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Broadcom earnings cap chip rally as payrolls loom

Wall Street Journal Markets •
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Broadcom will close the week as the last semiconductor titan to release quarterly results, capping a rally that has kept chip stocks buoyant despite mixed macro data. Nasdaq futures nudged higher while oil prices rose, underscoring lingering risk appetite. Investors are also eyeing Friday’s nonfarm payrolls report, one of the first gauges the new Fed chair Kevin Warsh will consider in shaping policy.

Today's agenda features after‑hours earnings from Hewlett Packard Enterprise, while the Institute for Supply Management releases May’s manufacturing PMI and the Census Bureau publishes April construction‑spending figures. Tomorrow brings a slate of reports—Palo Alto Networks, Ulta Beauty and Dollar General earnings, plus the Labor Department’s job‑openings and labor‑turnover survey, which could further color Fed expectations. The data could influence equity valuations ahead of the weekend.

Mid‑week data will add pressure: ADP private‑payroll numbers, the Energy Information Administration’s weekly petroleum report and the Fed’s Beige Book arrive alongside factory‑order stats. Fed governors Michael Barr and Neel Kashkari are slated to speak, while Arm Holdings CEO Rene Haas headlines Computex and Microsoft opens its developer conference. Investors will watch.