By September 16, weaker-than-expected pre-order figures for the new iPhone 16 triggered a significant Apple (NASDAQ: AAPL) stock sell-off and pushed the shares down more than 2% already in the day’s pre-market.
Only a week later, on September 23, the AAPL shares’ fortunes might be poised for a massive change as the sales of the new smartphone have begun during the preceding weekend, opening the possibility the big tech stock will finally surge toward $300.
Expert analysis, both ahead of September and in the immediate aftermath of the pre-order figures downturn, definitely shows a mix of strong confidence in the iPhone’s sales and a belief that the recent slump was only temporary.
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Wall Street experts remain confident in Apple’s growth
Wedbush’s Dan Ives, for example, has been describing the upcoming release – and the accompanying integration of artificial intelligence (AI) technology – as a spark that will send the 2024 technology boom to unprecedented highs and, in an interview from September 19, drew equivalence between the new smartphone and the beginning of a new supercycle.
Three days earlier, just as the pre-order numbers were pulling AAPL stock price down, stock market television analyst Jim Cramer noted in an X post that it is not uncommon for early Apple product figures to spook investors only for the technology giant to rocket in the stock market soon after.
FutureShock, a popular chart analyst on TradingView, took the time to chart the pattern of Apple stock’s downturns and rallies that tend to accompany iPhone releases.
Still, it is worth pointing out that history does not necessarily repeat itself and that AAPL share may soon get the chance to confirm or reject an upcoming rally as they are set to test the 2-month downward trendline – as charted by AdvancedPlays, another popular TradingView analyst – at approximately $229.
Could Apple’s E.U. issues prevent AAPL stock market rally?
Several recent developments, on the other hand, may serve to jeopardize the bullish outlook.
Apple has been in hot water with E.U. authorities in recent months as it has both been ordered to pay $14 billion in back taxes to the Republic of Ireland and to open its product ecosystem to rivals and competitors to ensure compliance with antitrust rules.
Additionally, many investors have become worried about the FED’s recent interest rate decision, as they have noted that 50 basis point cuts have tended to precede deep recessions.
Finally, though Apple’s integration of AI technology into its products is generally expected to boost its popularity and stock price, there remains a persistent fear that the boom has either run its course after enabling some companies like Nvidia (NASDAQ: NVDA) to grow their valuation by about $2 trillion in less than two years or has formed a dangerous bubble.
Apple stock price chart
Whatever the future may hold for Apple stock, its recent performance has been somewhat lackluster. AAPL shares are only 0.26% in the green in the last 30 days, thanks to both the early September stock market bloodbath and the downturn triggered by the iPhone pre-order figures.
Additionally, while the technology giant is a significant 22.69% up since January 1, its performance has, throughout the year, been notably lagging behind some of its peers and has only begun catching up in recent months.
Still, the last five full trading days hint that AAPL is gaining upward momentum. Indeed, Apple price today, at press time, stands at $227.76 after a 5.48% rise in the weekly chart.
