On Tuesday, Apple Inc. shares surged ahead of its product launch event later this day.
Apple rose 0.39% or 0.58 points to $149.55 per share.
The tech giant rebounded from its sharp decline of 3.31% to $148.97 last Friday due to the court ruling with Epic Games.
Additionally, Apple posted an $84.00 billion loss in market value.
Moreover, the said event marked the seventh virtual launch of Apple in this pandemic.
Analysts expected that the tech giant would introduce new iPhones and updates to its AirPods and Apple Watch.
Remarkably, Apple’s sales climbed as people worked from home in this pandemic.
Last July, the American tech company reported strong fiscal third-quarter earnings.
Furthermore, iPhone sales skyrocketed 50.00% on a yearly basis.
In addition, Mac and iPad profits edged up 16.00% and 12.00%, respectively.
Apple Inc. has a current market capitalization of $2.47 trillion and shares outstanding of $16.53 trillion.
Meanwhile, the judge’s released ruling between Apple and Epic Games will let app developers direct their players to alternative payment platforms.
In line with this, the injunction will allow customers to avoid Apple’s 15.00% to 30.00% App Store fee.
Consequently, the decision could dent Apple’s App services revenue, which is a significant driver of the company’s growth.
Analysts forecasted that the tech giant could lose $64.00 billion this year.
The decision also ruled out that Epic Games should pay Apple due to the breach of the contract.
Then, Epic must settle a total of 30.00% of all revenue it collected from Fortnite through direct payments.
Subsequently, the video game developer filed an appeal regarding the injunction.
The clash between the two companies started when Epic games installed unauthorized updates on Fortnite.
Dow Futures Rally ahead Apple’s Launch Event
Meanwhile, the Dow futures rally ahead of the awaited Apple’s launch event.
Moreover, the Dow futures soared 0.21% or 72.00 points to $34,826 per share.
Likewise, the S&P 500 futures hiked 0.20% or 8.75 points to $4,477.75 per share.
Similarly, the Nasdaq 100 futures inched up 0.12% or 19.00 points to $15,455.75 per share.
Along with the surge in Apple sales as other tech giants mixed on Tuesday trading.
Microsoft jumped 0.43% or 1.28 points to $296.99 per share.
Also, Tesla Inc improved 0.91% or 6.73 points to $743.00 per share.
Same with Alphabet A as it increased 1.03% or 29.10 points to $2,846.60 per share.
Then, Amazon.com declined 0.35% or 11.98 points to $3,457.17 per share.
Consequently, Netflix plummeted 1.57% or 9.43 points to $589.29 per share.
Likewise, Facebook tumbled 0.58% or 2.18 points to $376.51 per share.