Broadcom stock surges and its market cap surpasses $1 trillion for the first time after CEO Hock Tan says the company’s artificial-intelligence opportunity over the next three years is ‘massive,’ while Tesla shares rise and the stock heads for a record closing high.

Key Takeaways Major U.S. indexes were slightly lower at midday Friday as markets pulled back from the post-election rally that sent them into record territory.Super Micro Computer shares tumbled amid concerns the stock could be removed from the Nasdaq 100 Index.

Tesla edges higher and Alphabet slips after both stocks set record closing highs on Wednesday, Adobe stock falls sharply after the maker of Photoshop issues a disappointing outlook, and Ciena surges after earnings.