Apple's share price reaches remarkable high
Apple stock is currently experiencing an upward trend
Last week, gold maintained a stable performance, hovering around $1946 per ounce
After two consecutive months of positive performance, the precious metal experienced a decline of over 1% during May trading
The US dollar index saw a rise of over 2% in May
Apple's share price reaches 17-month high
Apple's share price reached its highest level in 17 months, hitting $182.80 before the opening of the US markets. It is worth noting that the stock has recorded positive performance since the beginning of this year, showing a growth of over 38%. Investors are likely attracted to Apple's strength in the world of technology. Additionally, Apple recorded revenues of approximately $9.8 billion in the first quarter of 2023, surpassing expectations of $92.9 billion. This impressive performance can be attributed to the recovery of the iPhone and the growth of the services business.
Another notable company in 2023 is Nvidia Corp., which experienced a substantial increase of over 165% due to optimism in the artificial intelligence sector. This led the chip maker to exceed a market value of $1 trillion within a short period.
With a market value of $2.88 trillion, Apple is approaching a historic valuation of $3 trillion. It is important to mention that Apple's share represents 3.5% of the Dow Jones, while on the Nasdaq and S&P 500, it represents 12.27% and 7.49%, respectively. US stock index futures showed a slight rise during Monday's trading.
US services sector shows slower growth
According to the ISM Purchasing Managers' Index, activity in the US services sector slowed from 51.9 in April to 50.3 in May, as indicated by the report that last month, eleven industries experienced growth, including food services, corporate management and support services, retail arts and entertainment, construction, transportation and storage, and educational services. Conversely, seven industries saw a decline, including agriculture, real estate and leasing, wholesale trade, and finance and insurance.
Despite this slowdown, the services PMI has remained above 50 percent for the fifth consecutive month after a month of contraction, suggesting sustained growth for the sector.
Following the release of this news, gold prices rose as they settled below $1950 per ounce during today's trading, and at the time of the report, they were moving near the $1960 range. Meanwhile, the US dollar index settled near 104 after reaching 104.44 during today's trading.