Apple’s share price hits record high as iPhone sales surge

Market Performance - The US benchmark S&P 500 rose by 1.13%, the Dow Jones Industrial Average climbed by 1.04%, and the Nasdaq Composite increased by 1.49%, driven by easing investor fears over regional banks and positive sentiment regarding a potential trade deal with China [1][4][29] - Apple shares surged by 5.35% this year, contributing significantly to the Nasdaq's performance, as strong iPhone sales data indicated a potential shift beyond the typical iPhone refresh cycle [5][6][7] Trade Relations - President Trump expressed optimism about reaching a trade deal with Chinese President Xi Jinping during their upcoming meeting in South Korea, highlighting a good relationship between the two nations [2][26] - Trump has threatened to impose additional tariffs on China, potentially raising the total US tariffs on Chinese goods to 157%, following China's export controls on rare earths essential for chip production [3][11] Company-Specific Developments - Apple has seen a significant rebound in its stock price, hitting a record of $264.22, following an upgrade from Loop Capital based on strong demand for the iPhone 17, which saw sales 14% higher than the iPhone 16 during the initial launch period [6][7][17] - Defence stocks, particularly Babcock International and Rolls Royce, surged as hopes for a peace deal in Ukraine faded, with Babcock rising by 2.3% and Rolls Royce by 1.9% [12][13] Economic Indicators - Oil prices fell by 1% to $60.68 per barrel due to concerns over a global supply glut and lower economic growth [8] - The US Treasury signed a $20 billion lifeline for Argentina's economy, which is expected to provide vital access to US dollars and support President Javier Milei ahead of midterm elections [18][19] Consumer Sentiment and Business Outlook - Consumer sentiment dipped slightly to 47.4 in October, indicating financial stress among households despite rising incomes, as high bills continue to impact disposable income [56][57] - Canadian businesses are facing significant layoffs in the steel and aluminum sectors due to the impact of US tariffs, with a weak outlook for growth in domestic export sales [23][24]