(Bloomberg) — Apple shares rose in premarket trading on Tuesday, with the iPhone maker on track for a fifth straight positive session as it inches closer to a historic $3 trillion market value that has proved elusive for weeks.
The stock rose 0.4% to $180.96 before the bell, amid a positive session for equity futures. Based on Apple’s outstanding shares, it will reach $3 trillion if the stock hits $182.86; it rose as high as $182.13 in intraday trading this month. Should Apple reach the milestone, it would be the first time any company has done so.
The achievement would cap a strong year for Apple, which has surged 36% in 2021 to a $2.96 trillion value as of Monday’s close. It is also up more than 200% since Covid first sent the world into lockdown early last year and underlined the centrality of technology for work, education, entertainment and keeping connected.
The stock has been a favorite because of the global popularity of the company’s products, the potential for new offerings to maintain its steady sales growth, and its strong cash balance. Such tailwinds have helped investors look past potential risks like a shortage of chips and the ongoing pandemic, which prompted Apple to shut its New York City retail stores. Wall Street’s other major tech and internet companies are also among the year’s most notable outperformers.
Apple shares recently came under pressure after the Federal Reserve took a more hawkish stance than had been expected, but investors subsequently bid them back up as they looked for equities that are seen as high quality, and which boast long track records of growth. Apple has risen for four straight sessions, ending at a record close on Monday, and it is up 6.2% over that stretch.
Among other notable names, Microsoft Corp. and Meta Platforms Inc. both rose 0.5% before the bell on Tuesday.
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