US stocks rise as Broadcom’s surge continues
The S&P 500 was up 0.4%, the Nasdaq 100 rose 1.5%, and the Russell 2000 notched a 0.6% gain to kick off the week.
Breadth was — you guessed it — negative despite the move higher in the benchmark US stock index, with more S&P 500 constituents falling than rising for the 11th straight session, matching the streak set in September 2001.
Consumer discretionary and tech paced gains among S&P 500 sector ETFs; only 4 of 11 were up on the day. Energy was at the bottom of the leaderboard, down 2.2% as West Texas Intermediate crude-oil futures slumped 1%.
Broadcom built on Friday’s colossal post-earnings gain with another double-digit advance, adding more than $300 billion in market cap over the course of two sessions in which it was the best-performing S&P 500 constituent on each day. Nvidia once again moved in the opposite direction from its competitor and the semi space broadly with a 1.7% decline, and was the only member of the Magnificent 7 to decline.
Index additions and deletions helped drive price action on Monday, with Super Micro Computer down 8.3% after the Nasdaq said it would be booted from its closely-watched Nasdaq 100 Index at the end of this week.
