Apple fended off challenges from e-commerce giant Amazon and tech mainstay Microsoft to close the market day Monday as Wall Street’s most valuable company.
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The iPhone maker finished the trading session with a market capitalization of $877 billion, fueled by share gains of about 3.5 percent. Amazon ranked second with a valuation of $866.6 billion after gaining nearly 5 percent in trading, while Microsoft ranked third with a market cap of $860.4 billion after shares rose about 1 percent.
Amazon briefly became the most valuable U.S. company intraday after a report that the e-commerce giant was testing cashierless checkout technology in large stores. All three companies rallied Monday, helping lift U.S. markets on news that the U.S. and China have agreed to a 90-day truce on their ongoing trade dispute.
Apple, Amazon and Microsoft have jockeyed for top position in market cap amid overall volatility in the equity markets during much of the fourth quarter. Microsoft nearly surpassed Amazon’s valuation last week for the first time since 2010.
Apple became the first U.S. company to surpass $1 trillion in market value last August. Amazon replicated the feat soon after, but both companies have since retreated amid lukewarm quarterly results.