US stocks today: S&P 500, Nasdaq close sharply higher as Broadcom rallies

US markets closed sharply higher led by Broadcom's rally after it extended its custom chip deal with Apple through 2031. The S&P 500 gained 0.74 percent to 7,538.34 and the Nasdaq rose 1.12 percent to 26,121.16, while the Dow added 0.29 percent. Microsoft shares fell after announcing layoffs of about 4,800 jobs, and traders are pricing in a 25 percent chance of a 25-basis-point Fed rate hike at the July 29 meeting.