SP 500, Nasdaq Close Sharply Higher as Broadcom Rallies

O39;Reilly Automotive falls after report it bid for Genuine Parts39; auto unit Broadcom up after extending chip supply deal with Apple through 2031 Microsoft to slash 4,800 jobs; shares fall SP 500 0.72, Nasdaq 1.12, Dow 0.29 Reuters The SP 500 and Nasdaq ended sharply higher on Monday, with Broadcom and other chip stocks rallying as investors bought shares in companies related to artificial intelligence that are expected to drive a strong secondquarter earnings season. Broadcom jumped 3.7 after the chipmaker and Apple agreed to extend a deal through 2031 to develop and supply a range of custom chips. The SP 500 information technology sector index climbed 1.3, while the Philadelphia SE Semiconductor index gained 2.2 after two straight sessions of losses. This is a market that39;s leaving a lot of people out. If you39;re not in certain tech names, if you39;re not in semiconductors, then you39;re basically missing the entire rally, said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. I think it39;s a very tenuous rally. There is a risk, particularly if the Fed continues to see higher interest rates for longer. Taking advantage of massive investor demand for AIrelated chip stocks, South Korea39;s SK Hynix was set to debut on the Nasdaq later this week. Microsoft shares fell almost 1 after the tech heavyweight said it was cutting about 2.1 of its workforce, or roughly 4,800 jobs. What the market is saying is Microsoft...