US stocks ended lower on Friday, as investors cautiously await this week’s Federal Reserve meeting on 18-19 June – a warning from chipmaker Broadcom on weakening global demand also weighed. Broadcom shares fell 5.6 per cent after management cut its full-year revenue forecast by US$2 billion.
At the close on Friday, the Dow Jones index, S&P500 and tech-heavy Nasdaq Composite were down 0.07 per cent, 0.16 per cent and 0.5 per cent, respectively. Some market commentators suggest a sell-off will ensue if the Fed fails to cut rates this week.
The S&P500 remained in positive territory over the full week – its second straight week of gains – and up 4.9 per cent in June, largely on hopes of a rate cut.Morning-Market-Note-Monday-17th-June