Tech stocks took center stage on Friday morning, with Broadcom (AVGO) leading the charge. The chipmaker's optimistic prediction of an AI-driven sales surge had a significant impact on the market. Futures tied to the S&P 500 (ES=F) showed a 0.4% increase, while those on the tech-heavy Nasdaq (NQ=F) rose by 0.7%. Dow Jones Industrial Average futures (YM=F) were up a more modest 0.1%. Broadcom's bullish outlook brightened the overall market sentiment. In premarket trading, its shares surged over 17% as executives forecast an AI sales gain of around 65%, a much faster pace than anticipated.
Broadcom's Peers Join the Rally
Marvell Technology (MRVL) also witnessed a significant uptick, with its shares rising over 5%. AMD (AMD) and chip titan Nvidia (NVDA) saw more modest gains. This coordinated movement positioned the Nasdaq for a strong weekly gain. The index had achieved a record close on Wednesday and had crossed the 20,000 milestone for the first time. While tech stocks have been the driving force this week, the Dow has faced challenges. UnitedHealth (UNH) shares continued to plunge, weighing on the Dow. Since the shooting incident involving the UnitedHealthcare CEO, UnitedHealth shares have declined by over 15%.You May Like
