 5,495 Key Drivers : Strong tech earnings, easing inflation, global trade optimism : Strong tech earnings, easing inflation, global trade optimism Outlook: May face volatility from Fed meeting and valuation risks YTD 2025 Return : +27.5% : +27.5% Recent High : Record close at 18,320 : Record close at 18,320 Key Drivers : AI and chip stocks, tech-led rally, retail investor surge : AI and chip stocks, tech-led rally, retail investor surge Outlook: Highly sensitive to Big Tech earnings this week YTD 2025 Return : +8.9% : +8.9% Current Level : Around 41,000 : Around 41,000 Key Drivers : UnitedHealth, Boeing, Apple weightings; earnings-driven : UnitedHealth, Boeing, Apple weightings; earnings-driven Outlook: Slightly lagging due to industrial exposure but still resilient YTD 2025 Return : +5.2% : +5.2% Current Trend : Underperforming vs. large caps : Underperforming vs. large caps Key Drivers : Interest rate sensitivity, lack of AI exposure : Interest rate sensitivity, lack of AI exposure Outlook: May rally if Fed signals dovish tilt or soft landing Current Level : ~13.7 : ~13.7 Trend : Low volatility, near historic lows : Low volatility, near historic lows Implication: Calm ahead of potentially stormy week Beyond earnings and the Fed, a slew of economic data is set to shape investor sentiment throughout the week. These include: July Consumer Confidence Index (Tuesday) ADP private payrolls report (Wednesday) Q2 GDP preliminary reading (Thursday) June PCE inflation data (Friday) July Non-Farm Payrolls (Friday) ISM Manufacturing PMI (Thursday) Consumer sentiment reports Each data point carries the potential to shift expectations around the Fed's next move, inflation path, and corporate profitability. Strong data could fuel optimism, but any negative surprise might invite a sharp correction. Tech and AI-related stocks continue to dominate market enthusiasm in 2025. Shares of NVIDIA, Broadcom, Palantir, and AMD have all surged this month on AI demand and chip expansion. Now, with 'the Magnificent Seven'—Meta, Apple, Alphabet, Microsoft, Amazon, Nvidia, and Tesla—all set to report or influence market tone, their earnings performance could define the next leg of this rally. High expectations have left little room for disappointment, so even small misses could trigger outsized reactions. Some analysts have flagged the rising concentration risk in tech-heavy indices, with the top 10 S&P 500 companies now accounting for nearly 35% of the index's total weight—a level last seen during the dot-com bubble. With the S&P 500 and Nasdaq hitting record highs, many investors are starting to question how sustainable the rally is. According to recent analysis, the S&P 500 is trading at nearly 21 times forward earnings, well above its 10-year average. While AI growth and strong earnings help justify some of the premium, any policy missteps, earnings miss, or geopolitical shock could bring volatility. Analysts warn that investor euphoria is returning to meme stocks, small caps, and risky sectors, which may point to a frothy environment. As July comes to a close, investor sentiment is cautiously optimistic. Solid earnings and easing inflation have provided a strong foundation, but the upcoming Fed meeting, tariff decisions, and economic data may act as the ultimate stress test. Here's what could drive the market in August: Key Driver Market Implication Earnings performance Continued beats could support higher valuations, while misses could spark pullbacks Fed policy shift Dovish language may extend the rally; hawkish tone could cause short-term correction Tariff decisions More trade deals = bullish sentiment; new tariffs = inflation and risk-off mood Tech sector leadership Mega-cap resilience critical to sustaining gains Valuation rebalancing Correction risk rises if macro or earnings disappoint The US stock market today is treading carefully, navigating a perfect storm of earnings, macroeconomic updates, and policy decisions. For investors, staying informed and agile is critical. Whether you're a long-term investor or short-term trader, this week's developments—especially the Fed's tone, Big Tech results, and trade headlines—could determine not only the market's direction in August but set the tone for the rest of 2025. Q1: What is driving the US stock market today? Earnings reports, Fed updates, and trade news are moving the market. Q2: Which stocks should investors watch this week? Apple, Amazon, Meta, Microsoft, and Boeing are key stocks to watch.

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