(NASDAQ: AAPL) stock popped in early trading on Friday, helping lift the entire market higher as well. The tech giant accounts for an outsized portion of the broader earnings of the S 500, making it among the most closely watched companies when earnings season rolls around. It also helps that the iPhone maker's market capitalization sits near $3 trillion.

Apple didn't disappoint investors with its late-Thursday earnings update. While sales declined, the slump was modest. And CEO Tim Cook and his team had some good news for investors to offset that sales weakness.

Revenue landed at $91 billion, down from $95 billion a year ago. The iPhone business was the main reason for this drop, as consumers were cautious in their upgrade commitments following the launch of the iPhone 15. Apple collected $46 billion from iPhone sales this quarter, down from $51 billion a year ago.

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Source Fool.com