Welcome to Markets Desk, here's what's moving right now.
Tim Cook officially stepped down as Apple's chief executive this week after fifteen years at the helm, handing the reins to John Ternus. Cook's tenure transformed Apple from a hardware company into a services and ecosystem giant, and his successor inherits that legacy with immediate pressure — Apple's annual iPhone event arrives in just eight days, with reports pointing to the company's first foldable iPhone as the headline product. Ternus also navigates the unusual dynamic of Cook remaining on the board in an expanded role, meaning his predecessor stays very much in the building.
Shifting to Wall Street, Morgan Stanley has lifted its price target on Robinhood from one hundred twenty four dollars to one hundred fifty dollars, implying roughly forty three percent upside from current levels. Notably, the analysts frame that case without leaning on cryptocurrency tailwinds, instead pointing to the platform's expanding product suite and growing retail engagement as the core drivers.
And on valuations broadly, the S and P five hundred is trading near its highest-ever price-to-earnings multiple, and some strategists are flagging that as a reason for caution. When markets stretch this far above historical norms, selling pressure tends to build gradually rather than all at once — but the setup warrants attention from anyone carrying concentrated growth exposure.
That's the tape. Markets Desk, signing off the floor.
