Apple stock's rally took a short break on Monday, April 12, only to pick up speed on Tuesday. At the end of the April 13 trading session, shares of the Cupertino company were valued at $134.39, which was 2.4% higher for the day.
The Apple Maven reviews the catalysts that led the stock to beating the S&P 500 and even the Nasdaq by at least 135 basis points. AAPL is now closer to all-time highs, although it is still navigating a 6% drawdown from the January peak.
Apple news of the day
Here are the key factors that likely caused Apple stock to move higher on Tuesday:
- The Apple Car made the news once again. When this happens, Apple shares tend to see a bump in price. This time, the Korea Times reported that Magna International and LG Electronics may partner with Apple on its electric car project.
- Apple announced an April 20 event that will likely mark the refresh of the iPad Pro – and possibly other devices. It is interesting to see how Apple stock spiked right after noon EST, which is roughly the time of Apple's event announcement.
- The same mini-rally mentioned above also coincided with a sharp drop in treasury yields, possibly a result of the J&J vaccine halt. Lower interest rates are usually good news for growth and tech stocks.
Key metrics on Apple stock
Apple stock continued its second quarter 2021 recovery on Tuesday. Here are some key metrics on the Cupertino company's shares that I believe are worth tracking:
- Up 1% for the year vs. the S&P 500's 10% and the Nasdaq's 7% gains.
- Down around 6% from the January peak of $143 per share.
- Worth about $2.25 trillion, the most valuable US-based company.