In a positive turn, economic data and a recent rate cut from the Fed propelled three major indexes to new closing highs. The Dow surged +646 points, the S&P 500 grew +14 points, and the Russell 2000 was up +31 points. However, the Nasdaq dipped slightly by -60 points, reflecting concerns about tech stock valuations.

Semiconductor giant Broadcom reported strong results in its fiscal Q4 report, with earnings of $1.95 per share beating estimates and revenues of $18.02 billion surpassing expectations. The company raised its fiscal Q1 revenue guidance to $19.1 billion, with AI semiconductor revenue growing +74% year over year. Broadcom shares rose +3% in late trading.

Costco posted mixed results in its fiscal Q1 report, with earnings of $4.50 per share exceeding estimates but sales of $65.98 billion falling short. The company’s shares were marginally down after the release. Meanwhile, Lululemon shares soared more than +10% after reporting strong Q3 earnings and news of CEO Calvin McDonald stepping down.

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