Today at 10:24 AM ET, Apple (AAPL) was trading on a positive note with nearly a 1.0% gain for the day. At the same time, the S&P 500 Index, the NASDAQ Composite Index, and the Dow Jones Industrial Average were up 0.3%, 0.7%, and 0.2%, respectively. The NASDAQ Composite’s solid gains today were primarily driven by a rally in tech stocks such as Netflix (NFLX), Facebook (FB), and Amazon (AMZN).
This morning, Netflix, Facebook, and Amazon were up 3.3%, 2.9%, and 1.1%, respectively. Now, let’s take a look at some key factors that could affect the iPhone maker’s and other tech companies’ price movements this week.
Key factors to watch this week
Earlier this month, Federal Reserve Chair Jerome Powell said that the central bank is willing to take monetary policy measures to ensure the US economy’s continued expansion. This statement raised investors’ hopes of a potential near-term cut in interest rates and drove a market-wide rally, including in tech stocks.
This week, the central bank will decide whether or not to cut interest rates at the end of a two-day meeting on June 19. Investors are expecting the Fed to either cut interest rates immediately or hint at a rate cut in the coming meetings. If the Fed doesn’t do so, it could hurt investors’ sentiments and drive the broader market and tech companies’ stocks lower.
Any new updates related to US-China trade tensions are likely to remain in investors’ focus. Any positive development in this regard could push the shares of Apple as well as other tech companies higher this week.