Apple shares are rallying ahead of earnings

Shares of Apple are rallying ahead of the tech giant’s quarterly earnings report set for release after the market close.

Near 9:50 am ET on Monday, shares of Apple were up as much as 2%, or $US2.64 per share, to just below $US133.

As a member of the Dow, every $US1 move in Apple moves the blue chip index 6.73 points.

In early trade on Monday, the Dow was up around 37 points while the S&P 500 and Nasdaq were near record highs.

Business Insider’s Jay Yarow has the full preview of Apple’s earnings report here, and notes that expectations are for revenue to total $US56 billion with iPhone sales hitting 58.1 million units and earnings per share coming in at $US2.14.

Something to look out for in Apple’s report is how the strong US dollar impacts earnings, with Piper Jaffray’s Gene Munster noting that “FX headwinds” will likely hurt sales by 2%-3%.

Here’s the early pop in Apple stock.

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