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What's Going On With Apple Shares

Benzinga logo Benzinga 11/15/2022 Henry Khederian
© Provided by Benzinga

Apple Inc (NASDAQ: AAPL) shares are trading higher by 2.84% to $152.49 Tuesday morning. The stock is trading higher in sympathy with the broader market after October PPI data showed a smaller-than-expected rise in wholesale prices. This has helped ease some inflation concerns and has raised hopes of softer Fed policy.

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Additionally on Tuesday morning, the U.S. 10-year note fell to the 3.79%-level, marking a new 1-month low. When interest rates otherwise rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.

What Happened?

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On the economic front, the Labor Department's wholesale price inflation report for October showed that the headline producer price index rose 0.2% from the previous month compared to expectations for a 0.4% increase. The year-over-year rate cooled off to 8% from 8.3%. 

This data can be viewed as important given producer prices could be seen as a leading indicator for consumer prices.

Per the Bureau of Labor Statistics, in October, the rise in the index for final demand can be attributed to a 0.6% advance in prices for final demand goods. In contrast, the index for final demand services decreased 0.1 percent. Prices for final demand less foods, energy, and trade services advanced 0.2% in October following a 0.3% rise in September. For the 12 months ended in October, the index for final demand less foods, energy, and trade services increased 5.4%.

According to data from Benzinga Pro, AAPL has a 52-week high of $182.94 and a 52-week low of $129.04.


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