On Friday, the stock market witnessed a mix of results. Despite Broadcom's (AVGO) remarkable jump to all-time highs driven by its bullish AI-fueled sales forecast, the overall session ended with stocks showing little change. The S&P 500 (^GSPC) closed flat, while the tech-heavy Nasdaq Composite (^IXIC) gained 0.1% and the Dow Jones Industrial Average (^DJI) slipped 0.1%. The S&P 500 and Dow posted weekly losses, with the Dow experiencing its longest losing streak since late February 2020, just before the pandemic.

Broadcom's Market Cap Surpasses $1 Trillion

After executives predicted an AI sales gain of around 65%, a much brisker pace than expected, Broadcom's market cap topped $1 trillion. Its stock was up over 20%, and some of its peers were mixed. Marvell Technology (MRVL) and Taiwan Semiconductor (TSM) both surged, while Nvidia (NVDA) and AMD (AMD) slid. However, the Nasdaq 100 (^NDX) hit new highs on Friday with EV giant Tesla (TSLA) surging 4% to close at a fresh record. The Nasdaq ended the week with gains, as it notched a record close on Wednesday and finished above the 20,000 milestone for the first time.

Tech's Impact on Market Indices

While tech has led the way this week, the Dow has struggled. Partly, this is due to a continued plunge in UnitedHealth (UNH) shares as the insurance industry grapples with the fallout of the UnitedHealthcare CEO's fatal shooting. Shares of the healthcare giant are down over 15% in the week since the shooting. Meanwhile, the last pieces of economic data have set the stage for another rate cut from the Federal Reserve next week. But persistently sticky inflation could force the Fed to tread more slowly next year.

Market Movements Throughout the Day

Throughout the day, various stocks showed significant movements. At 9:03 PM UTC, the Dow posted its longest losing streak since 2020, while Broadcom surpassed $1 trillion market cap. The S&P 500 ended the session flat, and the Nasdaq Composite closed up 0.1%. Later, at 8:16 PM UTC, Broadcom extended its gains to 25%, while peers AMD and Nvidia sank. At 8:05 PM UTC, President-elect Donald Trump said Republicans will try to eliminate daylight saving time. This sparked discussions among investors.

Bitcoin and Oil Prices

Bitcoin (BTC-USD) gained less than 1% over the past 24 hours to hover above $101,000 on Friday afternoon. The major cryptocurrency has been fluctuating around the $100,000 threshold since breaking through that record last week. Institutional investors and exchange-traded funds have played a role in pushing the price higher. In the oil market, oil was on pace for a weekly gain as futures jumped more than 1% due to supply worries from tighter sanctions abroad. Brent (BZ=F) traded just above $74 per barrel, and West Texas Intermediate (CL=F) futures hovered around $71 per barrel.

Major Averages and 'Magnificent 7' Stocks

In afternoon trading, the major averages were down. All but one of the "Magnificent Seven" stocks were trading lower. The S&P 500 fell 0.2%, the tech-heavy Nasdaq gave up early morning gains to drop 0.2%, and the Dow Jones Industrial Average also slipped. All of the Magnificent Seven stocks were in the red except for Tesla, which hit all-time highs.

Chipotle's New CEO and Kitchen Overhaul

Yahoo Finance's Brooke DiPalma reported that in his downtime, Chipotle's (CMG) new CEO, Scott Boatwright, spends time at the gym or cooking for his family. He is focused on modernizing the burrito chain by improving its back-of-house operations, differentiating himself from former CEO Brian Niccol who now leads Starbucks (SBUX). Boatwright reported to Niccol as chief operations officer starting in 2017.

Nancy Pelosi's Hospitalization

Former House Speaker Nancy Pelosi was hospitalized in Luxembourg following an injury. According to spokesperson Ian Krager, she sustained an injury during an official engagement and was admitted to the hospital for evaluation. She is currently receiving excellent treatment.

Elon Musk and Government Spending

Yahoo Finance's Grace Williams reported that with Inauguration Day approaching, investor eyes are on Elon Musk. Wealthy businessman and former Commerce Secretary Wilbur Ross considers Musk a great choice to lead a new Department of Government Efficiency. Musk is seen as a self-imposed government cost-cutter.

Tesla's Climb to All-Time High

Tesla (TSLA) shares soared to all-time highs on Friday, gaining as much as 3%. The stock touched session highs after Reuters reported that the Trump transition team recommends repealing a requirement that car makers report automated vehicle crash data, which would benefit Tesla. Shares have surged since Donald Trump's presidential victory, rising roughly 70% since Election Day on Nov. 5.

Broadcom's Continued Surge

Broadcom's (AVGO) market cap surpassed $1 trillion for the first time on Friday. Its stock soared as much as 21% to all-time highs on the heels of the chipmaker's better-than-expected forecast, sending the company's valuation past $1 trillion. Investors were enthusiastic about CEO Hock Tan's comments following the company's quarterly results on Thursday. He said, "We see our opportunity over the next three years in AI as massive." Broadcom's rally also sent chip peers higher during the session.

Chip Stocks Rally and Market Sentiment

Tech stocks led the major averages higher on Friday after Broadcom forecast a boom in AI-driven sales. The S&P 500 rose 0.2%, and the tech-heavy Nasdaq gained 0.7%. Broadcom shares rose 18% after the company's bullish forecast helped the semiconductor sector rally, with peers Marvell Technology, AMD, and AI chip giant Nvidia all rising. Friday's gains came after the major averages slipped in the prior session due to concerns about sticky inflation deterring Fed officials from cutting rates at their policy meeting next week.

Broadcom's Surge on 'Massive' AI Opportunity

Shares of chipmaker Broadcom (AVGO) soared over 17% premarket Friday after the company touted its "massive" AI opportunity in its earnings report. Its quarterly earnings per share of $1.15 were slightly above the forecast, and its revenue was in line with expectations. Bernstein analyst Stacy Rasgon wrote that the results were "decent," with strength coming from "stronger AI revenue." CEO Hock Tan's comments about the lofty forecast seemed to jolt investors. Citi analyst Christopher Danely wrote that the two new customers are likely OpenAI and Apple. Rumors of those partnerships were previously reported.