Tech Excelled, But Wall Street Still Freaked Out

Even a week of outsize performance from the tech sector couldn’t spare the stock market from a queasy drop. Last week’s highs and lows are easy, though not simple, to map out. The stage was set for a thrilling comeback of several technology giants, with surprisingly good results reported following a rather lackluster or, at best, uneven performance. Previous concerns about flagging iPhone sales vanished, as Apple reported $91.8 billion in revenue, driven by the popularity of its iPhone 11 and 11 Pro over the holidays and bolstered by devices like the Apple Watch. Apple’s wearables business grew 44 percent and has now grown into “the size of a Fortune 150 company,” said chief executive officer Tim Cook. And for the first time, the category nabbed $10 billion. The company also drew $12.7 billion in revenue from services covering iCloud, Apple Music and newer subscriptions for Apple Arcade and Apple TV+. Wedbush analyst Daniel Ives described “these results and guidance as a ‘blowout’ print that will put more high-octane fuel in the bull thesis looking ahead,” with “pent-up demand within the installed base which is now over 1.5 billion devices worldwide.” Katy Huberty of Morgan Stanley sees the iPhone’s resurgence and double-digit growth in services

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