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Stocks headed for a losing week on Friday despite Broadcom’s (AVGO) jump to all-time highs after the chipmaker predicted an AI-driven sales surge.
The S&P 500 (^GSPC) fell slightly, while the tech-heavy Nasdaq Composite (^IXIC) gave up early morning gains to drop 0.2%. The Dow Jones Industrial Average (^DJI) hugged the flatline.
The S&P 500 and Dow were headed for a losing week, with the blue chip index on track for its seventh straight losing session — what would be its longest losing streak since February 2020
Meanwhile, Broadcom’s market cap surpassed $1 trillion after executives predicted an AI sales gain of around 65%, a much brisker pace than expected. Broadcom stock was up over 20%.
Broadcom’s peers rallied in tandem with Marvell Technology (MRVL) and Taiwan Semiconductor (TSM) up 8% and 4%, respectively.
The moves still position the Nasdaq for a strong weekly gain, as the index had notched a record close on Wednesday while finishing above the milestone level of 20,000 for the first time.
While tech has led the way this week, the Dow has struggled, partly on the back of a continued plunge in UnitedHealth (UNH) shares as the insurance industry continues to grapple with the fallout of the UnitedHealthcare CEO’s fatal shooting. Shares of the healthcare giant are down over 15% in the week since the shooting.
Meanwhile, the last pieces of economic data have teed up another rate cut from the Federal Reserve next week. But persistently sticky inflation could force the Fed to tread more slowly next year.
