Apple Stock Holds Steady as Tech Sector Falls, Q3 Earnings Set for July 30

Apple stock traded near the flat line in Friday's premarket session while the broader tech sector declined, with some retail traders viewing AAPL as a safe-haven play. The resilience follows sharp gains in recent weeks, with shares hitting a fresh record high on Thursday. Apple is scheduled to report its fiscal third-quarter results on July 30.

Apple Stock Gains 15% This Month Amid Tech Sector Decline

Apple is up over 15% so far this month, putting the stock on pace for its best month in four years and making it the second-best performer among the Magnificent Seven. The outperformance is particularly notable as the tech-heavy Invesco QQQ Trust Series 1 (QQQ) has dropped nearly 5% and the chip sector benchmark the iShares Semiconductor ETF (SOXX) has declined.

China Approves Apple's Generative AI for Rollout

Apple's gains were aided by news from China, where the Cyberspace Administration approved the company's generative AI for rollout. Evercore ISI analyst Amit Daryanani said the decision removes the biggest regulatory hurdle for Apple Intelligence in the world's largest smartphone market.

HSBC Upgrades AAPL to Buy with $366 Price Target

On Thursday, HSBC upgraded its rating on AAPL stock to 'Buy' from 'Hold' with a $366 price target, implying roughly 10% upside from Thursday's close. Analysts remain divided on the stock. Currently, 28 out of 47 rate the stock 'Buy' or higher, 16 rate it 'Hold' and three rate it 'Sell' or lower, according to Koyfin. Their average price target of $315.79 is more than 5% below the current stock price.

Apple Reports Q3 Earnings on July 30

Apple is scheduled to report its quarterly results on July 30. Investors will be looking for clues on ongoing margin pressures from rising memory costs, iPhone demand trends, and the broader consumer spending environment amid persistent inflation.

Retail Sentiment Turns Bullish on Stocktwits

On Stocktwits, the retail sentiment for AAPL has climbed over the past week and was 'bullish' as of the last reading. One trader speculated: "$AAPL is money from all memory memes and former AI darlings $SNDK $MU $WDC $AMD going into apple or something?" Another wrote: "This is the only thing holding the market from a large dump! Insane strength!"

FAQ

What happened to Apple stock on Friday? Apple stock traded near the flat line in Friday's premarket session while the broader tech sector declined, with some retail traders viewing AAPL as a safe-haven play.

When does Apple report its Q3 earnings? Apple is scheduled to report its fiscal third-quarter results on July 30.

What did HSBC say about Apple stock on Thursday? On Thursday, HSBC upgraded its rating on AAPL stock to 'Buy' from 'Hold' with a $366 price target, implying roughly 10% upside from Thursday's close.