NEW YORK (dpa-AFX) – Broadcom’s record-high shares set the tone in the technology sector on Friday. While the momentum of the Nasdaq 100 Index (NASDAQ 100) waned after another record was reached in early trading, with an increase of 0.50 percent to 21,722.31 points, Broadcom shares, which were over a fifth higher, remained in high demand. This is thanks to good business figures and the semiconductor company’s strong outlook. Broadcom is now worth more than a trillion dollars on the stock market for the first time.
The leading index Dow Jones Industrial, which was weaker this week, also failed to find its way on Friday and lost 0.11 percent to 43,864.98 points. The market-wide S&P 500 was just slightly in the red at 6,047.59 points.
The joy over Broadcom’s figures also spread to other industry stocks – in particular Marvell Technology, which also reached a record high and recently gained around 10 percent. The shares of the AI high-flyer NVIDIA, however, did not benefit. They lost more than 2 percent.
Away from Broadcom, shares of Restoration Hardware (RH) (RH) fell with a price jump of almost 14 percent. The retailer, which specializes in high-quality furniture, presented strong figures for the third quarter and impressed with its forecast for the rest of the financial year. The company cited accelerated demand growth./ajx/ngu