Apple stock has taken yet another step forward on Thursday, April 15, adding another leg to the recent rally. At the end of the trading session, shares of the Cupertino company were worth about $134.50, locking in a solid 1.9% gain for the day.
The Apple Maven reviews the couple of factors contributing to the market-beating rise in the stock – the S&P 500 and the Nasdaq climbed 1.1% and 1.3%, respectively. AAPL is closing in fast on its all-time highs ahead of the company's earnings day, and the drawdown from the January peak has narrowed to only 6%.
Apple news of the day
Thursday was all about macro-level bullishness sending Apple share price higher. Below are the main catalysts that helped to push the stock forward on April 15:
- Jobless claims for the week fell below consensus estimates to the lowest since the start of the pandemic. The economy seems to be recovering quickly, which is great news for the stock market in general.
- US retail sales for March came in nearly 10% higher year-over-year, supported by the third wave of fiscal stimulus. Apple should be rightfully perceived as a beneficiary of the positive trends in consumer spending.
- Yields will likely continue to be a key driver of stock price performance, particularly for tech and growth names like Apple. On Thursday, the 10-year treasury rate dropped sharply to 1.57%, from a 2021 peak of 1.75%.
Key metrics on Apple stock
Apple stock is now "nine for eleven": 9 days of positive returns within the past 11 trading days. Here is a refresh on some key metrics on the Cupertino company's shares:
- Up 1% for the year vs. the S&P 500's 11% and the Nasdaq's 9% gains.
- Down around 6% from the January peak of $143 per share.
- Worth about $2.25 trillion, beating Microsoft by about $300 billion in market cap to remain the most valuable US-based stock.