Apple Inches Closer to Erasing 2022 Losses as Inflation Cools
Apple Inc. is close to erasing its losses for the year as softer-than-expected inflation data fueled a risk-on rally in the stock market Wednesday.
The iPhone-maker edged 2.6% higher to $169.24 as investors piled back into stocks on bets the Federal Reserve could dial back the size of future interest-rate hikes, after the July consumer price index showed a deceleration in growth from the prior month. Megacap tech stocks all rallied with Meta Platforms Inc. and Netflix Inc. leading the pack on a more than 5.8% gain each, while the Nasdaq 100 Index advanced 2.9%. The tech-heavy benchmark closed 20% higher from its June low.
Since bottoming in mid-June, Apple’s shares have surged about 30%, outpacing the S&P 500 Index and the Nasdaq 100. That’s put the tech giant back on top as the world’s most valuable company and within reach of turning positive for the year. It is now down just 4.7% in 2022, compared with a drop of 18% for the Nasdaq 100.