Apple (AAPL) held its 2019 Worldwide Developers Conference (or WWDC) event last week from June 3 to June 7 at the San Jose Convention Center in California. Apple’s annual WWDC event, usually packed with its large community of app developers, gives insight into the company’s future innovations and its ongoing technological developments. During this year’s event, the company made several interesting announcements. Before we take a look at some of those key announcements, let’s look at whether the WWDC event boosted Apple investors’ confidence.
Apple stock rallied
In May, Apple stock fell 12.8%, which was its worst monthly loss since November 2018. An escalation in the US-China trade tensions kept investors worried, which triggered a market-wide sell-off including tech stocks. Nonetheless, Apple stock has seen a sharp recovery in June so far. As of yesterday’s closing, it has gone up by 10.9% on a month-to-date basis.
Outperforming the broader market and peers
These gains are much higher as compared to the broader market. In June so far, both the S&P 500 Index and the NASDAQ Composite Index have risen 4.6%, while the Dow Jones Industrial Average has gone up by 4.8%.
Meanwhile, other tech companies such as Microsoft (MSFT), Qualcomm (QCOM), Netflix (NFLX), and Amazon (AMZN) have gone up by 6.3%, 4.1%, 0.7%, and 2.8% month-to-date, respectively. In contrast, Alphabet (GOOG) and Facebook (FB) have lost 2.5% and 1.4%, respectively, in June so far.