Broadcom Plunges 4.9% as Nasdaq Sinks Over 500 Points
AVGO•The Nasdaq Composite slumped over 500 points for a third straight session, marking its worst single-day percentage fall since March 26, driven by rising Treasury yields after a hotter-than-expected jobs report. Broadcom shares plunged 4.9%, extending yesterday’s post-earnings retreat and intensifying semiconductor weakness.
1. Broadcom Stock Performance
Broadcom shares dropped 4.9% after yesterday’s quarterly results triggered a selloff that extended into a second day. The decline deepened its recent volatility, following a post-earnings pullback driven by softer revenue guidance in key markets.
2. Nasdaq Composite Rout
The Nasdaq Composite tumbled more than 500 points, its worst single-day percentage loss since March 26, as technology names led the downturn. This marks the index’s third straight session of losses and erased gains built over the past two weeks.
3. Treasury Yields and Jobs Data
Treasury yields climbed after the May jobs report showed stronger-than-forecast payroll gains and wage growth, raising concerns about interest rate risks. Rising yields pressured high-multiple sectors, particularly semiconductors, exacerbating equity losses in tech-heavy benchmarks.
