Despite the still bearish market background, Apple Inc returned to lead Wall Street equities with an excellent quarterly earnings report.
In general, the iPhone maker is not oblivious to the current market situation which is overshadowed by inflationary pressure and the interest rate increase factor by the Federal Reserve (Fed).
However, since the fall experienced in mid-June, Apple has seen a jump of 27% and indirectly indicates that it has succeeded in leading the S&P 500 index and the Nasdaq 100 index.
Apple is only down a measly 7.4% in 2022 compared to the 20% decline experienced by the Nasdaq 100, thus reclaiming its throne as the world's most valuable company.
The achievement comes on the heels of Apple's quarterly earnings report that beat expectations and bolstered Wall Street's set of continued profit projections.
On that factor, retail investors are seen flocking back to buy shares, sparking a rally in the speculative corner of the market.
According to Lucas Mantle of Vanda Research, individual investors have been seen buying Apple shares over the past few months with some trying to buy during the downturn as well as during the recovery.
He added that Apple is also seen leading the position of the most bought shares throughout the last month.
In addition, low-end (mom-and-pop) institutional investors are expected to continue to be attracted by Apple's large cash flow that could return more than $80 billion to shareholders in the form of dividends and buybacks.
It should be noted that Apple is still the richest company with a market value of $2.6 trillion, surpassing oil firm Saudi Aramco last July.
