Nasdaq up, S&P 500 and Dow down as tech stocks drive market

From Investing.com: 2024-12-13 16:46:05

U.S. stocks closed near unchanged on Friday, with the Nasdaq up for the fourth straight week. Broadcom’s strong revenue forecast pushed its shares up 24%, hitting a market cap over $1 trillion. Marvell rose 10.8%, while Nvidia fell 2.2%. Semiconductor stocks gained 3.2%, but U.S. Treasury yields also rose.

Tech stocks drove the Nasdaq past 20,000 for the first time, fueled by an in-line inflation report. Expectations for a 25 basis-point interest rate cut from the Federal Reserve next week stand at 97%. Wall Street saw mixed results, with the S&P 500 and Dow down for the week, while the Nasdaq rose.

Investor interest in tech companies and anticipation of pro-business policies following Trump’s election have fueled U.S. stock highs this year. RH jumped 16.95% after strong revenue, but D.R. Horton fell 0.89% with a J.P. Morgan downgrade. Declining stocks outnumbered advancers on the NYSE.

The S&P 500 hit 8 new highs and 15 new lows, while the Nasdaq saw 75 new highs and 199 new lows. U.S. exchange volume was 12.56 billion shares, below the 14.03 billion average over the last 20 days.



Read more at Investing.com: US stocks close flat as Nasdaq extends weekly gains, S&P 500 and Dow dip By Reuters