Apple stock soars to new record as investors look past inflation, omicron COVID variant concerns

Apple stock soared over 2.5% on Wednesday to a new all-time intraday record as investors appeared to look past inflation and omicron COVID variant concerns.

Is Apple stock primed for a big move?


Shares of mega-cap technology titans, Apple Inc, Tesla Inc, Google owner Alphabet Inc and Microsoft Corp, which are favored at times of uncertainty, added between 0.8% and 2.5% to provide the biggest boost to S&P 500 and the Nasdaq.

“People are just confident in the earnings predictability of tech stocks,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

In a hearing before the House Committee on Financial Services, Federal Reserve Chair Jerome Powell reiterated his comments from Tuesday about considering the acceleration of taper at the central bank’s December meeting amid a surge in inflation and a stronger economy. Powell said the Fed’s two goals of price stability and jobs recovery are in tension and that it will use tools to make sure high inflation does not become entrenched.

Market participants were also awaiting a Fed report, known as the “Beige Book”, on current economic conditions to provide further insight into the central bank’s stance on inflation. The report is due at 2:00 p.m. ET (1900 GMT).

MacDailyNews Take: As Agatha Christie once wrote, “Good advice is always certain to be ignored, but that’s no reason not to give it.”

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  1. Almost all the morning gone gone, up in smoke, as the corrupt, sociopathic Dr. Fauci invents a “first US case of Omicron” the moronic new variant that had to be invented by the GOVT to keep the FEAR PORN going and the rapid downhill slide in total communism. There is no COVID (not a single laboratory in the world has a pure isolated version of this extracted from a human which came from another human – no “isolate” of COVID anywhere), no Delta, no Omicron. All invented and manufactured by Dr. Fauci working with the Chinese to create a bioweapon. They succeeded. Delta is the mild creation in the lab, existing nowhere in nature, created to create a Global Panic (see Jim Cramer’s most recent Hitlerian rant) that would force “universal vaccination”. That is the sole purpose of the Omicron. Another stick to beat Americans over the head with to take a deadly non-vaccine (doesn’t meet any of the most vital requirements of a vaccine to cure and prevent transmission) but which is causing massive numbers of dead and severely injured. It’s all OK if you are a communist, because communists like it when millions are killed for the cause. Ask Stalin and Hitler and Mao and Castro. And now Biden. Except he is too stupid to know so he has chaperones.

    Anyway, the morning gain is now 75% gone. Thanks to Dr. Mengele Fauci.

    1. Kent, you are even more insane than usual today.

      If you truly think that Delta and Omicron are fictitious, or created by Fauci and others, then you have admitted and demonstrated that you are a delusional conspiracy theorist.

      It’s a waste of my life even engaging with you, but newcomers to these pages deserve some kind of warning.

    2. It’s still going up overall, nothing like the comments you’ve made before about Apple stock. I posted them previously (see Wall Street and Apple rebound from Omicron COVID variant fear) and here they are again, from February March of this year, I quote:

      “Another huge day for Apple stock in its move toward $100”
      “So, keep your powder (money) dry and wait till Apple hits $10 a share”
      “Apple stock will go down at least 40% over the next 18 months”

      I’m certainly not going to cry a river of tears over a dip like that, it’s over $150 and it will likely stay there to the end of the year, a far cry from any of those comments you’ve made about Apple stock, which of course draws scrutiny regarding the validity of the rest of your vitriol.

      I’ll keep laughing all the way to the bank.

  2. Forgive skellum and his hordes of the naive; “For they know not what they do.”

    Pitiable, and it’s too bad that the myriad media options and outlets enable them to flood us in a sea of ignorance.

    1. I can’t speak for any hordes, but I know exactly what I do.

      Remarkable how many conspiracy nuts post on these webpages.
      It must be some kind of Mac-Lovers Club for the Low IQ and the Insane.

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