Why Ari Wald Likes Apple's Stock

On CNBC’s "Trading Nation," Ari Wald of Oppenheimer said Apple Inc. AAPL, which is the largest component in the Nasdaq 100 index, has surged above the September peak level.

Wald commented that "it has been the same story for the Nasdaq 100" with the high-growth benchmarks hitting fresh highs and giving steadier returns to investors.

The technology stocks have been able to move higher along with the broader market, also holding up "relatively better" at the time when risk-on indicators including "interest rates and commodity prices have been stagnant."

Price Action: Apple’s stock, which has a 52-week high of $165.70, rose 0.3% to close at $161.02 on Monday. The Nasdaq 100, meanwhile, tumbled 1.16% to settle at 16,380.98.