Apple closed at $348.22, a new high, and moved closer to overtaking Nvidia in market capitalization after gaining 28% so far this year. American Express will report quarterly earnings on Friday, while Western Digital shares fell 5% after hours despite better-than-expected fiscal first-quarter results driven by data storage demand and favorable pricing. Cybersecurity stocks resisted the broader technology downturn after reports of a new vulnerability, with Check Point up nearly 6% and Palo Alto Networks up 2.2%. South Korean stocks suffered, with the iShares MSCI South Korea ETF down nearly 5% on Thursday and 32.5% from its June high, although South Korean officials expect chip demand to keep surging through next year. Insurers reached highs, while Fannie Mae and Freddie Mac rallied sharply after Bill Ackman said they could leave government control before the end of Donald Trump’s administration.
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