Broadcom Drag Weighs on Nasdaq as Stocks Elsewhere Rise
The Nasdaq Composite lagged behind its peers on Wednesday as Broadcom fell 4.7% after rival Marvell announced a deeper custom-chip deal with Alphabet's Google.
The index, heavily weighted towards technology stocks, trailed the S&P 500 and Dow Jones Industrial Average, which both rose around 0.6%. Broadcom's decline took the Nasdaq down with it, but it later recovered to post a gain.
Marvell Technology's deal with Google included warrants that would allow the tech giant to buy up to about 59 million Marvell shares, sparking concerns for Broadcom's custom-chip partnership with Google.
The Dow saw a mix of company-specific news, with medical giant Merck leading the gainers after a cancer vaccine co-developed with Moderna showed promising late-stage trial results.