This roundup covers stocks ahead of Friday's trading session, after the Nasdaq Composite recorded the index's largest daily decline since June. Apple reached a new high on Thursday and finished at $348.22. Executive producer Todd Bonin noted that Apple was very close to surpassing Nvidia in market capitalization. Apple fans are due to begin lining up on Friday for the new $2,000 iPhone Duo. Online orders for the iPhone Duo extend months into the future. Apple shares have gained 28% this year.
American Express will release quarterly earnings on Friday morning. American Express shares have fallen more than 6% over three months. American Express shares stand 16% below the December high.
Western Digital exceeded estimates for the fiscal first quarter because of demand for data storage and favorable pricing. However, Western Digital shares fell 5% in after-hours trading. Western Digital shares have declined 22% in October. The Nasdaq-100 lost 2.9% during Thursday's regular session. The VanEck Semiconductor ETF (SMH) declined about 6%.
The Amplify Cybersecurity ETF (HACK) rose 0.4%, moving against the technology sector's decline following new reports of a vulnerability in code used by most websites. Check Point shares gained almost 6%. Palo Alto Networks shares rose 2.2%.
The iShares MSCI South Korea ETF (EWY) dropped almost 5% on Thursday. The ETF has substantial exposure to South Korea's semiconductor and technology sector. The ETF now stands 32.5% below the June high. South Korea's Deputy Prime Minister and Minister of Finance and Economy Lee Hyoung-il said this week that semiconductor demand is expected to keep surging through next year.
MetLife reached a record high. MetLife shares have gained about 10% in October. MetLife shares have risen almost 35% over six months. Marsh and McLennan reached a 52-week high. Marsh and McLennan shares have gained 5.8% this week. Marsh and McLennan shares have risen nearly 17% in October. The S&P Insurance Industry stands less than 1% below the index's 52-week high. The S&P Insurance Industry has gained 12% in October.
Bill Ackman said in an interview on Thursday that Ackman believed Fannie Mae and Freddie Mac would leave government control before the Trump administration ends. President Donald Trump discussed that prospect before winning re-election. Freddie Mac, formally the Federal Home Loan Mortgage Corp, gained almost 15% on Thursday. Fannie Mae, formally the Federal National Mortgage Association, rose 12.6% after Ackman's comments. However, shares of both companies remain 70% below their highs.
Stock Market Outlook: Key Movers Ahead of Friday Trading Session
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Summary
Market outlook remains mixed ahead of Friday’s session, with key stocks set to drive trading volume. Apple hit a new high, nearing Nvidia in market cap, while American Express prepares for earnings. Western Digital beat Q1 estimates but fell after the report. The Nasdaq-100 dropped 2.9%, and the VanEck Semiconductor ETF lost nearly 6%. Amplify Cybersecurity ETF edged up on a code vulnerability report. South Korea’s EWY fell 5% as tech struggles. MetLife and Marsh and McLennan hit records, while Bill Ackman’s comments lifted Fannie Mae and Freddie Mac shares.
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