Apple Nears Key Resistance as Investors Weigh Product Cycle Against Fed Risk

Apple's stock price has been hovering around $319-320 as it approaches an important technical area after a recent recovery from its August low of $302-303.

The company's resilience in the face of rising Treasury yields is particularly noteworthy, as AAPL has held strong above its local lows despite a hawkish market reaction to Kevin Warsh's speech at Jackson Hole.

Warsh's emphasis on insufficient progress in bringing inflation back toward 2% has increased the probability of a September Fed rate hike and pushed up the yield on policy-sensitive 2-year Treasuries, which could put pressure on Apple's P/E multiple.

However, the stock's own reaction so far suggests that the market is not ready to aggressively reduce positions ahead of the September product cycle, which is expected to focus on a stronger premium mix.