Apple stock rises on iPhone Duo preorder surge

Apple shares closed at $343.46 on Friday, up 0.43%, after preorders for the company's first foldable smartphone, the iPhone Duo, sold out within minutes of opening. The stock moved closer to its 52-week high of $348.15, which it reached earlier in the week, as investors reacted to the immediate demand for the new device.

The iPhone Duo features a 5.4-inch front display and a 7.6-inch foldable inner screen. Delivery dates for the device shifted from October 23 into late January following the rapid sales. Apple's stock had previously weighed on sentiment due to a softer near-term outlook, despite beating Wall Street expectations in its most recent quarter.

In the third quarter of 2026, ended June 27, Apple reported revenue of $109.4 billion, a 16% year-over-year increase. The company posted record performance in that period, with strong demand for the iPhone 17 noted by investors.

Trading volume for Apple reached 59 million shares on Friday, which was approximately 31% above the three-month average of 45 million shares. The broader market experienced a decline on the same day. The S&P 500 index closed at 7,659, down 1.09%, while the Nasdaq Composite finished at 26,140, down 2.14%.

Peer companies in the consumer electronics and personal computing hardware sector also fell. Microsoft closed at $529.05, down 1.93%, and Alphabet closed at $340.59, down 2.47%. Investors focused on AI-debt pressure and semiconductor weakness for these firms.

Apple is scheduled to hold its earnings call in November, where investors will look for guidance and demand updates. The preliminary success of the iPhone Duo suggests potential for strong sales results in 2027, although macroeconomic conditions such as persistent inflation and rising interest rates remain factors for the company.