Broadcom Drags Nasdaq as US Stocks See Mixed Performance

The US stock market has experienced a mixed day, with the Dow Jones Industrial Average and S&P 500 rising by about 0.6%, while the Nasdaq Composite lagged behind at 0.4%.

Broadcom's decline of 4.7% weighed heavily on the Nasdaq, as it is the index's heaviest weight. The company's shares fell due to a rival's announcement of a deeper custom-chip deal with Alphabet's Google.

Marvell Technology's deal with Google gave the company an 8.4% boost in value, but its relatively small market cap meant that Broadcom's decline had a greater impact on the Nasdaq and S&P 500 indexes.

In contrast, the Dow saw a mix of positive and negative performances from various companies. Medical giant Merck rose after its cancer vaccine co-developed with Moderna showed promising late-stage trial results.