Stock market participants cannot avoid watching the Magnificent Seven top the weekly winners list. Apple (AAPL) defied bears by rising 7.9% on the week. Markets expected Apple Intelligence, built from the core and powered by ChatGPT, to reinvigorate iPhone sales this fall.
Markets brushed aside worries that Apple sales in China continue to weaken.
Apple’s rise lifted its market capitalization to $3.25 trillion, ahead of Nvidia (NVDA) at $3.24 trillion.
Broadcom (AVGO) gained nearly 15% last week after posting strong Q2 results. It now expects revenue of $51 billion in FY 2024, up from $50 billion. The firm’s EBITDA will be 61% of its revenue.
In the fintech sector, markets view PayPal (PYPL) as a mature firm with no growth potential. The stock fell back to $60.64 last week, down by 9.23%. PYPL stock was among the worst-performing financial stocks. Apple introduced Apple Pay online. This will result in PayPal losing users to the Apple platform.
In the defense industry, Howmet Aerospace (HWM) potentially peaked at $84. China is restricting exports of billions of dollars worth of aviation equipment starting on July 1, 2024. HWM stock trades at a premium. Wait for the stock to pull back below $70.00 before considering a position.
