Premarket movers: Magnificent Seven stocks are mostly higher: Nvidia (NVDA) +1.6%, Tesla (TSLA) +1.1%, Microsoft (MSFT) +1%, Amazon (AMZN) +0.6%, Alphabet (GOOGL) +0.6%, Meta Platforms (META) +0.3% while Apple (AAPL) falls 2% after a report that the company cut component orders for the iPhone 18 Pro and iPhone 18 Pro Max following weaker-than-expected demand. Tower companies gain after SpaceX said in a post on X that it had agreed to acquire a nationwide low-band spectrum license portfolio in a deal analysts say is a positive catalyst for the sector. Telecom stocks slip on concerns over increased competition from satellite operators, with T-Mobile (TMUS) -7.8% and AT&T (T) -6.3% Optical-equipment makers rally after Lumentum (LITE +6.2%) noted that its components are “completely sold out” through early 2029 on demand from tech companies clamoring for faster AI data centers. American Express (AXP) falls 1.5% after federal regulators fined the credit card company $350 million for failing to catch and report money laundering in its system. Cboe Global Markets Inc. (CBOE) gains 2% after Morgan Stanley upgraded the exchange. Delta Air (DAL) is down 3.4% after the carrier cut its adjusted earnings per share forecast for the full year. The midpoint of the new outlook trailed the average analyst estimate. Fastly Inc. (FSLY) gains 7.4% after Oppenheimer upgraded the software company to outperform from perform, seeing a growing opportunity related to AI agents. Humana (HUM) jumps 15% after the health insurer improved its performance on the Medicare Advantage quality ratings that will improve future revenue. Baird upgraded the stock. South Bow (SOBO) falls 1.6% after Barclays cut its recommendation on the pipeline company to underweight from equal-weight on execution and permitting risk. Webull Corp. (BULL) rises 4.4% after Scotiabank raised its recommendation on the exchange to sector outperform from sector perform after the recent selloff in shares(Historical earnings: For 2026Q3 (period ended 2026-03-31), Microsoft reported basic EPS of 13.19, diluted EPS of 13.14, and net income of USD 97.983 billion. In the prior-year period (2025-03-31), basic EPS was 10.03, diluted EPS was 9.99, and net income was USD 74.599 billion. For 2026Q2 (period ended 2025-12-31), basic EPS was 8.91, diluted EPS was 8.87, and net income was USD 66.205 billion. For 2026Q2 (period ended 2024-12-31), basic EPS was 6.56, diluted EPS was 6.53, and net income was USD 48.775 billion. Consensus expectations: For 2027Q1, consensus EPS estimate is 4.8231 and revenue estimate is USD 92.453 billion. For 2027Q2, consensus EPS estimate is 4.9451 and revenue estimate is USD 97.380 billion.)