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

The Dow Jones Industrial Average (^DJI

) posted its longest losing streak since 2020 on Friday while the major averages closed the session little changed despite a massive jump in Broadcom’s (AVGO) stock.

The S&P 500 (^GSPC) ended the session flat while the tech-heavy Nasdaq Composite (^IXIC) closed up 0.1%. The Dow Jones Industrial Average (^DJI) slipped 0.2%.

The S&P 500 closed the week down less than 1% while the Dow fell for the past seven session, posting its longest losing streak since February 2020.

Broadcom stock jumped 24% to send the company’s market cap above $1 trillion after the chip maker predicted a massive surge in AI sales. Marvell Technology (MRVL) and Taiwan Semiconductor (TSM) also rose on the heels of Broadcom’s commentary.

However peers Nvidia (NVDA) and AMD (AMD) both slid.

Meanwhile EV giant Tesla (TSLA) surged another 4% to close at a record high. Apple (AAPL) also eked out a new high.

Investors await the Federal Reserve’s last policy meeting of the year on December 18. Recent inflation data casts doubt over whether Fed officials will cut rates next week, or pause their easing cycle.

Broadcom (AVGO) shares extended gains Friday afternoon to rise 25% after forecasting massive sales growth driven by AI.

The chip maker rose to all-time highs, increasing its market cap to more than $1 trillion for the first time.

While other chip stocks gained, Nvidia (NVDA) and AMD (AMD) both slid more than 2% and 3%, respectively.

Other notable movers on the Nasdaq 100 included Tesla (TSLA). The EV giant rose more than 3% to hit a new all-time high.

President-elect Donald Trump said republicans will try to eliminate daylight savings time.

“The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn’t! Daylight Saving Time is inconvenient, and very costly to our Nation,” Trump wrote on the social media platform Truth Social.

Republican legislators have made efforts in the past to pass bills to eliminate seasonal time changes, arguing they lead to increased strokes, heart attacks and accidents.

Bitcoin (BTC-USD) gained less than 1% over the past 24 hours to hover above $101,000 on Friday afternoon.

The major cryptocurrency has fluctuated on their side of the $100,000 threshold since breaking through that record last week.

Institutional investors and exchange traded funds have helped send the price of the token higher, especially since Donald Trump’s White House victory last month.

Bitcoin enthusiasts expect crypto-friendly policies to be implemented under the incoming administration.

Oil was on pace for a week gain on Friday as futures jumped more than 1% amid supply worries stemming from tighter sanctions abroad.

Brent (BZ=F), the international benchmark, traded just above $74 per barrel while West Texas Intermediate (CL=F) futures hovered around $71 per barrel.

A report from Bloomberg this week said the US government is considering harsher sanctions against Russia to weaken Moscow amid the Ukraine war.

Recent commentary from Chinese officials over the prospects of more stimulus for the struggling economy has also helped lift expectations of more oil demand going into 2025.

The major averages were down in afternoon trading, with all but one of the “Magnificent Seven” stocks trading lower.

The S&P 500 (^GSPC) fell 0.2%, while the tech-heavy Nasdaq (^IXIC) gave up early morning gains to drop 0.2%. The Dow Jones Industrial Average (^DJI) also slipped.

All of the Magnificent Seven stocks were in the red except for Tesla (TSLA) which hit all-time highs.

Yahoo Finance’s Brooke DiPalma reports:

In his downtime, you may catch Chipotle’s (CMG) new CEO, Scott Boatwright, hitting the gym for a 5 a.m. workout with former CEO Brian Niccol (Starbucks’ new CEO) or whipping up a meal on the smoker or grill for his family.

Boatwright spends the rest of his time cooking up new ways to modernize the burrito chain. Improving its back-of-house operations is one of the key ways that he will differentiate himself from Niccol, who was tapped to lead Starbucks (SBUX) in September.

Boatwright reported to Niccol as chief operations officer starting in 2017.

Read more here.

Former House Speak Nancy Pelosi was hospitalized following an injury in Luxembourg, according to a statement from spokesperson Ian Krager.

“While traveling with a bipartisan congressional delegation in Luxembourg to mark the 80th anniversary of the Battle of the Bulge, Speaker Emerita Nancy Pelosi sustained an injury during an official engagement and was admitted to the hospital for evaluation,” Krager said.

“Speaker Emerita Pelosi is currently receiving excellent treatment from doctors and medical professionals,” the spokesperson.

Yahoo Finance’s Grace Williams reports:

With Inauguration Day inching ever closer, plenty of investor eyes are on what’s shaping up in Trump administration 2.0.

This time around, that means a great deal of focus on billionaire Tesla CEO Elon Musk, the self-imposed government cost-cutter in chief.

Musk is “a great choice” to lead a new Department of Government Efficiency (DOGE), according to wealthy businessman and former Commerce Secretary Wilbur Ross.

“I’m a big fan of Elon Musk and I think he was extremely helpful in the presidential election,” Ross told Yahoo Finance executive editor Brian Sozzi on Opening Bid.

Read more here.

Tesla (TSLA) shares soared to all-time highs on Friday, gaining as much as 3%.

The stock touched session highs after Reuters reported the Trump transition team recommends repealing a requirement that car makers report automated vehicle crash data. The move would benefit Tesla.

Shares have soared since Donald Trump’s presidential victory, surging roughly 70% since Election Day on Nov. 5.

Broadcom’s (AVGO) market cap surpassed $1 trillion for the first time on Friday.

The 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 for the first time.

Investors were most enthusiastic about CEO Hock Tan’s comments following the company’s quarterly results on Thursday.

“We see our opportunity over the next three years in AI as massive,” Tan said during Broadcom’s earnings call.

Broadcom’s rally sent chip peers higher during the session.

Tech stocks led the major averages higher on Friday after Broadcom (AVGO) forecast a boom in AI-driven sales.

The S&P 500 (^GSPC) rose 0.2%, while the tech-heavy Nasdaq (^IXIC) gained 0.7%, The Dow Jones Industrial Average (^DJI) hovered near the flat line.

Broadcom shares rose 18% after the company’s bullish forecast helped the semiconductor sector rally, with peers Marvell Technology (MRVL), AMD (AMD), and AI chip giant Nvidia (NVDA) all rising.

Friday’s gains come after the major averages slipped in the prior session over concerns that sticky inflation may deter Fed officials from cutting rates at their policy meeting next week.

Shares of chipmaker Broadcom (AVGO) soared over 17% premarket Friday after the company touted its “massive” AI opportunity in its earnings report the prior evening.

Broadcom reported earnings Thursday after the bell. Its quarterly earnings per share of $1.15 were slightly above the $1.12 forecast, and its revenue of $14.1 billion was in line with expectations.

Bernstein analyst Stacy Rasgon wrote in a note early Friday that the results were “decent,” with Broadcom’s strength coming from “stronger AI revenue.”

What appeared to jolt investors, however, was CEO Hock Tan’s comments about its lofty forecast.

“We see our opportunity over the next three years in AI as massive,” Tan said in a call with investors Thursday evening.

Rasgon wrote: “They [Broadcom management] went out of their way to give investors a reason to dream, painting a 3 year (2027) picture with potential $60B-$90B AI revenue opportunity from current customers (likely pointing to material upside vs current AI expectations for the company), and with more possible given two new potential customers currently engaged, if not yet ramping.”

Citi analyst Christopher Danely wrote Friday that the two new customers are likely OpenAI and Apple (AAPL). Rumors of those partnerships were previously reported in Bloomberg and The Information.