Stock Market Today, Feb. 2: Apple Stock Jumps After Record Q1 Revenue Boosts Investor Confidence
Trading volume reached 72.9 million shares, coming in about 55% above its three-month average of 47 million shares. Apple IPO’d in 1980 and has grown 210,270% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 0.54% to finish Monday at 6,976, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.55% to close at 23,592. Within big tech, industry peers Microsoft (NASDAQ:MSFT) closed at $423.37, down 1.61%, while Alphabet (NASDAQ:GOOGL) finished at $343.69, up 1.68%, underscoring shifting sentiment among mega-cap tech leaders.
What this means for investors
Reaction to last week’s Apple earnings continued today. After reporting all-time records for total company revenue and earnings per share (EPS), analysts reiterated support for Apple stock.
Chief financial officer Kevan Parekh told investors that Apple expects year-over-year revenue to jump between 13% and 16% in the current quarter. That guidance surpassed analyst estimates.
Strong growth in China and India provided more tailwinds for the stock. Several analysts reacted by assigning a $325 price target on the stock. That implies 20% upside even after today’s stock jump.
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Howard Smith has positions in Alphabet, Apple, and Microsoft. The Motley Fool has positions in and recommends Alphabet, Apple, and Microsoft. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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