Broadcom Drags the Nasdaq While the Dow and S&P 500 Climb
Key PointsThe S&P 500 and Dow each rose about 0.6% while the Nasdaq Composite lagged at 0.4%.
Broadcom's heavy influence on the Nasdaq led to a dip in the tech-heavy index, while the Dow Jones Industrial Average and S&P 500 climbed higher. The morning saw the Nasdaq fall about 0.6% early before recovering, with Broadcom leading the decline due to a rival's positive news. Marvell Technology's announcement of a significant deal with Alphabet sparked Marvell's rally, but Broadcom's larger market cap made its 4.7% drop more impactful on the Nasdaq and S&P 500.
Meanwhile, the Dow experienced a mix of macroeconomic weakness and individual company news, with Merck leading the gains as a cancer vaccine showed promising results. Both gold and Bitcoin rose today, sparking speculation about a coordinated flight to safety, but it remains unclear if this is a genuine trend or just a coincidence.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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