In the week that ended on June 14, US tech giant Apple (AAPL) continued to trade on a positive note for the second week, but its rally slowed. Last week, Apple stock inched up 1.4% after a solid 8.6% gain in the previous week. Other tech giants Microsoft (MSFT), Alphabet (GOOGL), Facebook (FB), and Amazon (AMZN) rose 0.8%, 1.7%, 4.6%, and 3.6%, respectively, in the second week of June. In the first week, Microsoft surged 6.2% alongside the solid rally in Apple and many other chip companies’ stocks.
A broader market comparison
Meanwhile, the broader market’s optimism seemed to fade last week. The S&P 500 Index rose just 0.5% after posting a 4.4% gain in the previous week due to investors’ raised hopes about a potential cut in interest rates in the near term. However, a shift in the market-wide investors’ sentiment was just one of the factors that slowed Apple’s rally last week. Let’s take a look at another important factor.
Developers Conference ended
Apple’s 8.6% gain in the first week of June was mainly supported by the key announcements it made during its Worldwide Developers Conference. The company held the event in San Jose, California, from June 3 to June 8. During the event, Apple made several announcements, including those about the iOS 13, watchOS 6, tvOS 13, iPadOS, macOS Catalina, and third generation of Mac Pro, which helped its stock outperform US indexes in the week.
After the conference ended, investors’ attention returned to the ongoing US-China trade war and its negative effect on Apple’s and other tech companies’ outlooks, which slowed Apple’s and the broader market’s rally last week.
Read Do These Features Make Apple iOS 13 Worth Waiting For? and Apple’s macOS Catalina Can Turn Your Mac into a Touchscreen to learn more about Apple’s 2019 Worldwide Developers Conference event.