Apple Inc. (NASDAQ:AAPL) stock is on the rebound, with its share price opening up 7 percent to $111.07 at the opening bell Tuesday. It’s a stark contrast to Monday, where Apple saw its stock plummet more than 10 percent at the opening bell, only to rebound later in the day.
Apple wasn’t alone. Despite a rough Monday, tech firms such as Google (NASDAQ:GOOG), Netflix (NASDAQ:NFLX) , Facebook (NASDAQ:FB) and Amazon (NASDAQ:AMZN) also saw their stock prices plummet in early trading only to rebound in the hours after. On Tuesday, their stocks also rallied, with Netflix shares at $107.74, up 11 percent; Google at $615, up 4 percent; and Facebook at $84.94, up 3 percent.
Apple’s bounce back comes in the wake of an email Apple CEO Tim Cook sent to CNBC’s Jim Cramer, claiming iPhone sales were strong in China, despite its struggling market.
“Growth in iPhone activations has actually accelerated over the past few weeks, and we have had the best performance of the year for the App Store in China during the last two weeks," Cook wrote to Cramer, according to CNBC.
China isn’t Apple’s biggest market yet -- that title belongs to the United States. But Cook has said in the past that China could become the company's biggest market in the near future. It took the No. 2 spot from Europe in Apple’s second fiscal quarter of 2015 and saw revenues of $13.2 billion in the third quarter, up 112 percent compared to the same period in 2014.
Apple shares are still trading well off their previous high of $111.11 set earlier this month.