Apple, Inc AAPL was trading about 0.8% higher in the premarket on Thursday after producer price index (PPI) data for March showed the inflation metric coming in lower than economists estimated.
The PPI declined 0.5% in March, compared to the estimate for an increase of 0.1%. Jobs data released on Thursday also signaled the economy is cooling.
Initial jobless claims came in at 239,000 for the week ending April 8, which was below the estimate of 232,000. The combined data caused futures traders to price in a 68% chance of a 0.25% rate hike in May and a 65% chance that the Federal Reserve will pause when it meets in June. Read more here...
The news helped Apple to pop up toward Wednesday’s high-of-day price, which helped the S&P 500 to recover slightly in premarket trading.
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The Apple Chart: Apple has been trading in a fairly consistent uptrend since March 2, with the most recent higher high formed on April 4 at $166.84 and the most recent confirmed higher low printed at the $155.98 mark on March 28.
- On Wednesday, Apple printed an inverted hammer candlestick on the daily chart, which suggests the stock may rebound on Thursday. Bullish traders want to see Apple break above Wednesday’s high-of-day soon after the market opens, which could signal bullish momentum is entering into the stock.
- Bearish traders want to see Wednesday’s high-of-day act as resistance, which could bring bearish momentum into the stock. If Apple falls under Wednesday’s low, the stock will lose support at the 21-day exponential moving average.
- Apple has resistance above at $162.14 and $167.88 and support below at $158.09 and $153.92.
Read Next: Apple AR Glasses Coming In 2026 Or 2027, Says Analyst
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