Apple CEO Tim Cook attends the 2022 Oscars after the 94th Academy Awards at The Wallis Annenberg Center for the Performing Arts in Beverly Hills, California on March 27, 2022.
Patrick T. Fallon | AFP | beautiful pictures
Apple Stocks rose on Tuesday, putting them on track to close higher for the 11th straight day, marking the longest winning streak in the iPhone era.
The company’s shares were up more than 1% midday, wiping out losses for the year. It is still down about 2.8% from the record on January 3, when Apple’s market capitalization hit $3 trillion on the day. As of Tuesday, Apple is worth about $2.9 trillion.
The last time Apple stock rose for at least 11 consecutive days was in a 12-day streak in 2003, when the company’s fastest-growing product was the iPod music player. The first iPhone didn’t hit the market until 2007.
Apple’s demonstration comes with a broader market, with investors more optimistic about the ceasefire talks between Russia and Ukraine. Big Tech Apple’s peers also rose on Tuesday, like Meta, Amazon, Netflix and Alphabet all enhanced.
Dan Ives, an analyst at Wedbush Securities, wrote in an email: “Apple is fundamental to the strength and demand for iPhones and overall services is helping the stock return to the $3 trillion area code. USD”.
While much of the high-growth tech has taken a hit this year, established big names have generally outperformed loss-making, upstarts. With inflation rising at its fastest pace in 40 years and the Federal Reserve raising interest rates, investors are putting their money in less risky assets.
“Once the Fed starts raising rates, it’s a green light to own tech stocks,” said Ives, who recommends buying Apple shares. “Many investors were caught off guard by this rally and are now playing catch-up Cupertino striker and center.”
Apple even faced some challenging news this week, when Nikkei Asia reported that the company had scale up production again New low-cost iPhone SE due to lower-than-expected demand. Apple’s leadership has proven its ability to navigate difficult waters.
“Tim Cook just keeps performing with their team,” said Bryn Talkington of Refining Capital Management told CNBC on Friday. “I’d be very surprised if Apple doesn’t carry on. It’s doing really well, it’s holding up much better than most tech stocks, so I think it’s going to keep doing that. ”