Broadcom stumbles
Broadcom's rare earnings miss sends shares down more than 10% after hours, rattling a chip sector priced for perfection. Strong U.S. jobs and activity data push markets to price in nearly a 50% chance of a Fed rate hike as soon as October, while the yen slides to its weakest against the dollar since July 2024.
Today’s recommended read: First goes the Fed dot, then guidance - and then a hike?, Mike Dolan
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The skinny
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