Hey Folks,

We had a fairly run of the mill day yesterday as far as the broader market was concerned.

The SPY was slightly bullish 🐂 but nothing too crazy…

It ran about 0.81% from lows on Wednesday to highs in Thursday’s pre-market (at the time of writing). 

A chunk of the move was due to  Apple’s nearly 2% run, with Nvidia and Alphabet playing a supporting role.

Remember that companies with larger market caps are weighed more heavily in the S&P calculation.

The three companies together make up a total of around 12% of the index’s movement.

Apple’s run has folks curious about what’s going on…

After all, excitement for the tech giant 🗿 hasn’t exactly been sky high this year!

Their last few earnings reports have been a bit lackluster, and nothing particularly exciting has come out of the company as far as news catalysts are concerned.

Sure there was a little bit of buzz around the Vision Pro release, but it was met with a lot of skepticism…

Analysts were concerned about Apple’s ability to sell such a device in the short-term with the expected price tag being $3499…..a tough pill to swallow in market conditions like these. 

The bulls tried to argue that the current iteration of the Vision Pro is a setup for future AR/VR success down the road.

As far as the present is concerned…

Apple is scheduled to officially announce the 📱 iPhone 15 on Sept 12th. 

This may help explain the move yesterday, since big catalysts often have pre-anticipatory runs associated with them.

If you don’t think a new iPhone announcement is big news for Apple, you haven’t looked at their business model closely enough.

These are their 2022 revenue sources…

Over 50% of Apple’s revenue for 2022 came from iPhone sales alone!

I suspect that some fund managers may be rotating capital into Apple leading up to the event knowing that it’s a gimme catalyst for the company…

That’s all for now!

Until Next Time,

-Damian