On a day marked by significant losses in the Nasdaq-100, which fell 2.9%, Apple stood out by hitting a new high, closing at $348.22, and is now only a step away from overtaking Nvidia in market capitalization. This surge is notable as Apple has gained 28% year-to-date.
Meanwhile, American Express is set to report its quarterly earnings, having seen a decline of over 6% in the past three months and 16% from its December peak. Western Digital reported fiscal first-quarter results that exceeded estimates, driven by strong demand for data storage, yet its shares fell 5% after hours, reflecting broader market concerns.
The Amplify Cybersecurity ETF managed to rise 0.4%, contrasting with the overall tech downturn, as reports of a security vulnerability emerged. In international markets, the iShares MSCI South Korea ETF dropped nearly 5%, heavily influenced by the country's chip and tech sector, despite optimistic forecasts for chip demand.
Additionally, insurance stocks like MetLife and Marsh and McLennan reached new highs, with MetLife up about 10% in October. Lastly, shares of Fannie Mae and Freddie Mac surged following comments from investor Bill Ackman about their potential exit from government control, although they remain significantly down from their historical highs