Why Apple Stock Popped, Then Dropped on Thursday

Shares of Apple (NASDAQ: AAPL) initially climbed higher on Thursday, adding as much as 2.6%. However, as of 1:55 p.m. ET, the overall market headwinds had dragged the stock into the red, down 0.3%.

The catalyst that initially sent shares higher were reports that Apple plans to turn its iPhones into payment terminals, thereby challenging Block's Square.

Rumors emerged late Wednesday that Apple has plans to introduce a new service that will allow small businesses to process payments on their iPhones without requiring additional hardware, according to a story that first appeared in Bloomberg. The technology would allow merchants to accept payments via the iPhone with the tap of a credit card or another iPhone, eliminating the need for a dedicated card reader.

Source Fool.com