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Apple This Week: Stock Finds Its North

Apple stock may have found its way up again. Driven by broad market optimism and anticipation for the iPhone 12, shares climbed more than 3% in the most recent week.

Apple seems to have got into its stride. But it took a bit for the stock to find a north.

After a sharp decline in the first half of September, shares bounced around $107 per share for a moment. In the past two weeks, however, the stock has rallied back to mid-August levels. The past five trading days have been particularly good for Apple, even if the S&P 500 managed to climb even higher – see chart below.

Two distinct halves

Apple shares started the week trading sideways to lower. Tuesday was a particularly eventful day for the stock, when several developments converged: the speech by the Fed’s Jerome Powell, Trump’s decision to halt fiscal stimulus negotiations with Congress (which lasted only a few hours), the announcement of the iPhone 12 event, and the House antitrust panel’s report on Big Tech.

Here are the bullish factors pushing Apple stock forward:

  • The announcement of the October product refresh event (the Apple Maven will cover it live on Tuesday the 13) must have been a relief for investors. The longer it takes the iPhone 12 to become available in the market, the more likely it is that Apple’s holiday sales might suffer. While availability for purchase and delivery is still a question mark, at least investors will know exactly what to expect very shortly.
  • This may have flown under the radar, but it has become clearer that Apple will likely unveil new home and wearable products late this year or early in 2021. Brand-new revenue opportunities might be in the pipeline.
  • Despite fits and starts, the overall market sentiment was bullish ahead of the US Presidential election and the next wave of fiscal stimulus. Apple rode on the coattails of general optimism this past week.

On the other hand, this was a key bearish factor dragging Apple stock:

  • The House antitrust subcommittee did not go easy on Apple and its FAAMG peers. The 450-page report recommended drastic measures to deal with the dominance of Big Tech, including structural separations and “prohibiting dominant platforms from entering adjacent business lines”. I believe bipartisan antitrust scrutiny to be a significant risk for Apple in the long run.

Below is a chart that compares the performance of Apple stock against the S&P 500 and the industry. Apple’s dashboard still looks good over longer periods, and is starting to look better in the more recent past.

Explore more data and graphs

The data used in this report was provided by Stock Rover. I have been impressed with the breadth and depth of information on markets, stocks and ETFs that this platform provides. Stock Rover also helps to set up detailed filters, track custom portfolios and measure their performance relative to a number of benchmarks.

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(Disclaimers: the author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting The Apple Maven)