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Wire

Top Midday Gainers

Marvell Technology (MRVL) shares rose 29% after multiple news outlets reported Nvidia (NVDA) Chief Executive Officer Jensen Huang called the chipmaker the next "trillion-dollar company."More than 76.2 million shares traded intraday, compared with a daily average of about 27.6 million.Hewlett Packard Enterprise (HPE) reported fiscal Q2 earnings ahead of analysts' forecasts late Monday.Shares jumped 16%, with intraday trading volume rising to over 115.4 million from a daily average of roughly 20.2 million.Victoria's Secret (VSXY) raised its full-year sales and earnings guidance. The shares began trading under the ticker "VSXY" on the New York Stock Exchange on Tuesday. It previously traded under "VSCO".Shares soared 48%, with over 6 million shares traded.Price: $283.35, Change: $+63.92, Percent Change: +29.13%

$HPE$MRVL$VSXY
Sectors

Sector Update: Tech Stocks Gain Tuesday Afternoon

Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) adding 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) popping 4.9%.The Philadelphia Semiconductor index climbed 4.5%.In corporate news, Hewlett Packard Enterprise (HPE) shares jumped past 16% after the company reported fiscal Q2 earnings ahead of analysts' forecasts.Marvell Technology (MRVL) shares surged 29% after multiple news outlets reported that Nvidia (NVDA) Chief Executive Jensen Huang called the chipmaker the next "trillion-dollar company."Alphabet (GOOG, GOOGL) said Monday it plans to raise $80 billion in equity to help fund investments in AI compute infrastructure, including a $10 billion private placement to Berkshire Hathaway (BRK.A, BRK.B), split evenly between class A common stock at $351.81 per share and class C capital stock at $348.20 per share. Alphabet's Class A and Class C shares were each down 2.3%.

$GOOG$GOOGL$HPE$MRVL
Asia Markets

US Equity Indexes Edge Up as Trump Pushes for Israel-Hezbollah Ceasefire, Technology Extends Gains

US equity indexes ground higher as investors weighed Israel and Hezbollah's response to President Donald Trump's call to stop fighting in Lebanon, while technology extended gains amid strong jobs data.The Nasdaq Composite edged up less than 0.1% to 27,100.7, with the S&P 500 advancing 0.1% to 7,606.6, and the Dow Jones Industrial Average higher by 0.2% to 51,203.4.Utilities, energy, and technology were among the gainers intraday, while communication services led the decliners.Trump said he believes a deal to reopen the Strait of Hormuz and extend the ceasefire with Iran is reachable "over the next week," CNN reported Tuesday. The fourth round of talks between Israel and Lebanon is underway in Washington, DC, where Lebanese negotiators hope to secure a halt to attacks on and occupation of the south, Al Jazeera reported on the same day.Lebanese authorities said Hezbollah, an Iran-backed militant group, agreed to a US proposal for a ceasefire with Israel in which strikes on Beirut would stop, CNN reported. Trump declared Israeli forces would not move on Beirut after a call with Prime Minister Benjamin Netanyahu, the news report said.Meanwhile, Washington won't remove sanctions on Iran in exchange for a full reopening of Hormuz, adding that any sanctions relief is conditioned on Iran giving up enriched uranium, Al Jazeera cited US Secretary of State Marco Rubio as saying on Tuesday.Brent crude futures climbed 0.8% to $95.78, and West Texas Intermediate crude oil futures climbed 1.2% to $93.27. Both crude types were lower by more than 1% each earlier in the session.US Treasury yields fell, with the 10-year down two basis points to 4.46%. The two-year declined less than one basis point to 4.05%.In precious metals, gold futures edged up 0.3% to $4,519.20, and silver futures climbed 0.7% to $75.78.Shares of Hewlett Packard Enterprise (HPE) surged 15%, among the top gainers on the S&P 500, after the tech giant reported fiscal Q2 earnings ahead of analysts' forecasts.Marvell Technology's (MRVL) shares soared 29%, the biggest outperformer on the S&P 500, after multiple news outlets reported that Nvidia (NVDA) chief executive officer Jensen Huang called the chipmaker the next "trillion-dollar company."In economic news, US job openings rose to 7.618 million in April, according to the Bureau of Labor Statistics, above the 6.866 million expected in a Bloomberg-compiled poll and up from the 6.887 million reported in March. The April print represents 4.6% of total employment, up from 4.2% in March and 4.3% a year earlier.Redbook US same-store sales rose by 9% from a year earlier in the week ended May 30, the same pace as in the previous week. "Customers remain highly value-driven and price sensitive," Redbook said in a note.

Dow JonesNasdaq CompositeS&P 500$HPE$MRVL$NVDA
Wire

Top Midday Stories: Marvell Next Trillion-Dollar Firm, Nvidia CEO Reportedly Says; Anthropic Expands Mythos Access to 150 New Partners

All three major US stock indexes were up in late-morning trading Tuesday, as investors monitor developments between the US and Iran as well as oil price movements.In company news, Nvidia (NVDA) Chief Executive Jensen Huang said Marvell Technology (MRVL) is the next "trillion-dollar company," news outlets reported, citing Huang's appearance at a trade show in Taipei. Nvidia shares were up 0.9%, while Marvell shares were up 29.7%.Amazon-backed (AMZN) Anthropic said Tuesday it is expanding its Project Glasswing program to about 150 new organizations based in over 15 countries, granting them access to Claude Mythos Preview. The partnering organizations use Mythos to scan their codebases for vulnerabilities. So far, the 50 initial partners have found over 10,000 high- or critical-severity security flaws, Anthropic said. Separately, Amazon Web Services will be integrated with Workday (WDAY) Data Cloud, allowing developers to access governed HR and finance data through AWS Ai and analytics tools, Workday said. Amazon shares were down 0.3%, while Workday shares were down 7.1%.Hewlett Packard Enterprise (HPE) reported fiscal Q2 adjusted earnings late Monday of $0.79 per diluted share, up from $0.38 a year earlier and above the FactSet consensus of $0.53. Fiscal Q2 revenue was $10.7 billion, up from $7.63 billion a year ago and above the FactSet consensus of $9.78 billion. For fiscal Q3, the company expects adjusted EPS of $0.88 to $0.93 on revenue of $11.5 billion to $12.1 billion. Analysts polled by FactSet expect $0.58 and $10.9 billion, respectively. For its full-year guidance, the company now expects adjusted EPS of $3.35 to $3.45, up from its prior forecast of $2.30 to $2.50 and above the FactSet consensus of $2.42. Hewlett Packard shares were up 21.5%.Alphabet (GOOG, GOOGL) said Monday it plans to raise $80 billion in equity to help fund investments in AI compute infrastructure, including a $10 billion private placement to Berkshire Hathaway (BRK.A, BRK.B), split evenly between class A common stock at $351.81 per share and class C capital stock at $348.20 per share. Alphabet's class A shares were down 2.3%, while its class C shares were down 2.2%. Berkshire's class A shares were up 0.4%, while its class B shares were up 0.3%.President Donald Trump signed a proclamation on Tuesday lowering the tariffs on agricultural equipment and certain other equipment to 15% from 25%, the White House said. In addition, the existing category of industrial equipment subject to a 15% tariff was expanded to include mobile industrial equipment, like bulldozers and forklifts, "when imported from trade deal countries that are entitled to such treatment," the White House said. The proclamation also allows foreign companies to qualify for a 10% duty rate if their capital equipment includes at least 85% US melted and poured or smelted and cast steel or aluminum by weight, the White House said. The tariff changes will last until Dec. 31, 2027, the White House said. Shares of Deere (DE), Agco (AGCO), CNH Industrial (CNH) and Caterpillar (CAT) were up 5.3%, 6.1%, 10.1% and 4.7%, respectively.IBM (IBM) said Tuesday it plans to invest over $10 billion in quantum computing over the next five years. The investment will go toward research and development, capital expenditure, manufacturing scaling, ecosystem partnerships and M&A, the company said. IBM shares were up 1.1%.Price: $283.09, Change: $+63.66, Percent Change: +29.01%

$AGCO$AMZN$BRK.A$BRK.B$CAT$CNH$DE$GOOG$GOOGL$HPE$IBM$MRVL$NVDA$WDAY
Sectors

Sector Update: Tech Stocks Advance Premarket Tuesday

Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.2% lower and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3%.Marvell Technology (MRVL) shares were up more than 16% after multiple news outlets reported that Nvidia (NVDA) chief executive officer Jensen Huang called the chipmaker the next "trillion-dollar company."Hewlett Packard Enterprise (HPE) stock was up more than 27% after the company reported higher fiscal Q2 adjusted earnings and revenue, and raised its fiscal 2026 outlook.STMicroelectronics (STM) shares were up more than 9% after the company said it now expects to generate data center revenue of $1 billion this year, compared with its previous guidance of "nicely above $500 million."

$HPE$MRVL$STM$XLK$XSD
Asia Markets

Wall Street Set to Open Lower in Tuesday Trading as Investors Look for Signs of Middle East Peace Deal, Await Key Labor Data

US stocks look set to open modestly lower in Tuesday's trading session as investors look for any signs that stalled Middle East may restart, and await key labor market data set for release later in the morning.The Dow Jones Industrial Average futures were down 0.5%, S&P 500 futures were off 0.2%, and Nasdaq futures were edging 0.1% lower.The Job Openings and Labor Turnover Survey (JOLTS) for April is set to be released at 10 am ET, which will give investors a good indication on the strength of the US labor market. The reading is expected to remain unchanged at 6.866 million job openings, according to Bloomberg.Oil prices were moving lower, with front-month global benchmarks Brent crude declining 0.96% to $94.07 a barrel, while West Texas Intermediate crude was down 1.10% to $91.15 a barrel.In other world markets, Japan's Nikkei closed 0.3% lower, Hong Kong's Hang Seng surged 2.5%, and China's Shanghai Composite gained 0.4%. Meanwhile in Europe's early afternoon session, the UK's FTSE 100 was edging 0.1% higher, Germany's DAX was up 0.7%, and France's CAC was rising 0.5%.In equities, shares of Hewlett Packard Enterprise (HPE) surged 27% in Tuesday's premarket session after it reported fiscal Q2 earnings late Monday that beat analyst forecasts.Marvell Technology (MRVL) shares climbed 18% after multiple news outlets reported that Nvidia (NVDA) Chief Executive Jensen Huang called the chipmaker the next "trillion-dollar company."Shares of STMicroelectronics (STM) advanced 10% after it said Tuesday that it now expects to generate data center revenue of about $1 billion in 2026, compared with previous guidance of more than $500 million.On the losing side, shares of Abivax (ABVX) tumbled 35% after the company's phase 3 maintenance trial evaluating obefazimod in ulcerative colitis met its primary endpoint and key secondary endpoints, though malignancy cases reported during the trial weighed on the results.AEVEX's (AVEX) stock was down 11% pre-bell after it reported late Monday it launched a public offering of its class A common shares, along with certain selling shareholders.And Praxis Precision Medicines' (PRAX) shares were down 10% after it reported late Monday that its phase 2/3 trial assessing vormatrigine to treat focal onset seizures failed to meet its primary endpoint of percent change in monthly seizure frequency from baseline.

Dow JonesNasdaq CompositeS&P 500$ABVX$AVEX$HPE$MRVL$PRAX$STM
Research

Research Alert: Mrvl Delivers Computex Keynote Speech; Optics Bottleneck Not Going Away Soon

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Shares of MRVL are up sharply after CEO Matt Murphy delivered his Computex keynote speech. Although many will tout Jensen Huang's comment stating that MRVL will be the next $1T company when on stage with Murphy, we wouldn't go that far (at least not yet). More important to us was Murphy's commentary and how the copper wall is breaking down, especially as we rapidly move to 1.6Tbps interconnects (and eventually 3.2Tbps) from 800Gbps. Technology transitions are accelerating at a rapid pace as compute/memory content is exploding in a rack/data center and pushing the limits of connectivity/shifting towards optics. We think MRVL has done an incredible job positioning itself to benefit from this trend, with the right products and its NVIDIA partnership poised to help it see outsized industry growth from CY 27-CY 29. Optics will be a considerable bottleneck into CY 28. We lift our 12-month target to $300 from $230, on a higher revised P/E of about 50x our CY 27 EPS, well above historical to reflect growth prospects.

$MRVL
Sectors

Sector Update: Tech

Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.1% higher and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3%.Marvell Technology (MRVL) shares were up more than 18% after multiple news outlets reported that Nvidia (NVDA) chief executive officer Jensen Huang called the chipmaker the next "trillion-dollar company."

$MRVL$NVDA
Stocks Down Pre-Bell Amid Uncertainty Over US-Iran Peace Talks
US Markets

Stocks Down Pre-Bell Amid Uncertainty Over US-Iran Peace Talks

The benchmark US stock measures were tracking in the red before the opening bell Tuesday amid uncertainty over the status of peace talks between the US and Iran.The S&P 500 and the Nasdaq edged down 0.1% each in premarket activity, while the Dow Jones Industrial Average was off 0.2%. All three indexes logged new closing highs in the previous trading session.In a social media post on Monday, President Donald Trump said that talks with Iran were continuing "at a rapid pace." The post came after Trump told CNBC in an interview earlier on Monday that he "couldn't care less" if negotiations with Tehran failed.Iranian state-affiliated outlet Tasnim reportedly said Monday that the country suspended talks with Washington in retaliation to Israel's military action in Lebanon. In a separate social media post, Trump said he spoke to Israeli Prime Minister Benjamin Netanyahu and Iran-backed Hezbollah representatives, with both agreeing to stop the fighting."These shifting conditions alongside continued kinetic skirmishes between the parties are likely to further erode Iranian trust as officials have already cited the fluidity of priorities as a point of friction with Iran making clear that nuclear dialogue is contingent on successful negotiations to end the war and reopen the Strait of Hormuz," Tudor Pickering Holt said in a note on Monday.West Texas Intermediate crude oil declined 1.2% to $91.06 a barrel before the opening bell, while Brent decreased 1.1% to $93.90.Tuesday's thin economic calendar has the Job Openings and Labor Turnover Survey for April at 10 am ET. Federal Reserve Bank of Cleveland President Beth Hammack is scheduled to speak at 8:30 am.Treasury yields were down in premarket action, with the two-year rate retreating 3.9 basis points to 4.01% and the 10-year rate falling 4.7 basis points to 4.43%.Shares of Marvell Technology (MRVL) jumped 24% pre-bell after the company finished Monday trading with a 7% gain. Hewlett Packard Enterprise (HPE) rose 26% as the information technology firm lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results.Alphabet's (GOOG, GOOGL) class A and C shares declined more than 2% each as the Google parent disclosed plans to raise $80 billion in equity for artificial intelligence infrastructure expansion.Dollar General (DG), Donaldson (DCI), Victoria's Secret (VSCO) and Signet Jewelers (SIG) report their latest financial results before the bell, among others. Palo Alto Networks (PANW), Ulta Beauty (ULTA) and GitLab (GTLB) post earnings after the markets close.Gold gained 1.2% to $4,561 per troy ounce, while bitcoin dropped 2.7% to $69,539.

Dow JonesNasdaq CompositeS&P 500$DCI$DG$GOOG$GOOGL$GTLB$HPE$MRVL$PANW$SIG$ULTA$VSCO
Insider Trading

Marvell Technology Insider Sold Shares Worth $2,058,700, According to a Recent SEC Filing

Chris Koopmans, President and Chief Operating Officer, on June 01, 2026, sold 10,000 shares in Marvell Technology (MRVL) for $2,058,700. Following the Form 4 filing with the SEC, Koopmans has control over a total of 237,392 common shares of the company, with 237,392 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1835632/000162828026039656/xslF345X05/wk-form4_1780360341.xml

$MRVL
Wire

Marvell Technology Shares Jump After Company Unveils New AI Data-Center Switch

Marvell Technology (MRVL) shares jumped 8.4% in Monday trading after the company introduced a new high-capacity switch designed for AI data-center networks, expanding its portfolio of infrastructure chips.The Teralynx T100, which Marvell calls the industry's first 102.4-terabit-per-second switch built specifically for AI and cloud data-center infrastructure, is aimed at handling the massive data movement required for training and running large AI models.Intraday volume on the stock topped 24.8 million shares versus the daily average of almost 27.3 million.Price: $222.20, Change: $+17.20, Percent Change: +8.39%

$MRVL
Wire

Top Midday Stories: US Reportedly Reaches Deal With Iran, Needs Trump's Approval; Caesars to be Acquired by Fertitta for $17.6 Billion

The S&P 500 and Nasdaq Composite were up, while the Dow Jones Industrial Average was down slightly in late-morning trading Thursday after Axios reported that US and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding that extends the ceasefire and launches negotiations on Iran's nuclear program. The deal is waiting the final approval of President Donald Trump, the report said.The personal consumption expenditures index rose by 0.4% in April, below the 0.5% gain expected, lifting the year-over-year rate to 3.8% from 3.5%. The core PCE price index, which excludes gas and food prices, increased by 0.2%, below the 0.3% gain expected and following a 0.3% gain in March. The year-over-year rate accelerated to 3.3% from 3.2% in the previous month.In company news, Caesars Entertainment (CZR) has agreed to be acquired by Fertitta Entertainment in an all-cash deal valued at $17.6 billion, including the assumption of around $11.9 billion of outstanding debt, Caesars said Thursday. Under the terms of the deal, Caesars shareholders will receive $31 in cash for each share owned, the company said. Caesars shares were up 1.3% around midday.Snowflake (SNOW) reported fiscal Q1 adjusted net income late Wednesday of $0.39 per diluted share, up from $0.24 a year earlier and above the FactSet consensus analyst estimate of $0.32. Fiscal Q1 revenue was $1.39 billion, up from $1.04 billion a year ago and above the FactSet consensus of $1.32 billion. For fiscal Q2, the company said it expects product revenue of $1.415 billion to $1.420 billion, above the FactSet consensus of $1.37 billion. Snowflake shares were up 34.0%.Salesforce (CRM) reported fiscal Q1 adjusted earnings late Wednesday of $3.88 per diluted share, up from $2.58 a year earlier and above the FactSet consensus of $3.13. Fiscal Q1 revenue was $11.13 billion, up from $9.83 billion a year ago and above the FactSet consensus of $11.05 billion. For fiscal Q2, the company said it expects adjusted EPS of $3.25 to $3.27 on revenue of $11.27 billion to $11.35 billion. Analysts polled by FactSet expect $3.25 and $11.35 billion, respectively. Separately, Salesforce will deploy its AI-driven Agentforce Health platform to improve efficiency at CVS Health (CVS) call centers, the companies said Thursday. Salesforce shares were up 0.4%, while CVS shares were up 1.3%.Marvell Technology (MRVL) reported fiscal Q1 adjusted earnings late Wednesday of $0.80 per diluted share, up from $0.62 a year earlier and in line with the FactSet consensus. Fiscal Q1 revenue was $2.42 billion, up from $1.9 billion a year ago and above the FactSet consensus of $2.41 billion. For fiscal Q2, the company said it expects adjusted EPS of $0.93, plus or minus $0.05, on revenue of $2.7 billion, plus or minus 5%. Analysts polled by FactSet expect $0.90 and $2.6 billion, respectively. Marvell shares were down 1.3%.Canadian Imperial Bank of Commerce (CM) reported fiscal Q2 adjusted earnings Thursday of 2.54 Canadian dollars ($1.83) per diluted share, up from CA$2.05 a year earlier and above the FactSet consensus of CA$2.46. Fiscal Q2 revenue was CA$8.01 billion, up from CA$7.02 billion a year ago. The bank said it plans to buy for cancellation up to 30 million shares, representing about 3.3% of total outstanding shares. Also, the company has agreed to sell its 91.7% stake in CIBC Caribbean Bank to Bank of N.T. Butterfield & Son (NTB) for a total consideration of about $1.6 billion, the acquiring company said. CIBC shares were down 4.6%.Best Buy (BBY) reported fiscal Q1 adjusted earnings Thursday of $1.28 per diluted share, up from $1.15 a year earlier and above the FactSet consensus of $1.23. Fiscal Q1 revenue was $8.94 billion, up from $8.77 billion a year ago and above the FactSet consensus of $8.83 billion. The company reiterated its fiscal 2027 guidance for adjusted EPS of $6.30 to $6.60 and revenue of $41.20 billion to $42.10 billion. Best Buy shares were up 16.3%.Eli Lilly's (LLY) weight-loss drugs secured coverage from the three largest US pharmacy benefit managers, the drugmaker said Thursday. Coverage for Foundayo through CVS Health's CVS Caremark Commercial Template plans will begin Monday, while access for existing Zepbound patients will continue without interruption and expand further by Oct. 1, the company said. Eli Lilly shares were up 4.1%.Price: $29.15, Change: $+0.36, Percent Change: +1.27%

$BBY$CM$CRM$CVS$CZR$LLY$MRVL$NTB$SNOW
Wire

Marvell Technology Sees Stronger AI-Driven Growth Outlook on Accelerating Interconnect Demand, Morgan Stanley Says

Marvell Technology (MRVL) is seeing a stronger long-term growth outlook driven by accelerating artificial intelligence demand, particularly in data center interconnect and custom silicon programs, Morgan Stanley said in a Thursday note.The analysts said Marvell's fiscal 2027 and 2028 revenue outlooks were raised meaningfully, with data center growth now expected to accelerate to roughly 50% in 2027 and about 55% in 2028, supported by robust demand in AI networking and increasing scale-up and scale-across opportunities.The data center segment is expected to remain the key growth driver, supported by rising demand for AI interconnects from hyperscale customers, with networking growth expected to outpace broader cloud capex over the medium term, according to the note.Despite the improved outlook, expectations are rising alongside growth, with execution on networking share gains and timing of custom silicon ramps remaining key factors, even as AI infrastructure demand provides a strong structural tailwind, Morgan Stanley added.Morgan Stanley maintained its equal weight rating on the stock and raised its price target to $195 from $172.Price: $195.61, Change: $-3.09, Percent Change: -1.56%

$MRVL
Wire

UBS Adjusts Price Target on Marvell Technology to $230 From $195, Maintains Buy Rating

Marvell Technology (MRVL) has an average rating of buy and mean price target of $219.40, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $199.71, Change: $+1.01, Percent Change: +0.51%

$MRVL
Wire

BofA Adjusts Price Target on Marvell Technology to $240 From $200

Marvell Technology (MRVL) has an average rating of buy and mean price target of $219.40, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $203.07, Change: $+4.37, Percent Change: +2.20%

$MRVL
Research

Research Alert: CFRA Maintains Buy Opinion On Shares Of Marvell Technology, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target to $230 from $170, on a P/E of 38x our CY 27 EPS, above historical but within peers given growth prospects. After better-than-expected Apr-Q results, we lift our FY 27 (Jan.) EPS to $4.01 from $3.76 and FY 28 EPS to $6.03 from $5.23. On an annual basis, MRVL boosts sales view, now projecting FY 27 to grow 40% to nearly $11.5B (up from ~$10.9B prior) and FY 28 to reach $16.5B (up from ~$15B), implying 45% growth. We think the upward revisions are being fueled by stronger-than-expected AI infrastructure bookings, with interconnect business growth expectations for FY 27 raised to over 70% Y/Y (from 50% previously) and custom silicon seen more than doubling in FY 28. MRVL now expects to reach $3B in quarterly revenue by the Oct-Q, one quarter ahead of prior outlook. We see MRVL benefiting from higher customer capex spend, content growth on the networking side, more diversified custom silicon exposure (Microsoft ramp along with other wins), and upside from key partnerships (e.g. NVIDIA).

$MRVL
Stocks Fall Pre-Bell Amid Renewed US-Iran Tensions; Key Inflation, Economic Data on Deck
US Markets

Stocks Fall Pre-Bell Amid Renewed US-Iran Tensions; Key Inflation, Economic Data on Deck

The main US stock measures were trending lower in Thursday's premarket activity amid renewed tensions in the Middle East, while traders await key inflation and economic data.The S&P 500 and the Dow Jones Industrial Average edged down 0.1% each before the opening bell, while the Nasdaq was off 0.2%. The indexes finished Wednesday's trading session with fresh highs.Iran's Islamic Revolutionary Guard Corps said Thursday it targeted a US airbase, CNBC reported, citing Tehran's semi-official Tasnim news agency.The reported attack came after a US official told MS Now on Wednesday that US forces carried out strikes against a military site believed to threaten its troops and commercial shipping through the Strait of Hormuz.West Texas Intermediate crude oil increased 1.7% to $90.21 a barrel in premarket action, while Brent rose 1.6% to $95.81.President Donald Trump on Wednesday said that no single country will control the crucial Strait of Hormuz, according to Bloomberg News. "Nobody's going to control it, it's international waters," Trump reportedly said at the White House. "The strait's going to be open to everybody," and the US will "watch over it," he added.Earlier on Wednesday, Trump expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported. Iranian state TV previously claimed that a draft memorandum on ending the conflict calls for the US to withdraw its military forces and lift the naval blockade in return for reopening the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," according to CNN.The personal income and outlays report for April is due to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Treasury yields were moving higher before the open, with the two-year rate gaining 2.7 basis points to 4.06% and the 10-year rate adding 1.2 basis points to 4.49%.Thursday's economic calendar also has the second estimate report of the first-quarter gross domestic product at 8:30 am, along with the weekly jobless claims bulletin and the durable goods orders report for last month. The new home sales report for April is out at 10 am, followed by the EIA domestic petroleum inventories report at 12 pm.New York Fed President John Williams is slated to speak at 8:55 am, while St. Louis Fed President Alberto Musalem speaks at 10:15 am. Richmond Fed President Thomas Barkin's remarks are due at 3 pm.Shares of Snowflake (SNOW) jumped 38% pre-bell after the cloud-based data platform lifted its full-year product revenue outlook and agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) cloud platform. Salesforce (CRM) declined nearly 2% as the company issued a soft fiscal second-quarter outlook.Marvell Technology (MRVL) and Synopsys (SNPS) dropped 3.3% and 2.8%, respectively, following their latest quarterly results.Burlington Stores (BURL), Dollar Tree (DLTR), Li Auto (LI), XPeng (XPEV), Best Buy (BBY) and Hormel Foods (HRL) are expected to release their earnings before the bell, among others. Costco Wholesale (COST), Dell Technologies (DELL) and MongoDB (MDB) are scheduled to announce their results after the markets close.Gold fell 1.1% to $4,400 per troy ounce, while bitcoin slipped 2.2% to $73,258.

Dow JonesNasdaq CompositeS&P 500$BBY$BURL$COST$CRM$DELL$DLTR$HRL$LI$MDB$MRVL$SNOW$SNPS$XPEV
Research

Research Alert: Mrvl: Modest Beat And Raise; Custom Silicon And Optics To Drive Upside

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MRVL posted Apr-Q revenue growth of 28% to $2.418B, slightly ahead of consensus, with non-GAAP EPS of $0.80 beating the $0.79 consensus and up from $0.62 in the prior-year quarter. The Data Center segment remains the primary growth engine, generating $1.833B (+27% Y/Y, +11% Q/Q) and representing 76% of total revenue. We believe strength is coming from AI-related bookings across 800G/1.6T scale-out optics, 51.2T Ethernet switches, and custom XPU solutions. Guidance exceeds expectations with Jul-Q revenue of $2.700B (5%), implying approximately 35% Y/Y growth, a modest acceleration from the pace in Apr-Q. Non-GAAP gross margin of 58.9% compressed 90 bps as expected, reflecting the strategic shift toward lower-margin custom silicon solutions in the expanding AI infrastructure market. The recently completed Celestial AI and XConn acquisitions are now contributing to results and positioning MRVL to capitalize on emerging optical interconnect opportunities.

$MRVL
Equities Mixed Intraday as Markets Track US-Iran Peace Talks
US Markets

Equities Mixed Intraday as Markets Track US-Iran Peace Talks

US benchmark equity indexes were mixed after midday Wednesday as traders continued to monitor US-Iran peace deal negotiations.The Dow Jones Industrial Average was up 0.4% at 50,646.7 intraday, while the Nasdaq Composite fell 0.2% to 26,611.6. The S&P 500 slipped 0.1% to 7,509.8. Both the Nasdaq and the S&P 500 notched new record closing highs in the previous session.Among sectors, consumer discretionary paced the gainers, while energy and financials saw the biggest drop.Iranian state TV reportedly claimed that a draft memorandum on ending the three-month-old conflict calls for the US to withdraw its military forces and lift the blockade of Iranian ports in return for the reopening of the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.West Texas Intermediate crude oil was down 4.4% at $89.77 a barrel intraday Wednesday, while Brent fell 4.1% to $95.54.US Treasury yields were mixed intraday Wednesday, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares were down 3%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition story, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% intraday after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The stock slid nearly 12% intraday.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped nearly 12% intraday.Marvell (MRVL), Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW) and HP (HPQ) were scheduled to release their quarterly results after the markets close Wednesday.Gold was down 1.4% at $4,441 per troy ounce, while silver lost 2.2% $74.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$CRM$HPQ$JPM$MRVL$PDD$SNOW$SNPS$ZS
Asia Markets

S&P 500, Nasdaq Rally, Middle East Peace Optimism Drive US Equity Futures Higher Pre-Bell

US equity futures were trending higher pre-bell Wednesday as the S&P 500 and the Nasdaq reached new all-time highs amid continued optimism for an end to the Middle East conflict.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.8% higher.The S&P 500 added 0.6% and the Nasdaq rose 1.2% to fresh intraday and closing highs, driven by an upswing in the technology sector.President Donald Trump said in a post on Truth Social that talks with Iran were "proceeding nicely." However, Iran threatened to respond to ceasefire violations after the US military carried out what it called "self-defense strikes" on Iranian missile launch sites and vessels around the Strait of Hormuz. Negotiations to end the war continue.Traders noted the latest round of earnings, with PDD (PDD) posting lower Q1 non-GAAP earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.6% at $92.25 per barrel and US West Texas Intermediate crude 6% lower at $88.24 per barrel.The Richmond Fed manufacturing index for May is scheduled to be released at 10 am ET.In other world markets, Japan's Nikkei closed flat, Hong Kong's Hang Seng ended 1.1% lower, and China's Shanghai Composite finished 1.3% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, Micron Technology (MU) stock was up 7.4% as the company's market capitalization reached $1 trillion for the first time. Fellow tech firms Marvell Technology (MRVL), Seagate Technology (STX), and Western Digital (WDC) all saw their shares rise as part of a broader tech rally. Marvell stock was up 6.1%, Seagate shares were higher by 5.4%, and Western Digital stock was up 5.5%.On the losing side, ExxonMobil (XOM) shares were down 2.1% after a Reuters report that Occidental Petroleum (OXY) was acquiring a 10% stake in the company's deepwater exploration block offshore Trinidad and Tobago. TotalEnergies (TTE) stock was 3.3% lower after a Bloomberg News report that the company is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country. PDD shares were down 8.8% after the company reported its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$MRVL$MU$OXY$PDD$STX$TTE$WDC$XOM

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