A sequence of daily losses has pushed AAPL stock deeper into correction and sent it back to August 2020 levels. Yesterday, on May 12, the stock dropped 2.4% to close the session trading at $122 per share.
In premarket action, AAPL started to head lower by -0.53%, at last check. Below, the Apple Maven discusses some of the key factors that could move Apple stock during the May 13 session.
A few events this Thursday could move not only Apple shares, but the market more broadly. For instance, ahead of the opening bell, the S&P 500 and Nasdaq have also been trading lower. Here are some potential movers:
- TheStreet: "Stock futures pointed to a sharp drop for Wall Street on Thursday after a jump in U.S. consumer prices added to worries that higher inflation could hamper an economic recovery."
- On the calendar of events, there will be reports on PPI and initial claims. Also, an estimated 252 companies will report earnings, Including Walt Disney ($DIS), Alibaba ($BABA), Airbnb ($ABNB) and Coinbase ($COIN).
Beyond broad market movers, Apple stock could also be swayed by company-specific events. For example, Yahoo Finance has reported the following:
"Antonio Garcia Martinez, a former Facebook product manager who recently joined the iPhone maker, is no longer at Apple after his hiring caused an internal backlash because of past comments that drew fire for being racist or sexist."
and Phillip Elmer-Dewitt has reported:
"According to J.P Morgan, flat China iPhone sales in April indicate further market share gains. Shipments were flat m/m in April, which was better than the -18% average seasonal downtick observed historically."
Read more from the Apple Maven:
(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)