S&P 500, Nasdaq close sharply higher as Broadcom rallies
Broadcom rose after extending its Apple chip partnership through 2031, lifting semiconductor shares as investors awaited a busy earnings season.
- On Monday, the S&P 500 and Nasdaq ended sharply higher as investors bought shares in artificial intelligence-related companies, with Broadcom jumping 3.7% after extending a custom chip deal with Apple.
- Anticipating a strong earnings season, analysts expect S&P 500 companies to report aggregate earnings growth of 24%, with technology sector earnings projected to jump around 65%.
- Microsoft shares fell almost 1% after the company announced it was cutting about 2.1% of its workforce, or roughly 4,800 jobs, while O'Reilly Automotive tumbled 6.7% following a reported cash offer to buy Genuine Parts.
- Jake Dollarhide, chief executive officer of Longbow Asset Management, described the market as "tenuous," while Thomas Hayes, chairman at Great Hill Capital LLC, flagged Microsoft's layoffs as a negative indicator regarding capital spending.
- Traders see a 25% probability of an interest rate increase at the Federal Reserve's July 29 meeting, while South Korean chipmaker SK Hynix is scheduled to debut on the Nasdaq later this week.
23 Articles
23 Articles
First Tick: Top global cues to watch in today's trade
The S&P 500 and Nasdaq ended sharply higher on Monday, with Broadcom and other chip stocks rallying as investors bought shares in companies related to artificial intelligence that are expected to drive a strong second-quarter earnings season.
Chip stocks lead Big Tech rally
The US stock market soared on Monday as a reinvigorated AI trade drove up chip stocks at the start of a critical week testing investor appetite in the AI boom. US chipmaker Broadcom led the rally after announcing it would extend its deal with Apple to supply bespoke semiconductors until 2031, adding to its tie-ups with Alphabet and Meta. Following multiple selloffs, Monday’s rally offers encouragement ahead of Samsung’s earnings report on Tuesda…
New York's main stock indexes ended the day high this Monday, with S&P 500 and Nasdaq being boosted by the technology sector, especially chip and semiconductor manufacturers, after a recent correction. Dow Jones, which concentrates less names linked to artificial intelligence development, presented less expressive gains, but still renewed its historical peak, closing over 53,000 points for the first time. In closing, the Dow Jones index rose 0.3…
S&P 500, Nasdaq close sharply higher as chip stocks rally | Honolulu Star-Advertiser
The S&P 500 and Nasdaq ended sharply higher today, with Broadcom and other chip stocks rallying as investors bought shares in companies related to artificial intelligence that are expected to drive a strong second-quarter earnings season.
Technology stocks are back in the spotlight, leading Wall Street higher as investors maintain confidence in the prospects of artificial intelligence and semiconductors - Dow Jones hits new historical milestone
Coverage Details
Bias Distribution
- 50% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
