Apple stock was falling in trading Tuesday, but improving demand for its latest iPhone 16 may get it back to new highs.Shares of the iPhone maker were down 1.1% to $233.84 in mid morning. The stock closed up 0.

Wall Street analysts say Apple iPhone 16 sales trends appear solid a month after the retail launch. Apple stock rose Monday on the news. In a client note, Loop Capital analyst Ananda Baruah said his firm's supply-chain checks suggest that Apple's September-quarter iPhone shipments "are tracking stronger than anticipated.

Shares of Apple rose as much as 2.7%, setting a new intraday record of $237.49. It’s the first time in exactly three months Apple stock hit an all-time high. Though the stock pared gains slightly to 1.7% by 11 a.m. EDT, trading at $235.33 per share, it’s still on track to break the July 16 record close of $234.82.

Apple stock continues to look like a long-term winner. On top of that, the report says that the mix of iPhones has also been favorable. According to Counterpoint, sales of pricier iPhone 16 Pro and Pro Max models have increased even more,

Sales of Apple Inc.'s newest iPhones in China are up 20% in their first three weeks compared with 2023's model, a positive sign for a device that struggled this year to gain traction in the world's largest smartphone market.

Apple’s new iPhone sales in China surged 20% in the first three weeks following their launch, according to data from research firm Counterpoint. This growth compares to the 2023 model’s performance during the same initial period.