Key Points
Broadcom shares rose 4.4% on Monday, extending its chip supply deal with Apple until 2031, which added $78 billion to its market capitalization. The Nasdaq Composite gained 1.3%, while the S&P 500 rose 0.7%. In contrast, the Dow Jones Industrial Average dipped 0.1% after hitting an intraday record, primarily due to losses in price-weighted stocks like Honeywell International and Amgen.
Microsoft faced a 1.4% decline after announcing 4,800 job cuts, impacting market sentiment. The iShares Semiconductor ETF increased by 4.1% after a two-week slump, with other chip companies like AMD also making gains—AMD surged 8% in response to its partnership with Japanese start-up Turing for AI training. Meanwhile, Tesla’s stock jumped 5.8%, adding $91 billion in market value.
In shipping news, traffic in the Strait of Hormuz rose to 25 daily transits from just 5 last Thursday, although 350 vessels still remain in a queue. Investors are keeping an eye on upcoming Federal Reserve meeting minutes and earnings reports from Delta Air Lines and PepsiCo later this week.
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