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With a year-to-date return of almost 32%, Apple (AAPL) stock is outperforming the S&P 500 Index ($SPX). However, it is the second-worst performing “Magnificent 7” stock, ahead of only Microsoft (MSFT), which is up about 14.5% in 2024.
But while Apple’s 2024 price action might not sound extraordinary, it came amid quite tepid expectations. Three brokerages downgraded AAPL stock in the first two weeks of January alone, which was quite a rarity for the company.