Why Apple Stock Was Up Earlier This Morning
Shares of Apple (NASDAQ: AAPL) started Tuesday's trading session up 2.6% before giving back some of those gains later in the morning. Worries over higher interest rates and the economy have sent Apple shares down 14% year to date.
There were reports out of China that demand for iPhone 14 Pro was strong and that there was lower demand for lower-priced models. Here's what that might mean for Apple's business.
Reports surfaced Monday evening that Foxconn Technology Group, the manufacturer of iPhones in China, was shifting production to Pro models instead of the lower-priced standard iPhone 14. Investors should always take supply chain reports with a grain of salt, but this news could be legit, since it echoes similar reports of consumer demand trends in the U.S. for the new iPhones.
Source Fool.com
