The rally in Apple Inc., the world’s most valuable publicly traded company, is showing no signs of easing. After closing at a record high on Wednesday, the iPhone maker’s market value is approaching that of Europe’s largest stock market: France.
The combined market value of companies listed in Paris was about $3.2 trillion as of Wednesday’s close versus the technology giant’s $3.1 trillion, according to an index compiled by Bloomberg. Apple is larger than all but the six largest stock markets in the world.
It’s not the first time the Cupertino, California-based company eclipsed Paris in value. The duo swapped positions a number of times during last year’s second-half sell-off as central banks raised interest rates to tackle inflation.
The French stock market itself is at a record high this week, propelled by luxury good companies including Louis Vuitton owner LVMH and Birkin bag manufacturer Hermes International SCA. The stocks pulled back starting in midsummer, only to rev up again in recent weeks as evidence grew that inflation is cooling and thus interest rates may have peaked, with no sign of a recession in the U.S.
In the U.S., that same backdrop has driven a renewed surge in technology stocks, especially the biggest companies. Apple has soared more than 50% in 2023, adding about $1 trillion in market value.
The recent surge for Apple is a big reversal from October, when the stock was pressured by concerns about revenue growth and sales in China.
Wall Street projects that the company’s revenue will re-accelerate in 2024 as demand for smartphones, laptops and computers rebounds, according to the average of analyst estimates compiled by Bloomberg.
By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.
The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.
Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.