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AAPL Premarket: What Could Move Apple Stock On May 6

Apple stock showed signs of life, when it climbed 2% on Wednesday, May 5, in the first few moments of trading. But it could not quite make up for Tuesday's sharp decline in the end. Below are some of the key factors that could move the stock during the May 6 session.

Apple stock barely recovered from May 4, the third worst day of trading since the 2020 US Presidential election. Yesterday, on May 5, the stock gained a modest 0.1% to close the session trading at $128 per share.

In premarket action, AAPL started to head slightly higher by 0.2% at last check. Below, the Apple Maven discusses some of the key factors that could move Apple stock during the May 6 session.

AAPL Pre Market on May 6

Figure 1: AAPL Pre-market movement on May 6.

Market-wide movers

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 has been trading 0.2% higher and Nasdaq -0.4% lower. Here are some potential movers:

  • TheStreet: "Stock futures rose modestly Thursday, a day after the Dow Jones Industrial Average set a record closing high and as traders awaited key U.S. employment data."
  • On the calendar of events, there will be reports on unit labor costs and initial claims. Also, an estimated 543 companies will report earnings, including Moderna (MRNA), Roku (ROKU) and Peloton (PTON).

Apple-specific movers

Not many company-specific news appears to influence Apple stock today. Broad-market movements might be the drivers for the stock on today's session. Below are some of the forces behind the stock's recent performance that could carry into May 6:

  • Helping the stock has been a moderate decrease in interest rates. After Treasury Secretary Janet Yellen spoke (maybe out of turn) about the need for yields to rise to cool down economic activity, she eased concerns by ensuring the independence of the Federal Reserve. The bond market appreciated the move. 
  • Possibly still hurting the stock is the lingering battle between Apple and Epic Games. It is unclear how much the legal fight has been impacting the Cupertino company's stock price. But until resolution, bearishness could come from uncertainty related to the App Store.

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)