Stock of the week: Apple stock gains 5% this week as tech stocks drive the stock market rally
Apple extends its record run following a strong NFP report, which saw the US labour market break its 10-month losing streak.
Apple is one of the largest and most popular companies the markets have ever seen, and its stock is one of the most popular across the retail trading community.
This month, Apple stock has managed once again to outperform its FAANG peers, with a 12% gain and an impressive 5% rise since last week alone.
Driven by market optimism and a strong NFP report, prices are set to continue their upward trajectory in the near term.
In fact, in the aftermath of the NFP report, Apple stock has managed to break through the $137 resistance zone, and all signals point to strong buy across the board.
Apple has been crushing analysts’ earnings forecasts for a while now – no matter how high the bar was raised – and next quarter’s financials, which are due on July 27 will likely be no different.
Apple’s second fiscal quarter results for 2021 showed a 54% gain year-over-year with $89.6 billion in revenues and a quarterly earnings per share (EPS) of $1,40 compared to the $1 estimate.
It’s also important to note that the tech giant’s new iPhone 13 series will release sometime this September, 2021 and while Apple’s stock tends to drop following the announcement, it usually soars after the dust settles and adoption of the new flagships picks up.
Trading stocks online is one of the easiest way to gain exposure into the global stock market, however, trading leveraged products also increases downside risks.
Retail clients who are interested in trading stocks online should always ensure they understand the risks involved and that past performance is not indicative of future gains or losses.
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Apple stock gains 5% this week
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