Market Insider

Apple shares spike amid bullish iPhone 7 report, suppliers follow

5 ways to trade Apple's rally
Why is Apple turning its attention to India?
Add Apple under $100: Pro

Shares of Apple rose more than 1 percent Monday after Taiwan's Economic Daily reported the tech behemoth asked its suppliers to make more iPhone 7s than expected.

The newspaper said Monday Apple asked suppliers to produce between 72 million and 78 million iPhone 7s by the end of the year, above Wall Street expectations for 65 million.

Shares of Apple's suppliers also rallied, as Skyworks Solutions and Qorvo both gained nearly 2 percent, leading the VanEck Vectors Semiconductior ETF (SMH) 0.65 percent higher.

Apple's new store in Union Square, California on May 19, 2016.
Apple opens new San Francisco store with trees, a giant 6K screen and concert venue

Apple did not immediately respond to CNBC's request for comment.

The tech giant's stock is recovering from a recent drop, having fallen more than 18 percent over the past six months.

AAPL 6-month chart

Source: FactSet

Read the Economic Daily's full report here.