Apple stock had its third worst day of trading since November 2020. Yesterday, on May 4, the stock was down by 3.6% to close the session trading at $127 per share.
In premarket action, AAPL started to head higher by 0.6% at last check. Below, the Apple Maven discusses some of the key factors that could move Apple stock during the May 5 session.
A few events this Wednesday could move not only Apple shares, but the market more broadly. For instance, ahead of the opening bell, the S&P 500 and Nasdaq have been trading lower by -0.67 and -1.88, respectively. Here are some potential movers:
- The Nasdaq had its worst day since March and sank 1.88% on Tuesday. Shares of tech giants selling off as investors rotated into higher-yielding value stocks and sectors poised to benefit from the economy's recovery.
- On the calendar of events, there will be reports on ISM services index and crude inventories. Also, an estimated 419 companies will report earnings, Including General Motors ($GM) and Uber ($UBER).
Beyond broad market movers, Apple stock could also be swayed by company-specific events. For example, The Street have reported the following:
- The Apple vs. Epic Games battle over the former's App Store policies rages on. Only the first two days of the antitrust trial has been left behind, in what is expected to be a multi-week saga. While the outcome is yet to be known, uncertainty alone could be a bearish force dragging Apple stock.
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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)