Apple stock (AAPL) is within roughly 4% of a $5 Trillion milestone after a rapid rally. The next earnings report will test whether fundamentals can support the move.

Apple shares currently remain 9.8% above their June 22 close, with a market value of nearly $4.8 trillion. At the current share count, Apple would need a stock price of roughly $340 to reach a $5 trillion valuation. 

That leaves a gap of about 4%. The immediate question for traders is whether Apple’s July 30 earnings can justify the recent rally.

Apple Stock Monthly Price Chart. Source: Google Finance

Earnings Become the Main Short-Term Catalyst

Apple will report fiscal third-quarter results after the market closes on July 30. Wall Street expects earnings per share of about…