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.
Apple news of the day
- 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.
- The lingering battle between Apple and Epic Games can be largely thought of as a bearish development. However, not much came up on Thursday regarding the legal fight, possibly leading Apple bulls to feel more comfortable buying shares.
- 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.
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.