Apple Leads Magnificent 7 Stocks Higher Friday to Cap Off Volatile Week
Apple (AAPL) shares surged Friday, leading other Magnificent Seven members higher amid a broader market rebound to cap off a wild week fueled by tariff-driven volatility.
Apple shares jumped 4% to close at $198.15, posting gains for a week that included three losing sessions and the stock's best day since 1998.
Still, it has yet to fully recover from the hit taken since President Trump’s tariff announcement on April 2, on worries about escalating trade tensions with China, where Apple manufactures an estimated 90% of its products.
The gains for Apple’s stock Friday came amid growing optimism the iPhone maker could win an exemption from the Trump administration’s tariffs.
Mizuho analyst Jordan Klein reportedly told clients in a client note Friday that “90% of investors seem to believe Apple will get a tariff exemption,” pointing to the exemption Apple received in 2018 during President Trump’s first term.
CFRA Research analyst Angelo Zino said he now puts the odds of an Apple-specific exemption at 50%, up from 20%.
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