A sequence of daily losses has pushed AAPL stock deeper into correction and sent it back to August 2020 levels. However, yesterday, on May 13, the stock gained 1.7% to close the session trading at precisely $124.97 per share.
In premarket action, AAPL started to head higher by 1.1% at last check. Below, the Apple Maven discusses some of the key factors that could move Apple stock during the May 14 session.
A few events this Friday could move not only Apple shares, but the market more broadly. For instance, ahead of the opening bell, the S&P 500 and Nasdaq have been trading a bit higher by 0.6% and 1%, respectively. Here are some potential movers:
- TheStreet: Stock futures rose Friday as commodities prices dipped, helping to ease worries about higher inflation. Technology stocks led Wall Street sharply higher Thursday.
- On the calendar of events, there will be reports on retail sales, import and export prices, industrial production and consumer sentiment. Also, an estimated 32 companies will report earnings.
Beyond broad market movers, Apple stock could also be swayed by company-specific events. For example, Yahoo Finance has reported the following:
- "iPhone maker warned that the global supply crunch that has hit the consumer electronics and automaking industries will worsen this quarter, after it weathered component shortages to post better-than-expected quarterly profits."
“Component shortages in the second quarter will be more severe than the first quarter,” Hon Hai Precision Industry's chairman said on a conference call.
Key metrics on Apple stock
Apple stock is squarely in correction mode, after tip-toeing around the $130 levels for a few weeks. Below is a recap of some important Apple stock-related figures:
- Down -3.4% year-to-date vs. the S&P 500's 11% and the Nasdaq's 3% gains.
- Down 12% from the January peak of $143 per share. This is the farthest that Apple stock has been to all-time highs since late March.
- Worth about $2.08 trillion, barely hanging above the $2 trillion milestone. A 3% decline from here would send Apple stock below these key levels.
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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)