Apple and other big U.S. companies reporting fatter profits than expected are helping Wall Street shave off its sharp losses from the start of the week on Friday. The S&P 500 was 0.7% higher in morning trading.

Apple’s own brand of artificial-intelligence might be rolling out slowly but analysts are hailing early evidence that it is set to boost iPhone sales. “Apple Intelligence is clearly benefiting iPhone growth in regions/countries where it is available.

Wall Street analysts appeared to breathe a sigh of relief after Apple's first quarter earnings modestly beat analysts’ forecasts and the company’s explanation of falling iPhone sales in China eased their anxieties.