Apple Stock Hits Record $354.50, Then Slips with Nasdaq

Apple shares peaked at a record $354.50 on November 4 before giving up around 1.5% on Thursday, a day the Nasdaq Composite retreated 5.52%.

At Wednesday's close the stock was at $349.51, a 5.31% gain driven by rotation out of AI hardware into Apple's lower AI spending profile. The safe-haven thesis was put to the test on Thursday.

Apple $AAPL soared more than 5% today, its best day in 1.5 years 📈 📈 pic.twitter.com/qpTdApcmQk

— Barchart (@Barchart) November 5, 2026

Why Apple Stock Climbed Before the Broader Selloff

The rise followed the Democratic Party winning both chambers of Congress in the midterms. The market interpreted the outcome as political gridlock, pushing the Dow Jones Industrial Average 3% higher.

Capital shifted away from AI hardware stocks over concerns regarding constraints on new data centers. Nvidia lost roughly 3% on the day, whereas Apple became a technology safe haven thanks to its more modest AI spending.

The rotation may also relieve upward pressure on memory chip prices, Apple's primary cost headwind this year. Support also came from lower oil prices and falling Treasury yields.

Apple's market capitalisation consequently reached $5.08 trillion, reclaiming the title of the world's most valuable firm from Nvidia, which stood at $4.83 trillion.

Apple's Performance During the General Market Decline

Equities tumbled on Thursday as traders sped up their departure from technology shares over worries about a slower pace of data center construction, according to CNBC. The Nasdaq Composite shed 5.52%, the S&P 500 lost 4.36%, and the Dow gave back 3.44%.

Apple declined by roughly 1.5%, settling near $344 per TradingView data. Nvidia lost 9%, and Broadcom fell 10%.

The group of major US tech equities, the Magnificent Seven, saw nearly $900 billion of value erased in the last hour of trading. Nvidia's market cap alone dropped by roughly $374 billion, while Apple lost close to $59 billion.

Apple still declined, meaning its safe haven standing is purely relative. The stock remains up about 26% for the year.

Rebound Follows Post-Earnings Decline

The rally reversed declines that occurred after Apple's fiscal Q4 report on November 2. Sales advanced 12% year-on-year to $114.5 billion, the firm's release stated. EPS of $2.10 topped the $1.99 consensus.

Apple projected a December-quarter gross margin of 45% to 46%, a drop from 47.9%. Management pointed to climbing memory costs, and the stock dropped for two consecutive sessions.

Technical Picture for Apple Shares

The stock retreated 7.5% from an October 23 high of $351.73 to $325.33 on November 3.

The dip reached the 0.382 Fibonacci retracement level near $325. That level provided support for a second time, echoing a similar test in early October.

During the low, Apple shares briefly fell below the 50-day moving average (MA) at $335. The following trading day recaptured it with a solid bullish candle.

Trading volume hit 89.6 million shares, the highest since late June, indicating robust buyer activity. The Relative Strength Index (RSI) rose to 58, re-entering bullish ground.

Outlook for Apple Stock

A daily settlement above $354.50 would put Apple into price discovery territory without historical resistance above. However, the long upper wick on Wednesday's candle suggested profit-taking near the record, and shares gave ground on Thursday.

On the downside, $340 represents the first support level, a zone Thursday's decline held above. The 50-day MA at $335 is next, and a fall below $325 might open the door to the 0.618 Fibonacci level at $305.

Apple's valuation is a risk factor, with the stock trading near 36 times forward earnings. A broader selloff in tech shares constitutes the greater threat to this setup.