Broadcom Weighs Down Nasdaq as Market Rallies

The Nasdaq Composite trailed behind the Dow and S&P 500 indexes on Wednesday morning as Broadcom weighed down the index.

Broadcom's stock fell 4.7% after Marvell Technology announced a significant custom-chip deal with Alphabet's Google, which could potentially lead to lost share for Broadcom.

However, the Nasdaq recovered later in the day, and the S&P 500 and Dow Jones Industrial Average also saw gains.

The Dow was boosted by Merck's cancer vaccine co-developed with Moderna, which showed promising late-stage trial results, while oil prices and treasury yields rose, affecting data center construction and capital-intensive projects.