Today's stock market: Broadcom rises 24% to reach $1 trillion in market capitalization, as the Dow and S&P 500 contain weekly losses

Despite Broadcom's (AVGO) surge to all-time highs, which was propelled by the chipmaker's optimistic AI-powered sales forecast, stocks saw minimal movement at the end of Friday's session.While the tech-heavy Nasdaq Composite (^IXIC) rose 0.1%, the S&P 500 (^GSPC) closed flat. The Dow Jones Industrial Average experienced a 0.1% decline.The blue-chip index recorded its sixth consecutive losing session, the longest since late February 2020, shortly before the pandemic, as the S&P 500 and Dow reported weekly losses. After management projected an AI sales gain of over 65%, a far faster pace than anticipated, Broadcom's market capitalization surpassed $1 trillion.

The stock of Broadcom went up more than 20%.While Nvidia (NVDA) and AMD (AMD) declined, Marvell Technology (MRVL) and Taiwan Semiconductor (TSM) also saw increases, making Broadcom's competitors somewhat divided. On Friday, however, the Nasdaq 100 (^NDX) reached new heights as EV behemoth Tesla (TSLA) surged 4% to close at a new high. Delayed Quote (SNP) • USD S&P 500 (^GSPC)