Apple shares rose on Tuesday, putting them on track to close higher for an 11th straight day, which would mark the longest winning streak of the iPhone era.
The company’s stock was up more than 1% as of mid-day, wiping out its losses for the year. It’s still about 2.8% off its record on Jan. 3, when Apple’s market cap hit $3 trillion during the day. As of Tuesday, Apple was worth around $2.9 trillion.
The last time Apple’s stock gained for at least 11 straight days was a 12-day streak in 2003, when the company’s fastest-growing product was the iPod music player. The first iPhone didn’t hit the market until 2007.
Apple’s rally comes alongside a broader market gain, with investors turning more optimistic about ceasefire negotiations between Russia and Ukraine. Apple’s Big Tech peers also gained on Tuesday, as Meta, Amazon, Netflix and Alphabet all advanced.
“Apple is a bedrock of strength and overall iPhone and services demand is helping the stock to power back towards the $3 trillion area code,” Dan Ives, an analyst at Wedbush Securities, wrote in an email.
While much of high-growth tech has gotten hammered this year, the big established names have generally held up better than emerging, money-losing companies. With inflation rising at the fastest pace in 40 years and the Federal Reserve hiking interest rates, investors are putting their money in less-risky assets.
“Once the Fed started its rate liftoff this was a bright green light to own tech stocks,” said Ives, who recommends buying Apple shares. “Many investors were caught off guard by this rally and now are playing catchup with Cupertino front and center.”
Apple has even faced some challenging news this week, as Nikkei Asia reported the company was scaling back production of its new budget iPhone SE due to weaker-than-expected demand. Apple’s leadership has proven its ability to navigate choppy waters.
“Tim Cook just continues to execute with their team,” Bryn Talkington of Requisite Capital Management told CNBC on Friday. “I would be surprised if Apple didn’t continue to execute. It’s done really well, it’s held up much better than the vast majority of tech stocks, so I think it will continue to do that.”