Nasdaq inches up to conclude mixed week for US stocks
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Traders work on the floor of the New York Stock Exchange, in New York City.
PHOTO: REUTERS
NEW YORK - The Nasdaq eked out a gain on Dec 13 behind strength in some artificial intelligence stocks, concluding a mixed week for US equities.
Chip company Broadcom surged nearly 25 per cent after reporting a 51 per cent jump in quarterly revenues to US$14.1 billion (S$19 billion) behind massive growth in AI-linked business.
LBBW’s Karl Haeling said the market is weighing lingering bullish sentiment against concerns that stocks are overbought after a torrid post-election rally.
“Equities are kind of treading water,” Mr Haeling said. “A negative influence to some extent is the rise in bond yields.”
The tech-rich Nasdaq Composite Index finished up 0.1 per cent at 19,926.73.
The Dow Jones Industrial Average dipped 0.2 per cent to 43,828.06, while the broad-based S&P 500 was unchanged at 6,051.09.
Of the three major indices, only the Nasdaq finished higher for the week.
Among companies linked to AI, a standout was Marvell Technology, which piled on 10.8 per cent. But some other companies retreated, including Nvidia, which lost 2.3 per cent.
Also lower was sport apparel company Under Armour, which dropped 8.1 per cent on disappointment over the company’s outlook from an investor day.
UnitedHealth Group rose 0.9 per cent, winning back a fraction of the losses following last week’s killing of executive Brian Thompson.
Health insurance stocks have been under pressure amid public response to the murder that brought to the surface widespread criticism of the industry.
Shares of UnitedHealth have fallen nearly 15 per cent from Dec 4, the night before Thompson was shot. AFP
