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Stock market today: Dow, S&P 500 cap weekly losses, Broadcom surges 24% to top $1 trillion market cap
Stocks ended the session little changed on Friday despite Broadcom's ( AVGO ) jump to all-time highs driven by the chipmaker's bullish AI-fueled sales forecast.
The S&P 500 ( ^GSPC ) closed flat while the tech-heavy Nasdaq Composite ( ^IXIC ) gained 0.1%. The Dow Jones Industrial Average ( ^DJI ) slipped 0.1%
The S&P 500 and Dow posted weekly losses, with the blue-chip index notching a seventh straight losing session — its longest losing streak since late February 2020, just prior to the pandemic.
Meanwhile, Broadcom's market cap topped $1 trillion after executives predicted an AI sales gain of around 65%, a much brisker pace than expected. Broadcom stock was up over 20%.
Some of Broadcom's peers were mixed with Marvell Technology ( MRVL ) and Taiwan Semiconductor ( TSM ) both surging, while Nvidia ( NVDA ) and AMD ( AMD ) slid.
The Nasdaq 100 ( ^NDX ), however, hit new highs on Friday with EV giant Tesla ( TSLA ) surging 4% to close at a fresh record.
The Nasdaq ended with weekly gains, as the index 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.