Stock market today: Dow, S&P 500 cap weekly losses, Broadcom surges 24% to top $1 trillion market cap

Published On Dec 13, 2024, 5:50 PM

Broadcom's stock has surged to an all-time high, jumping 24% after the company forecasted an impressive 65% growth in AI-driven sales, pushing its market cap above $1 trillion. The tech sector saw mixed reactions, with other semiconductor stocks like Marvell Technology and Taiwan Semiconductor rising, while Nvidia and AMD experienced declines. The S&P 500 and Dow posted weekly losses, with the Dow facing its longest losing streak since early 2020. Investors are anticipating a potential rate cut from the Federal Reserve amid persistently high inflation.

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Stock Forecasts

AVGOView AVGO chart on TradingView

Positive

Broadcom's strong sales forecast driven by AI points to significant growth opportunities in the tech sector, particularly for AI-related companies. Recent performance indicates a bullish sentiment in the semiconductor industry, creating a favorable environment for Broadcom.

NVDAView NVDA chart on TradingView

Negative

Given the mixed reactions among peers, particularly the drops in Nvidia and AMD stock prices, there might be a cautious sentiment around these companies despite Broadcom's positive outlook. However, the broader market's focus may lead to short-term volatility in these stocks.

TSLAView TSLA chart on TradingView

Positive

Tesla's recent surge to all-time highs shows strong resilience and positive market sentiment. The potential easing in regulation concerning automated vehicle crash data could serve as a further catalyst for growth, making Tesla an attractive investment.

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