Apple Shares Rise 2.6% as 30-Day Correlation With Nasdaq-100 Turns Negative
Apple's stock diverged sharply from the tech sector on Tuesday, rising 2.6% while tech stocks broadly fell. The 30-day correlation between Apple and the Nasdaq-100 index dropped to negative 0.82, the first such level since 2005. Over the past month, Apple gained 7% versus the index's 1%, and year-to-date it is up 20% against the index's 15%. Options activity surged to twice the daily average, with bullish sentiment evident.
Apple's stock has recently diverged markedly from the broader technology sector. On Tuesday, Apple shares rose 2.6% while technology stocks broadly declined. Data show the 30-day correlation coefficient between Apple and the Nasdaq-100 index has fallen to negative 0.82, after reaching as low as negative 0.86 earlier, marking the first time such a negative correlation has been seen since 2005. Apple's weight in the index is 7.5%.
Over the past month, Apple shares have gained 7%, while the Nasdaq-100 index has risen only 1%. Year-to-date, Apple is up 20%, compared with a 15% gain for the index. Over the past three years, the Nasdaq-100 has climbed 90%, while Apple shares have risen 82%.
In the options market, trading in Apple options was active on Tuesday, with volume approximately double the 30-day average. Call volume approached 1.5 million contracts, while put volume was under 700,000. Of these, about 543,000 calls were buyer-initiated, compared with fewer than 220,000 buyer-initiated puts. Net delta positioning in open interest indicates a clear bullish tilt in Apple options. The data come from an options analytics platform and do not name any specific institution.