On Monday, Apple’s stock market value rose briefly above $3 trillion for the first time ever, and it repeated that again on Tuesday before losing ground
Apple Inc’s stock market value peaked on Tuesday for a second day above $3 trillion, but the iPhone maker’s shares again failed to hold on to that gain by the session’s end.
Apple shares ended down 1.3% at $179.70, leaving its market capitalization at $2.95 trillion.
On Monday, Apple’s stock market value rose briefly above $3 trillion for the first time ever, and it repeated that again on Tuesday before losing ground. The world’s most valuable company has yet to end a session at that level.
Apple accounts for nearly 7% of S&P 500 index’s value, according to Refinitiv data, the highest for a single stock in the index at a time when the benchmark is perched at a peak.
Surging demand for iPhones, MacBooks and iPads during the pandemic helped push the Cupertino, California company’s market capitalization past $2 trillion in August 2020.
Apple has been one of the key pandemic trades for a lot of people and as we exit the pandemic. The iPhone maker is going to struggle a little bit, warned Edward Moya, senior market analyst at Oanda in New York.
Apple’s massive share repurchases in recent years have also fuelled its stock rally.
The company has bought back $348 billion worth of shares in the five years through the September quarter of 2021, reducing its share count by 23% over that period, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
You know there’s going to be buying, Silverblatt said. From an investor point of view, it’s very important.
Notably, Apple is worth more than any of Europe’s main regional indexes including Britain’s FTSE 100, France’s CAC 40, Germany’s DAX, Spain’s IBEX 35 and Italy’s FTSE MIB.
The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.