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Apple shares outperform rivals despite losses on the day
Thursday July 11, 2024. 11:44 PM , from Mac Daily News
Apple saw its share price dip on Thursday, snapping a winning streak that had lasted for a week. The stock closed at $227.57, a decrease of 2.32% from the previous day’s closing price. This decline came despite a mixed performance in the broader market, with the Dow Jones Industrial Average edging up slightly and the NASDAQ Composite Index experiencing a more significant fall.
Apple’s recent weakness can be attributed to several factors. The overall market sentiment on technology stocks may have played a role, with players like Microsoft and Alphabet experiencing similar losses. This suggests a potential correction or rebalancing within the tech sector. Another factor could be the proximity of Apple’s stock price to its 52-week high of $233.08, reached just a day prior. Investors who had anticipated further growth in the short term might have opted to take profits, leading to a slight pullback. However, it’s important to note that Apple’s decline was less severe compared to its tech peers. Microsoft fell by 2.48%, Alphabet (Class C) by 2.78%, and Alphabet (Class A) by 2.93%. This suggests that Apple may still be viewed favorably by some investors compared to tech rivals. Furthermore, trading volume for Apple remained below its 50-day average. This could indicate a lack of significant selling pressure or a wait-and-see approach from some investors. Whether this trend continues or Apple rebounds in the coming sessions will be worth watching. Overall, while Apple’s share price experienced a decline on Thursday, it’s important to consider the context of the broader market and the performance of its competitors. The drop could be a temporary correction or a response to reaching a recent high. Looking ahead, investor sentiment and trading volume will likely be key factors in determining the stock’s future trajectory. Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Apple shares outperform rivals despite losses on the day appeared first on MacDailyNews.
https://macdailynews.com/2024/07/11/apple-shares-outperform-rivals-despite-losses-on-the-day/
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