Closing Bell: Apple Closes Higher, Cleveland-Cliffs Rises on Earnings, AppLovin Sinks

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Tim Stenovec and Carol Massar.

On this episode of Stock Movers:

- Apple (AAPL) shares hit their first record of 2025 after Loop Capital upgraded the stock to buy from hold, becoming the latest firm to cite positive iPhone demand trends. The recent strength comes amid signs of stronger-than-expected demand for its latest iPhone lineup, with the iPhone 17 series outselling the iPhone 16 by 14% over their respective first 10 days on sale in the US and China.

- Cleveland-Cliffs (CLF) shares closed 21.47% higher after the company posted stronger-than-expected earnings and disclosed a pact with another metal producer. The company said it discovered two sites with potential to produce rare earth minerals, one in Michigan and another in Minnesota, and is evaluating whether rare earth minerals can be extracted from its mines.

- AppLovin (APP) was the worst performer in the S&P today after the New York Post reported that state regulators have reached out to multiple short sellers in a possible preliminary probe on the mobile advertising company.

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