Broadcom Inc. (AVGO) stock forecasts

Summary

October has a bad reputation in the stock market, which is not entirely deserved, but that was the case in 2024. In every October since 1980, the S&P 500 has risen (30 times) more times than it has fallen (13 times). And October’s average annual gain of 1.30% would put the country a respectable fifth among all months, behind (in ascending order) July, April, December and November. This year, October started very mixed, with price falls at the beginning of the month. The middle weeks of the month were strong, with the S&P 500 hitting an all-time high of 5,864.67 on 10/18/24. However, shares wobbled from that high and were unable to maintain gains at mid-month. The CPI data came in uncomfortably hot, and bond yields continue to rise from their post-FOMC lows of mid-September. Despite a final rally to the 5,830s on 10/29/24, shares plunged in the final two trading days of the month. Tech giants like Alphabet and Microsoft unveiled eye-popping investment plans for AI investments, leaving investors wondering when the fruits of this technology would fall. The S&P 500 ended October 2024 down just over 50 points and about 1% from the end of September. The Nasdaq Composite took a hit on Halloween, losing nearly 2.8 points