Broadcom jumps as it forecasts Q1 revenue above estimates<br>
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<b>Chip stocks post varied performance</b><br>
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<b>Investors await Fed's Dec. 17-18 meeting</b><br>
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<b>(Recasts with preliminary market close)</b><br>
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<b>By Echo Wang</b><br>
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Dec 13 (Reuters) - U.S. stocks closed out the trading week <br>
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near the unchanged mark in a subdued session on Friday, with the S&P 500 <br>
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and Dow posting weekly declines, while the Nasdaq secured its fourth consecutive week of gains.<br>
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Broadcom forecast quarterly revenue surpassing Wall Street expectations and predicted <br>
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robust growth in demand for its custom AI chips over the next <br>
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few years. The optimistic outlook propelled the <br>
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company´s shares higher, pushing its market capitalization past <br>
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$1 trillion for the first time.<br>
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Chip stocks were a mixed bag on Friday, with Broadcom rival Marvell Technology gaining, <br>
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while AI bellwether Nvidia gave up earlier gains. However, the broader semiconductor index managed to advance, <br>
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reflecting ongoing strength in the sector despite some individual stock declines.<br>
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Yields on U.S. Treasuries rose across the board, with ones <br>
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on the benchmark 10-year bond hitting a three-week high.<br>
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"Right now the interest rate selloff is winning," said Jay Hatfield, chief executive officer at Infrastructure Capital Management in New York.<br>
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"It's pretty natural for value and income stocks to go down when tech stocks are rising."<br>
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Technology stocks continued their upward momentum, driving the Nasdaq <br>
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above the 20,000 mark for the first time on Wednesday. <br>
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The rally was further bolstered by an in-line inflation report, which solidified expectations for a 25 <br>
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basis-point interest rate cut from the Federal Reserve in its meeting next week.<br>
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Trader bets on the cut at the central bank's Dec. 17-18 <br>
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meeting stand at near 97%, according to CME's FedWatch Tool.<br>
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However, they indicate chances of a pause in January.<br>
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According to preliminary data, the S&P 500 lost 0.19 points, or 0.00%, to end <br>
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at 6,051.06 points, while the Nasdaq Composite gained 21.69 points, or 0.11%, to 19,<br>
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924.53. The Dow Jones Industrial Average fell 85.68 points, or 0.20%,<br>
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to 43,828.44.<br>
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Wall Street had taken a breather in the previous session after recent gains and some hot economic data ahead of <br>
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the Fed's meeting, setting up the benchmark S&P 500 and the Dow for <br>
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weekly losses. However, the Nasdaq ended the week higher.<br>
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U.S. stocks have repeatedly reached all-time highs this year, driven by surging interest in heavyweight tech companies capitalizing on artificial-intelligence trends.<br>
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Investor sentiment also received a boost following Donald Trump´s presidential election victory, as markets anticipate his <br>
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pro-business policies could enhance corporate profitability.<br>
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Among other movers, RH rose after the home furnishings <br>
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retailer reported higher net revenue for the third quarter, while D.R.<br>
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Horton declined as J.P. Morgan downgraded its rating on the homebuilder to "underweight."<br>
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(Reporting by Echo Wang in New York Additional reporting by Purvi <br>
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Agarwal and Shashwat Chauhan in Bengaluru Editing by Maju Samuel and Matthew Lewis)<br>
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Broadcom jumps as it