Critics' displeasure at the iPhone 17 Pro's fluorescent orange color aside, Apple's "Cosmic Orange" smartphone has charmed fans — and investors.
The newest iPhone 17 series, which includes the base iPhone 17 and its overachieving Pro and skinny Air siblings — that come in colors other than orange, to be clear — has been outselling the previous one in the U.S. and China, according to Counterpoint data. In fact, the iPhone Air sold out within minutes of going on sale in China, reported the South China Morning Post.
Shares of Apple popped nearly 4% on the news and closed at an all-time high. That must be welcome news for CEO Tim Cook and investors, as the stock has been one of the biggest laggards in the Magnificent 7 group. That jump puts Apple's year-to-date gains at around 5%, compared with Nvidia's 36% and Meta's 25%.
Another member of the Mag 7, however, had a bumpy Monday. Amazon's cloud arm, Amazon Web Services, suffered an outage. Sites such as Reddit and Snapchat went dark, plunging millions, including yours truly, into existential crises. Shares of Amazon still increased around 1.6%.
U.S. markets also rose more broadly, with major indexes ending Monday in the green. This week, investors will be keeping their eye on the U.S.' trade developments with China as well as earnings reports from companies such as Netflix , Tesla and Intel .