Apple's Contribution To The S&P 500 Index, Explained

According to CNBC's Brian Sullivan, Apple's 24 percent year-to-date gain implies the stock contributed 2.2 points to the S&P 500 gains since the start of the year. While this number may seem significant, the fact is Apple contributed more to the index than the next three biggest contributors combined. CNBC cited Howard Silverblatt, an index analyst with S&P Dow Jones Indices, who pointed out that Apple alone contributed 11 percent of the S&P 500's gains this year. Moreover, if Apple wasn't a member of the S&P 500 then the index would be up less than 5 percent this year.

Cowen: Path To $160

Apple also happens to be the best performing member of the Dow Jones Industrial Average. In fact, the second-best performing stock in the index so far in 2017, Boeing Co BA, is up just 14 percent.

David Seaburg, head of sales trading at Cowen and Co, explained to Brian Sullivan during a recent "Trading Nation" segment why Apple's stock has upside to $155–$160 per share.

According to Seaburg, consensus estimates on Apple among Wall Street analysts are too low and the Street will adjust their numbers higher. The analyst cited the upcoming iPhone 8 release and suggested that demand for the new phone in China will be "off the charts."

Bottom line, Apple's valuation continues to trade at a discount to the market and "money can continue to gravitate into this stock."