Apple (NASDAQ:AAPL) stock was up 0.23% in late morning trading on July 2. Shares of Apple received a boost after G-20 meetings concluded over the weekend. The big story was progress made between the United States and China on the trade book. Both sides appeared to come to a truce and the technology spat eased somewhat with the Trump administration pulling back its hardline position on Huawei.
Roughly 20% of Apple’s revenue came from China in 2018. A prolonged trade war between the United States and China represented a bearish signal for Apple, so does a truce suggest the reverse? Not necessarily: Apple still has work to do to reinvigorate investor enthusiasm.
Recent leaks have seen tech insider pile on Apple for its new iPhone design. The much-maligned notch will be widened on the iPhone 11.
Designers are reportedly working hard to reduce the size of the notch. This was a common criticism of the recently released Google Pixel 3. Other reports indicate that Apple is working on a cheaper alternative that it will pitch to consumers in China.
Apple stock had an RSI of 63 at the time of this writing. This puts shares close to technically overbought territory in early July. The time to pull the trigger on Apple stock likely came before the G-20 meetings as we look to be returning to fair value to kick off the summer. Apple looks more like a hold today.
