Wall Street Weighs ‘Hawkish Cut’ While Tech Shines: Markets Wrap
- Broadcom’s AI demand boom outlook lifts chipmaker shares
- Pound falls on weak data; dollar heads for second weekly gain
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This year’s frontrunners, big technology stocks, set a record while Treasuries sank as investors braced for a slowdown in the pace of the Federal Reserve’s interest-rate cuts ahead of a meeting next week.
The Nasdaq 100 climbed for the fourth week in a row powered by a Friday surge in Broadcom Inc. across the entire chip-technology complex. The tech-heavy gauge rose 0.8% to an all-time high for the second time in three days while other major US stock indexes struggled. The S&P 500 slid 0.6% this week while the blue-chip Dow Jones Industrial Average dropped 1.8%.