Apple’s new services
On Monday, Apple (AAPL) unveiled its video streaming and news subscription services at a special event at the Steve Jobs Theater in Cupertino, California. Along with these two new services, Apple TV+ and Apple News+, the company announced game subscription services, Apple Arcade, and a credit card partnership with Goldman Sachs, Apple Card.
Since Apple announced these new services, its stock has traded on a negative note. On Monday and Tuesday, the stock fell 1.2% and 1.0%, respectively. These losses have erased some of the gains Apple stock saw due to investors’ high expectations from the event. Apple stock was up 10.3% MTD (month-to-date) last Friday, but by yesterday, this MTD gain had fallen to 7.9%.
Nonetheless, Apple stock has outperformed key US indexes (QQQ) (SPY) this month. As of yesterday, the S&P 500, NASDAQ Composite, and Dow Jones Industrial Average had risen 0.7%, 0.7%, and 0.6% MTD, respectively. Meanwhile, tech companies Microsoft (MSFT), Alphabet (GOOG), NVIDIA (NVDA), and Qualcomm (QCOM) had risen 5.2%, 5.6%, 14.7%, and 8.6%, respectively, and Intel (INTC), Amazon (AMZN), Facebook (FB), and Netflix (NFLX) had risen 0.9%, 8.4%, 3.9%, and 0.5%.