While some critics may mock the iPhone 17 Pro's vibrant fluorescent orange finish, it appears that Apple's Cosmic Orange smartphone is making a significant impact where it truly matters — in sales and stock performance. The latest iPhone 17 series, which includes the standard iPhone 17, the high-performing Pro, and the sleek iPhone Air, has been flying off the shelves, especially in the U.S. and China, as reported by Counterpoint Research.
In China, the newly launched iPhone Air reportedly sold out within mere minutes of its availability, according to the South China Morning Post. This overwhelming demand has not gone unnoticed by investors; as a result, Apple's shares surged nearly 4%, reaching an all-time high. This positive trend is certainly uplifting news for CEO Tim Cook and investors, especially considering that Apple's stock has been lagging behind its “Magnificent 7” peers.
As of now, Apple's year-to-date stock gains sit at approximately 5%. In comparison, tech giants such as Nvidia and Meta have seen impressive gains of 36% and 25%, respectively. Despite a rough day for another Magnificent 7 member, Amazon, which experienced a significant outage at its cloud service, Amazon Web Services, affecting popular platforms like Reddit and Snapchat, their shares still managed to increase by around 1.6%.
The U.S. markets also experienced a positive shift, with major indexes concluding the day in the green. Investors are particularly focused on upcoming trade developments between the U.S. and China, as well as earnings reports from major companies such as Netflix, Tesla, and Intel. These events could add a splash of excitement to the financial landscape, reminiscent of Apple's bold new smartphone colors.
In other news, the U.S. has signed a minerals agreement with Australia, announced on Monday. This deal involves projects valued at up to $8.5 billion, including initiatives to develop rare earths processing in Australia. Following this announcement, shares of Australian rare earths companies saw a significant surge on Tuesday, reflecting the optimistic outlook on these projects.
In a historic political development, Japan has elected its first female prime minister. Sanae Takaichi, the leader of the Liberal Democratic Party, made history by winning a parliamentary vote on Tuesday. This milestone was made possible through an agreement between the Japan Innovation Party and the LDP over the weekend, marking a new chapter for Japanese politics.
The latest iPhone 17 series is proving to be a game-changer, having outsold its predecessor by an impressive 14% in both the U.S. and China within its first ten days of availability, according to Counterpoint Research. This remarkable sales performance underscores the continued demand for Apple's innovative products.
The positive sentiment in the U.S. markets has been evident, with all three major indexes rising by more than 1% on Monday. Investors are hopeful for an end to the government shutdown, which could further bolster market confidence. Meanwhile, in Asia-Pacific, stocks are on the rise, with South Korea's Kospi index achieving its sixth consecutive record high.
On another front, professional fund managers are betting against the British pound as the U.K. Finance Minister, Rachel Reeves, prepares to unveil the country's Autumn Budget. This move comes amid growing concerns regarding the economic outlook in the U.K., highlighting the complexities of global financial dynamics.
