LIVE MARKETS-Stocks mixed as Broadcom rains on AI parade

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STOCKS MIXED AS BROADCOM RAINS ON AI PARADE

Wall Street trudged into the pre-holiday, post Fed weekend with little enthusiasm and growing reticence about the return on investment pertaining to massive artificial intelligence outlays.

Again, tech shares .SPLRCT dragged the Nasdaq into the red, while the S&P 500 took a baby step back from Thursday's all-time closing high. The Dow was tentatively higher.

That's been a familiar pattern this week, which is on track to end with gains for the S&P 500 and the Dow, while the Nasdaq hovers just south of last Friday's close.

Broadcom's AVGO.O profit margin warning added fuel to the fire that was stoked by Oracle's ORCL.N disappointing forecast late Wednesday, which revived worries over a potential AI bubble and raised suspicions that enormous investments in the nascent technology won't provide as big or as prompt a payoff as many might have hoped.

Broadcom's shares were off 9.4%. The Philadelphia SE Semiconductor index .SOX slid 2.5%.

Commercial airlines .SPCOMAIR and aerospace/defense stocks .SPCOMAED are the clear outperformers in early trade.

Next week, investors will be compensated for Friday's lack of economic data with an avalanche of pre-holiday, post-shutdown indicators, including payrolls and CPI for November, October retail sales and PCE, and December flash PMI.

Here's where things stood as of 10:00 EDT:

(Stephen Culp)

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