Following yesterday’s quarterly report, Apple saw a welcome bump in its stock price. But as markets opened and the day progressed, investor sentiment appeared to shift slightly. Here are the details.
No news, good news
During the last few days, most tech companies had rather momentous earnings reports. Meta’s stock dropped 12%, Amazon saw a 9.5% jump, and PayPal erased the 11% it gained after announcing a partnership with OpenAI just hours before.
Apple, on the other hand, saw a more muted reaction, with shares up today about 2% in pre-market trading, following yesterday’s announcement. But that slight optimism was short-lived, as the stock dropped 2.5% in the first minutes of trading, slipping below yesterday’s close.
The rest of the session saw modest swings, with the stock crossing above and below the flat line several times before closing down 0.38% at the bell.
Given the sharp swings seen across other tech stocks during the week, and investor sentiment going into the results with uncertainty around iPhone demand, Apple’s AI challenges, and the regulatory pressure surrounding the company’s operations, it is possible that many investors saw today’s uneventful session as a relief, despite the 0.38% drop.
Still, as we head into what Apple is already projecting as its biggest quarter ever, it will be interesting to see whether that optimism carries over to Wall Street.
How do you think Apple’s stock will do this quarter? Let us know in the comments.
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