New York, February 2, 2026, 09:40 ET — Regular session
Apple (AAPL.O) shares gained roughly 0.3% to trade near $259.48 in early Monday activity, pushing the iPhone maker’s market cap to around $4.05 trillion.
After earnings and a flood of headlines, the stock is struggling to settle. Investors keep circling back to familiar doubts: where will the next wave of volume growth come from, and at what cost?
India has edged nearer to the heart of that debate. The country serves as a major market for Apple and a crucial manufacturing backup, particularly as the company increasingly relies on contract manufacturers.
Broader markets reacted sharply to a steep selloff in precious metals, which spilled over into equity futures. Investors were also weighing President Donald Trump’s nomination of Kevin Warsh to lead the Federal Reserve. “There’s a ripple effect” from the metals drop, noted Jim Baird, chief investment officer at Plante Moran Financial Advisors, as traders braced for a busy week filled with megacap earnings and key labor reports—JOLTS job openings, ADP hiring data, and Friday’s non-farm payrolls. Reuters
On Sunday, India’s government announced that foreign companies can supply machinery to contract manufacturers in specific customs-bonded zones for five years without facing tax liabilities — a move Apple had lobbied for as it ramps up production in the country. Revenue Secretary Arvind Shrivastava described the change as providing firms with “certainty.” Shankey Agrawal, a partner at BMR Legal, called it the elimination of a “deal-breaking risk” for electronics manufacturing. According to budget documents, the rule will apply through the 2030-31 tax year and targets export-focused areas. Reuters
Bernstein SocGen stuck with its Outperform rating on Apple, setting a $325 price target. The firm highlighted Apple’s forecast of 13% to 16% revenue growth year-over-year for the current quarter, along with a gross margin outlook between 48% and 49%. Gross margin reflects profitability before operating costs.
Apple projected sales growth for the March quarter that outpaces expectations, following a holiday season that beat estimates thanks to robust iPhone demand and a recovery in China and India. CEO Tim Cook described the appetite for the newest models as “staggering.” Reuters
Investors are fixated not just on revenue but on costs too. Apple flagged rising memory chip prices as a hit to its profits, echoing caution from Samsung Electronics and SK Hynix. Both warned of tighter supplies as production pivots to higher-margin chips powering AI workloads.
Apple’s board approved a cash dividend of $0.26 per share, set to be paid on Feb. 12 to shareholders on record as of Feb. 9, according to an SEC filing.
Apple’s annual shareholders meeting is set for Feb. 24 and will be held virtually.
