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.
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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