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Apple Breaks Through Uptrend; Expect Modest Market Pullback

publication date: Aug 4, 2023
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Image: Apple has been a strong performer thus far in 2023, but the stock has broken through its uptrend. Further selling may be ahead of shares. In light of Apple’s weighting across major market indices, investors should expect a modest pullback in the markets. 

On August 3, Apple Inc. reported third-quarter fiscal 2023 results that gave the market a reason to sell its shares. Though the iPhone maker’s quarterly results largely matched the consensus forecasts for both the top and bottom line, year-over-year declines in iPhone, Mac, and iPad sales, while expected, were evident in the quarter, even as its Services business grew meaningfully from last year's period. A technical breakdown in its uptrend sparked selling after the report, but we continue to be in awe of Apple’s financial prowess that continues to showcase a substantial net cash position and tremendous free cash flow generation.


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