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Apple stock rises as iPhone X leaked

Summary:

  • Apple expected to announce new iPhone (iPhone x) Tuesday 12th September
  • Details leaked over the weekend 
  • Apple around 1% higher in the pre-market

The general risk-on mood seen across the markets today has contributed to the rise seen in the US500, with Wall Street expected to enjoy a strong open this afternoon. Another factor boosting the leading US stock index is the strong performance seen in Apple’s stock ahead of the opening bell. The US500 gapped higher on the re-open last night and has moved higher since. The market has now closed the gap lower seen from the prior weekend, when rising North Korean tensions saw the market open sharply lower.

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 The US500 has gapped higher on the open and in rising has also closed the gap lower seen the prior weekend. Source: xStation

  

Apple is the largest component of the index, and accounts for just under 4% of the benchmarks performance. Tuesday 12th September has long been a date in the diary of Apples fans, with the tech giant widely expected to unveil their latest iPhone tomorrow. Leaks over the weekend however, may have let the cat out the bag and investors seem to be attempting to front run the release by jumping into Apple’s stock early. 

A leak of the final version of Apple’s upcoming softare for iPhones and iPads, iOS 11, occured over the weekend, revealing that the crucial new smartphone will be called iPhone X. Several key details which are believed t have been released include that the iPhone X will have 3GB of RAM, use a new 6-core Appple A11 processor and have at least one 12-megapixel camera on the back. 

Apple has long been a stock market favourite, with the share price enjoying an incredible rise over the past decade. The price hit an all-time high of 164.92 back in August and has posted an impressive year-to-date gain of more than 35%. One note of caution however should be the possible reversal signal seen last week with a bearish engulfing candlestick of sorts being printed The market is clearly in an uptrend but bulls will likely want tot see a break back above 164.92 to a record all-time high before they can safely say this reversal signal has been negated.

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 Apple has enjoyed a strong rally so far this year. A bearish engulfing candlestick on a weekly chart however may be a cause for concern amongst bulls. Source: xStation

 

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