Shulou(Shulou.com)11/24 Report--

Investors are buying back shares after the U.S. consumer price index showed growth in July compared with the previous month, betting that the Fed may scale back interest rate increases in the future, Bloomberg reported on Aug. 10. As a result, Apple shares rose 2.4% to $168.83.

At the same time, all large technology stocks rose, with the Nasdaq 100 index up 2.6%.

Apple shares have soared about 30% since bottoming out in mid-June, outpacing the s & p 500 and Nasdaq 100, the report said. That puts Apple back as the most valuable company in the world and is on track to regain its peak this year. Overall, apple shares fell only 5% in 2022, while the Nasdaq 100 index fell 18%.

Apple's share price rebounded sharply after its better-than-expected quarterly earnings, reflecting Wall Street's confidence in Apple's ability to continue to generate huge profits. Currently, Apple, with a market capitalization of $2.7 trillion, surpassed oil giant Saudi Aramco again in July to become the world's most valuable company.

The recent surge in the stock price has brought Apple shares back to the expensive camp, trading at 26.3 times projected earnings over the next 12 months, well above the average of 16.7 times over the past decade. That compares with 23 times for the Nasdaq 100 and 17.8 times for the S & P 500.

According to data compiled by Bloomberg, about 96% of analysts who bought the stock advised investors to buy or hold apple stock, and basically forecast that its share price will rise 7% over the next 12 months.

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