Lates News

In the past 20 years, Apple (AAPL.O) has never been as "decoupled" from other tech peers as it is now, making it an attractive alternative choice for investors, especially as market fluctuations caused by artificial intelligence have swept through the stock market in recent weeks. Data shows that Apple's stock price correlation with the Nasdaq 100 index fell to 0.21 last week, the lowest level since 2006. This correlation has been decreasing since reaching 0.92 in May of last year. Apple's decision to largely "stand still" makes it stand out compared to many competitors. A correlation of 1 means that the trends of two securities are completely consistent, while a reading of -1 indicates completely opposite trends. "The lack of correlation between Apple's stock price and the overall market trend is absolutely a good thing at the moment," said Art Hogan, Chief Market Strategist at B. Riley Wealth. "We are in an environment where investors are extremely anxious about the next sector to be disrupted in the 'AI whack-a-mole' game, so they often sell first and then look for reasons."