Apple stock continues to lose momentum. Shares are now back to early August levels, reached moments after the company’s blowout fiscal third quarter earnings.
The worse news is that Apple has largely run out of catalysts in 2020. The iPhone 12 has been announced, and the last earnings report of the year is now history. Left to support the stock is a potential rebound in the broad market, which optimists hope could happen after the US election.
What to keep an eye on
There will likely be one key topic of conversation dominating the newsfeed this coming week: the US Presidential election.
I have written about what could happen to Apple and its stock if Donald Trump wins or if Joe Biden assumes control of the White House. However, when it comes to knee-jerk share price reaction, I believe that a clean election with uncontested results would be the best outcome for Apple shares.
Otherwise, the evolution of the third wave of COVID-19 cases in Europe and the US could also move the markets and, as a result, Apple’s stock price. For now, it looks like the news are more likely to get worse before they get better.
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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)