Broadcom Weighs Down Nasdaq Amid Tech Earnings
The Nasdaq Composite lagged behind its peers on Wednesday, with Broadcom leading the decline. The tech giant's shares fell 4.7% after Marvell Technology announced a deeper custom-chip deal with Alphabet's Google.
The agreement between Marvell and Google includes warrants that let the search engine giant buy up to about 59 million Marvell shares. This news likely concerned Broadcom, which has been Google's primary custom-chip partner since 2031, but it doesn't seem to have lost a customer.
The Dow Jones Industrial Average and S&P 500 both rose around 0.6%, while the Nasdaq Composite gained just 0.4%. Gold and Bitcoin also saw gains, with the top cryptocurrency rising 6.5% in the last 24 hours and gold prices increasing 3.2%.
The market's performance was a reversal of yesterday's trend, when a few large stocks dragged down the broader market. Today, those same tech names are holding back the indexes, despite their own gains.