Apple stock (AAPL) - Get Apple Inc. (AAPL) Report is off to a strong start in September. Despite the S&P 500 having traded sideways in the past few business days, AAPL has already climbed 3% for the month, with half of the gains coming on September 7 alone.
Below is a quick summary of what moved Apple's share price higher during the post-holiday trading session.
Also read: $3 Trillion Is Next For Apple Stock
Apple news of the day
The big development of the day was Apple's announcement of its September 14 product launch event. It is not a secret to anyone what the Cupertino company's key topic of conversation will probably be: the iPhone 13. That said, the Apple Watch Series 7 and new AirPods are likely devices to see the light of day as well.
As recently addressed by the Apple Maven, the iPhone 13 is widely expected to ignite a successful upgrade cycle in fiscal 2022. Morgan Stanley's Katy Huberty has talked about the following factors supporting smartphone sales:
- 5G adoption,
- device replacement cycle,
- new features (namely camera and battery),
- competitive momentum against Huawei,
- the reopening of physical stores.
Bullishness is also shared by Wedbush's Dan Ives. According to him, the iPhone 12 and 13 are only the first innings in a multi-year super cycle that, in his view, will drive Apple stock's valuation to $3 trillion in the next six to nine months.
Also worth mentioning, Big Tech saw modest positive returns on a day that the S&P 500 and Dow Jones indices remained under pressure. This was true despite rising treasury yields, which tend to be bearish for tech and growth stocks.
For a number of reasons (or maybe no good reason at all), shares of Amazon, Facebook and Google also climbed, in some cases by more than 1%, despite broad-market softness.
Also read: iPhone 13 Could Push Apple Stock Even Higher
Key metrics on Apple stock
Since the start of June, Apple stock has been on a tear. Below are a few key AAPL-related metrics to keep tabs on:
- AAPL is up 18% for the year vs. the S&P 500's 21% and the Nasdaq's 22% gains.
- AAPL is at an all-time high.
- The company's equity is worth $2.6 trillion, the highest in the US stock market.
(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)