Apple Inc. & Inflation Expectations Drive Up US Stock Market

Apple stocks were higher on Monday after strong iPhone orders were reported.

There are also hopes that inflation has peaked, with expectations for Tuesday’s US inflation report to slow to 8.0% y/y from 8.5% in July.

AAPL chart 0-Sep-13-2022-04-34-02-69-AM

AAPL-Weekly Chart

Apple was up 2% on the day, which lifted technology stocks with pre-order data for the latest versions of the iPhone, hinting at strong interest and demand.

The US stock market AAPL weekly chart shows clear resistance at the $170 level, and traders can use this for long or short plays. A breakout above could test the $200 level, while a failure could lead to losses.

Apple’s recent Q3 earnings report was praised for its inflation resilience, with the company reporting $82.9 billion in revenue, up 2% year over year.

Apple was set to launch iOS 16 on Monday, which brings a suite of new features to most iPhones. The timing of the iOS 16 launch was revealed last week along with updates on the iPhone 14.

Pre-orders for the iPhone started last Friday. Apple has now discontinued many older iPhones, including the iPhone 13 Pro and iPhone 13 Pro Max, which could add to demand for the 14.

Goldman Sachs said, “Despite concerns that investors have about the US equity market, we believe it offers greater absolute and risk-adjusted return potential than the recession-plagued European markets.”

The winter could be problematic for European stocks if gas supplies are tight and rationing occurs. UK stocks will also see pressure with the latest 0.2% growth figures said to be “feeble”.

One of Apple’s strengths for a long time has been its cash reserves, and the company currently has $27.5 billion of cash on its balance sheet. The company is using some of that to reward shareholders with a quarterly dividend of $0.23 per share. But when adding the company’s cash, cash equivalents, and marketable securities, it has $179.3 billion available.

Apple is also rumoured to be releasing a virtual reality headset for its product line in 2023. That could add another revenue stream to the market bellwether.

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