U.S. stocks ended Friday’s session largely unchanged, with the S&P 500 (^GSPC) closing flat, the Nasdaq Composite (^IXIC) edging up 0.1%, and the Dow Jones Industrial Average (^DJI) slipping 0.1%. Both the S&P 500 and Dow recorded weekly losses, with the Dow extending its losing streak to seven sessions—the longest since February 2020.
Broadcom (AVGO) was the highlight, surging over 20% and reaching a market cap of $1 trillion after executives announced AI-driven sales growth of 65%, exceeding expectations. Peer performance was mixed: Marvell Technology (MRVL) and Taiwan Semiconductor (TSM) rallied, while Nvidia (NVDA) and AMD (AMD) declined.
The Nasdaq 100 (^NDX) hit fresh highs, driven by Tesla (TSLA), which jumped 4% to a record close. The index also marked weekly gains, closing above the 20,000 level for the first time on Wednesday.
On the other hand, UnitedHealth (UNH) shares plunged over 15% this week following the tragic shooting of its CEO, weighing on the Dow.
Economic data continued to suggest a Federal Reserve rate cut next week, but persistent inflation could slow future cuts in 2024.