Until recently, Apple stock had been climbing relentlessly. Starting on March 31, shares of the Cupertino company ended the trading session in the green seven consecutive times, to reach price levels not seen since February.
So, maybe not surprisingly, the stock took a break on Monday, April 12. Shares finished the day trading at about $131, 1.3% lower compared to Friday's close. The decline was consistent with, but more pronounced than, losses elsewhere in the equities market.
Apple news of the day
Other than sell-the-rally pressures, other factors may have caused Apple stock to move on Monday. Among them:
- The component shortage may not prevent Apple from launching a new lineup of iPads as early as this month. However, certain parts will likely only be used in the pricier 12.9-inch device, and product availability may be limited.
- Apple may be planning the launch of a HomePod-iPad combo and an Apple TV model with built-in speakers. Should the rumors be confirmed, the new devices would add to the company's portfolio of wearables and home products and, possibly, boost growth opportunities.
- At a macro level, treasury yields inched higher once again, which is usually not a bullish move for growth stocks. Also, anticipation over the upcoming earnings season caused the broad market to pause its recent climb, at least for a day.
Key metrics on Apple stock
As of the end of Monday's trading, Apple stock was:
- Roughly flat for the year vs. the S&P 500's 10% and the Nasdaq's 7% gains.
- Down around 8% from the January peak of $143 per share.
- Worth about $2.2 trillion, the most of any US-based company.
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(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting The Apple Maven)