NEW YORK, Jan 23, 2026, 14:54 ET — Regular session
- Apple shares dipped roughly 0.3% in afternoon trading, fluctuating between $244.73 and $249.40.
- Apple announced discounts in China from Jan. 24 to 27, but the deal won’t include the newest iPhone 17 model
- With a busy earnings slate looming, traders are grappling with rising component costs and looming regulatory challenges
Apple Inc (AAPL.O) shares edged down roughly 0.3% to $247.71 in Friday’s afternoon session, as investors weighed new reports of discounting in China alongside growing concerns over rising component costs ahead of next week’s earnings. During the session, the stock fluctuated between $244.73 and $249.40.
The move was minor, yet the timing couldn’t be more crucial. Apple joins a handful of mega-cap giants set to report shortly, and investors are running low on patience after a volatile start to the year.
Market strategists aren’t mincing words. With the S&P 500 trading above 22 times expected earnings, Franklin Templeton senior market strategist Chris Galipeau warned, “the earnings bar had better be met.” Traders are also gearing up for the Federal Reserve’s policy decision on Wednesday. 1
Apple announced discounts up to 1,000 yuan ($143.60) on select iPhone, Mac, iPad, and Apple Watch products in China from Jan. 24 to Jan. 27. The company noted on its website that the new iPhone 17 model won’t be part of the offer. 2
Memory is another pinch point. Prices for memory chips have surged, forcing device makers to either absorb the added costs or pass them on to buyers — a move that can squeeze gross margins, the portion of revenue left after component and manufacturing expenses. Emarketer analyst Jacob Bourne noted the shortage will “show up as higher prices for consumers.” Morningstar’s William Kerwin pointed out Apple’s advantage, saying it’s “better-positioned” thanks to contract pricing, which is steadier than spot buying. Apple is scheduled to release earnings on Jan. 29. 3
Supply-chain news kept rolling in. Pegatron, an Apple supplier, announced its first U.S. factory in Texas should be finished by the end of March, with trial production set for late March or April. The plant will produce AI server products using Nvidia chips. “The U.S. plant is our first factory established and operated in the United States,” Pegatron CEO Kuang-Chih Cheng told reporters in Taipei. 4
Regulatory risk is weighing on Apple. The company has petitioned an Indian court to block the nation’s antitrust regulator from accessing its global financial records amid an app store investigation, court documents reveal. The Delhi High Court will review the case on Jan. 27. Apple warns that penalties could soar to $38 billion if fines are based on worldwide revenue. 5
Tech stocks showed a mixed picture, dragged down by Intel’s disappointing outlook that dampened risk appetite. Traders are turning their attention to earnings reports coming next week. Michael Kantrowitz, chief investment strategist at Piper Sandler, noted there’s “a lot more confidence” in investing beyond artificial intelligence, even if volatility makes a comeback. 6
The setup works both ways. China discounts might lift volumes, but they also stir doubts about demand and pricing discipline just before earnings. Rising memory costs could tighten margins if Apple refuses to budge on prices. Plus, legal or regulatory actions overseas can hit at inconvenient times.
Apple’s quarterly earnings drop on Jan. 29 will be the next big event, as investors look for clues on demand in China, input costs, and how much of those costs Apple is absorbing instead of passing on. Ahead of that, traders will keep an eye on the China promotion window opening Jan. 24 and a court hearing in India scheduled for Jan. 27.
