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AAPL After Hours: Apple Stock Continues To Recover

Apple stock is still trying to shake off post-earnings weakness in share price. Here is what caused it to move higher on Thursday, May 6.

It has not been an easy few days for AAPL investors, as Apple stock has endured five days of negative returns in the past eight trading sessions. However, May 6 marked the second consecutive day of gains for the shares: up 1.2% and now valued at $129.66.

The Apple Maven reviews what factors may have pushed Apple stock higher this Thursday, leading it to beat its Nasdaq and high-growth tech peers.

AAPL stock price action on May 6

AAPL stock price action on May 6

Also read: AAPL Premarket: What Could Move Apple Stock On May 6

Apple news of the day

Not unlike Wednesday, the day was light on Apple-specific news, following an action-packed earnings week. Below are the most likely forces behind the stock's performance on Thursday:

  • Movements in yields have had noticeable influence on Apple stock in 2021. Generally, higher interest rates correlate with a healthy and heated economy, which is good for stocks in general. But while yields are on the rise from their recent near-zero low, the appetite for tech and growth stocks diminish. On May 6, the 10-year treasury headed lower to 1.56%, which may have helped Apple.
  • History says that buying Apple stock during corrections or when valuations pull back tend to be a good idea. It is possible that bargain hunters may be nibbling at shares at current prices, now that the current-year P/E (price to earnings) ratio has declined to pre-pandemic levels.

Also read: Looking Closer At Jim Cramer’s Fresh Take On Apple Stock

Key metrics on Apple stock

Apple stock is still trying to shake off late April softness in price. Here is a quick look at some of Apple's important stock-related metrics:

  • Down 2% for the year vs. the S&P 500's 13% and the Nasdaq's 6% gains.
  • Down 9% to 10% from the January peak of $143 per share.
  • Worth about $2.2 trillion, and still holding the title of only US-based company to have ever been valued above $2 trillion.

Also read: Apple Stock: Wall Street’s Take On The Earnings Report