Apple Stock Rebounds After a Poor Start to the Year and Finally Turns Positive in 2024

The stock rose 0.9% in its sixth consecutive positive session and has now climbed 0.8% for the year. Although it lags behind other mega-cap tech stocks, it had previously fallen as much as 14% in 2024.

Apple’s stock closed in positive territory for the year this Monday, marking the latest sign of improved sentiment toward the iPhone maker.

The stock rose 0.9% in its sixth consecutive positive session and has now climbed 0.8% for the year. Shares rose about 13% in May, marking their largest monthly percentage gain since July 2022.

While it continues to lag behind other mega-cap tech stocks, Apple had previously fallen as much as 14% this year. The recent rally has brought Apple back near the $3 trillion market capitalization threshold, which it hasn’t surpassed since January. The Nasdaq 100 index has risen nearly 11% this year.

Much of the recent strength in the stock came after Apple’s quarterly report in early May, when it gave an optimistic forecast that alleviated concerns about its growth trends and sales in China. The company also announced the largest share buyback program in U.S. history, totaling $110 billion.

There is also growing optimism that the incorporation of Artificial Intelligence (AI) in the next iPhone models will encourage users to upgrade, providing a catalyst for revenue growth. More details about its AI strategy are expected to be provided at Apple’s Worldwide Developers Conference on June 10.

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ABOUT THE AUTHOR See More
Ignacio Teson
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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