Technology stocks drive US markets to record highs: Broadcom at the forefront

On Thursday, the record run continued on the US stock exchanges, especially among technology stocks, though at a slower pace. A moderate rise in US producer prices in May sent positive signals for the inflation outlook. However, the Dow Jones Industrial could not keep up and recorded slightly negative price movements. Key standard stocks in this leading index led to a decline of 0.35 percent, causing the index to fall to 38,575.43 points. At the same time, the S&P 500 and the technology-heavy Nasdaq exchanges reached new record highs at the opening. The S&P 500, however, did not maintain its gains and remained stagnant with a marginal increase of 0.03 percent at 5422.73 points. On the other hand, the Nasdaq 100 managed to register a growth of 0.39 percent, standing at 19,540.75 points. Particularly significant were the new quarterly figures and targets from semiconductor manufacturer Broadcom, which positively influenced market sentiment. Shares of Nvidia, Apple, and Alphabet (the parent company of Google) also reached new highs. Broadcom announced a strong revenue forecast for the current fiscal year and announced a 1:10 stock split, resulting in a price increase of up to 16 percent. Broadcom ultimately closed with a 12 percent gain, trading at over $1700, boosting its year-to-date gain to over 50 percent. Various analysts, including those from JPMorgan and Barclays, raised their price targets for Broadcom to up to $2000 over the next six to twelve months. Following this trend, shares of Nvidia, Arista Networks, and Super Micro Computer also rose, with the latter seeing an increase of 12.5 percent. The electric car manufacturer Tesla experienced a surge of 3.8 percent due to an upcoming vote on a multibillion-dollar stock package for CEO Elon Musk. This vote could decide Musk's future at the company. Musk is supported by Ron Baron, founder and long-time Tesla investor at Baron Capital, who emphasized in an open letter that without Musk, there would be no Tesla.