Stock Market Today, June 4: Broadcom Drags on Nasdaq at Midday

At midday, the S&P 500 (SNPINDEX:^GSPC) had edged up 0.17% to 7,566.72 as sector rotation offset chip weakness. The Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.39% to 26,749.70 on a semiconductor sell-off, and the Dow Jones Industrial Average (DJINDICES:^DJI) jumped 1.69% to 51,544.95 on value and energy tailwinds.Chip stocks were this morning’s flashpoint as Broadcom sank around 15% on a disappointing AI-chip outlook, dragging peers like Micron Technology and Advanced Micro Devices. Healthcare stocks gained, with Eli Lilly up over 5% and NovoCure up almost 12% at midday. Broadcom’s guidance miss sparked AI profit-taking and pressured semiconductor stocks this morning. Some are saying this could be the end of the sector’s incredible rally, with the State Street SPDR S&P Semiconductor ETF soaring by over 170% in the past year. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool