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Marvell Technology

Marvell Technology

$MRVL
NASDAQSemiconductors

149 stories mentioning Marvell TechnologyUpdated 1d ago

Named among Wallstreetbets-favorite stocks set to decline premarket Wednesday, alongside Micron Technology, as most of those names traded lower.

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Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Ahead of Warsh Speech

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was down 0.2% in Friday's premarket activity as markets traded mixed ahead of Fed Chair Kevin Warsh's speech.US stock futures were mixed, with S&P 500 Index futures down 0.03%, Dow Jones Industrial Average futures gaining 0.02%, and Nasdaq futures slipping 0.3% before the start of regular trading.The Chicago PMI for August will be released at 9:45 am ET.Fed Chair Warsh is scheduled to deliver a presentation at the central bank's annual Jackson Hole symposium in Wyoming at 10 am ET.The University of Michigan consumer sentiment report for August is due at 10 am ET.The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET.In premarket activity, bitcoin was down by 0.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) advanced 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 3.3% higher.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) was flat Direxion Daily Financial Bull 3X Shares (FAS) was down 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.PayPal (PYPL) stock was down more than 14% after Bloomberg News reported that buyout firm Advent and payment-processor Stripe have abandoned their bid to buy the company.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.5%, the iShares US Technology ETF (IYW) was 0.1% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 1.2%, while the iShares Semiconductor ETF (SOXX) declined by 0.9%.Marvell Technology (MRVL) shares were down 7% following the company's fiscal Q2 results.EnergyThe iShares US Energy ETF (IYE) was up 3%, while the State Street Energy Select Sector SPDR ETF (XLE) advanced 0.2%.BW LPG (BWLP) stock was down more than 4% before market open after the company reported lower Q2 revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.4%, and the iShares US Consumer Staples ETF (IYK) advanced 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) was 0.1% higher. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) increased 0.1%.Toyota Motors (TM) shares were up more than 1% pre-bell after Nikkei Asia reported late Thursday that the company is planning to build an electric Sports Utility Vehicle in China.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was up 0.03%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.1% lower.Eli Lilly (LLY) stock was up nearly 1% premarket after the company said that the US Food and Drug Administration approved Mounjaro to lower the risk of major adverse cardiovascular events in adults with type 2 diabetes who are at high risk for those events.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.Saia (SAIA) stock was up more than 1% before the opening bell after Deutsche Bank raised its price target to $370 from $340.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.9% to $82.81 per barrel on the New York Mercantile Exchange. Natural gas was down 2.4% at $2.85 per 1 million British Thermal Units. The United States Oil Fund (USO) fell 1%, while the United States Natural Gas Fund (UNG) was 2.2% lower.Gold futures for November were down by 0.4% at $4,647.30 an ounce on the Comex. Silver futures gained 1.5% to reach $71.29 an ounce. SPDR Gold Shares (GLD) decreased 0.1%, and the iShares Silver Trust (SLV) was 1.7% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BWLP$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LLY$MRVL$PMR$PYPL$QQQ$RTH$SAIA$SLV$SOXX$SPY$TM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Marvell Technology Tops Second-Quarter Expectations on Data Center Revenue Surge
US Markets

Marvell Technology Tops Second-Quarter Expectations on Data Center Revenue Surge

Marvell Technology's (MRVL) second-quarter results rose above Wall Street's estimates amid a surge in data center revenue, while the chip designer expects artificial intelligence to drive revenue acceleration through fiscal 2028.Revenue climbed 37% annually to $2.74 billion, exceeding the FactSet-polled consensus of $2.72 billion. Non-GAAP earnings per share increased to $0.94 in the three months ended Aug. 1 from $0.67 a year earlier. Analysts expected $0.93.Data center revenue jumped 46% annually to $2.17 billion, while Street's view was $2.16 billion.The "communications and other" division grew to $567.8 million from $515.6 million. Analysts expected $559 million."AI-related bookings remain exceptionally robust, and we expect our revenue growth to accelerate further through the remainder of fiscal 2027," Chief Executive Matt Murphy said in a statement. "Given this strength, we are again raising our revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter."Marvell didn't provide an updated outlook for fiscal 2027 and 2028 in its second-quarter earnings release.In May, the company projected revenue growth of 40% and 45% year over year in fiscal 2027 and 2028, respectively. Analysts expect sales growth of 41% in fiscal 2027 and 46% in 2028."We are seeing broad-based strength across our data center portfolio, including strong demand in connectivity and a significant acceleration in our custom business beginning in the second half of fiscal 2027," Murphy said.For the fiscal third quarter, Marvell expects net revenue of $3.15 billion, plus or minus 5%. Wall Street expects $3.04 billion. The company forecasts non-GAAP earnings at $1.10 per share, plus or minus $0.05, compared with analysts' consensus of $1.08.The company's shares were down 1.3% in after-hours trading, and had gained about 184% this year through Thursday close.Oppenheimer expected the company to provide an upbeat third-quarter outlook after exceeding second-quarter expectations amid growing customer wins, according to a note sent last Friday.Marvell entered into a deal last week that would allow Alphabet's (GOOG, GOOGL) Google to purchase up to $12.18 billion of Marvell shares.UBS Securities recently raised its second-quarter estimates on Marvell, citing accelerated AI spending by major hyperscalers and strong demand for optical and networking products.Nvidia (NVDA) offered a surprisingly strong fiscal 2028 revenue outlook late Wednesday, while its gross margin guidance provided clarity amid rising memory costs, Morgan Stanley said in a note. The chip giant's fiscal second-quarter results more than doubled from a year ago and topped Wall Street expectations amid record data center sales.Semiconductor manufacturer Broadcom (AVGO) is scheduled to report fiscal third-quarter results Sept. 2.

$AVGO$GOOG$GOOGL$MRVL$NVDA
Wire

Marvell Technology Fiscal Q2 Adjusted Earnings, Revenue Rise; Q3 Guidance Set

Marvell Technology (MRVL) reported fiscal Q2 adjusted earnings late Thursday of $0.94 per diluted share, up from $0.67 a year earlier.Analysts polled by FactSet expected $0.93.Revenue for the three months ended Aug. 1 was $2.74 billion, up from $2.01 billion a year earlier.Analysts expected $2.72 billion.For fiscal Q3, the company expects adjusted EPS of $1.10, plus or minus $0.05, on revenue of $3.15 billion, plus or minus 5%.Analysts expect EPS of $1.08 on revenue of $3.04 billion.

$MRVL
Update: Equity Markets Rise Intraday Amid Tech Boost; Nvidia Rallies
US Markets

Update: Equity Markets Rise Intraday Amid Tech Boost; Nvidia Rallies

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, led solely by the technology sector amid post-earnings rallies in shares of Nvidia (NVDA) and several other key players in the domain.The Nasdaq Composite was up 1.6% at 26,541.6 after midday Thursday, while the S&P 500 rose 0.8% to 7,737. The Dow Jones Industrial Average advanced 0.4% to 53,659.8. The three indexes finished the previous trading session lower, with the Dow snapping a three-day winning streak.Tech was the only sector in the green intraday Thursday, up 3.2%, while consumer staples saw the steepest decline.Nvidia shares jumped 9.5%, the second-biggest gain on the Dow, as the tech bellwether's fiscal second-quarter results more than doubled from a year earlier and topped Wall Street's expectations late Wednesday amid record data center sales. Nvidia expects fiscal 2028 revenue to grow about 70% year over year.The chipmaking giant offered a surprisingly strong sales outlook, while its gross margin guidance provided clarity amid rising memory costs, Morgan Stanley said in a note.Salesforce (CRM) shares soared 21% intraday Thursday, the best performer on both the S&P 500 and the Dow. The customer relationship management platform late Wednesday increased its full-year revenue guidance after delivering a fiscal second-quarter beat.CrowdStrike (CRWD) surged 19% intraday Thursday, the second-steepest rise on the S&P 500. The company late Wednesday raised its full-year net new annual recurring revenue amid increasing demand for cybersecurity solutions to address artificial intelligence risks. CrowdStrike reported better-than-expected fiscal second-quarter results.Hormel Foods (HRL) was the worst performer on the S&P 500 intraday Thursday, down 9.2%. The company lowered its fiscal 2026 sales outlook as it reported mixed third-quarter results, with the top-line pressured amid a challenging consumer environment.Marvell Technology (MRVL), Workday (WDAY), and Ulta Beauty (ULTA) are scheduled to report after the closing bell Thursday, along with others.US Treasury yields were little changed intraday, with the two- and 10-year yields at 4.22% and 4.67%, respectively.The Federal Reserve's annual economic policy symposium at Jackson Hole, Wyoming, was scheduled to kick off Thursday, with Chair Kevin Warsh slated to speak Friday.Markets are currently pricing in a 66% probability that the central bank's Federal Open Market Committee will keep its benchmark lending rate steady next month, with the remaining odds in favor of a 25-basis-point increase, according to the CME FedWatch tool.West Texas Intermediate crude oil edged up 0.6% to $82.76 a barrel intraday, while Brent rose 1.2% to $88.89.Iran and Oman are working on finalizing a deal that will see both countries share control of the Strait of Hormuz, Reuters reported. Qatari Prime Minister Sheikh Mohammed bin Jassim Al Thani met with Iranian Foreign Minister Abbas Araghchi Thursday and discussed the emerging Hormuz agreement between Tehran and Oman, CNN reported.Spot gold rose 0.5% to $4,612.27 per troy ounce, while silver gained 2.5% to $70.52 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$HRL$MRVL$NVDA$ULTA$WDAY
Asia Markets

Update: Nvidia Results, Semiconductor Rally Lift US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly higher pre-bell Thursday as Nvidia's (NVDA) earnings and an upswing in semiconductor-related stocks lifted market sentiment.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 1% higher.Nvidia was up 6.2% after the company reported fiscal Q2 earnings and revenue late Wednesday that more than doubled from a year ago.The Trump administration is considering sweeping new tariffs on semiconductors that could extend to products containing chips, including laptops, gaming consoles and data center servers, Politico reported, citing unnamed sources familiar with the matter.Marvell Technology (MRVL) is expected to report its fiscal Q2 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.93 per share on revenue of $2.72 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.4% at $87.25 per barrel and US West Texas Intermediate crude 0.3% higher at $82.47 per barrel.The US advance international trade in goods deficit widened to $118.81 billion in July from $101.41 billion in June, compared with expectations to narrow to $100.5 billion in a survey compiled by Bloomberg. Initial jobless claims dropped to 203,000 in the week ended Aug. 22 from an upwardly revised 207,000 level in the previous week, compared with expectations for an increase to 208,000.The Federal Reserve's annual three-day Economic Policy Symposium in Wyoming begins in the morning, with Fed Chief Kevin Warsh slated to deliver keynote remarks on Friday.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.3% lower, and China's Shanghai Composite finished 1.1% higher. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 0.4% higher in Europe's early afternoon session.In equities, stocks of Marvell Technology and Micron Technology (MU) were up 4% and 4.2%, respectively, as part of a wider rally in the semiconductor sector. CrowdStrike (CRWD) shares were up 9.5% after the company posted better-than-expected fiscal Q2 results and boosted its fiscal 2027 net new annual recurring revenue guidance. Salesforce (CRM) stock was 10% higher after the company reported late Wednesday higher fiscal Q2 financial results and raised its fiscal 2027 guidance.On the losing side, Moderna (MRNA) shares fell 3.5% after the company said it plans to offer $2 billion worth of convertible senior notes due 2032 in a private placement. HP (HPQ) stock was down 12% despite the company posting higher adjusted earnings and revenue for fiscal Q3 on late Wednesday.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$HPQ$MRNA$MRVL$MU$NVDA
Stocks Mostly Up Pre-Bell as Traders Parse Nvidia Results, Await Fed Chair's Speech
US Markets

Stocks Mostly Up Pre-Bell as Traders Parse Nvidia Results, Await Fed Chair's Speech

US equity markets were mostly trending higher before the opening bell Thursday as traders digest Nvidia's (NVDA) latest financial results and prepare for Federal Reserve Chair Kevin Warsh's speech on Friday.The S&P 500 rose 0.4%, and the Nasdaq increased 1% in premarket activity, while the Dow Jones Industrial Average edged down 0.1%. The three main indexes finished the previous trading session lower, with the Dow snapping a three-day winning streak.Shares of Nvidia jumped 6.9% pre-bell as the tech bellwether's fiscal second-quarter results more than doubled from a year ago and topped Wall Street expectations amid record data center sales.CrowdStrike (CRWD) climbed 9.3% as the firm lifted its full-year net new annual recurring revenue outlook amid increasing demand for cybersecurity to address risks associated with the adoption of artificial intelligence. Salesforce (CRM) spiked 11% after raising its fiscal 2027 guidance.Dollar General (DG) shares gained nearly 13% after the discount retailer beat Wall Street estimates for the fiscal second quarter. Dollar Tree (DLTR) shares fell over 4% after the company's latest quarterly earnings.The Fed's annual economic policy Symposium at Jackson Hole, Wyoming, is set to kick off on Thursday, with Warsh scheduled to speak on Friday.Markets are currently pricing in a roughly 64% probability that the Federal Open Market Committee will keep its benchmark lending rate steady next month, with the remaining odds in favor of a 25-basis-point increase, according to the CME FedWatch tool.Government data on Wednesday showed that US inflation accelerated sequentially in July, keeping the Fed's preferred gauge for price increases well above its 2% target, while consumer spending growth eased."As long as the month-on-month rate continues to come in close to 0.2%, the annual rate of inflation will converge on 2% over time, but the question is how much more patience the Fed actually has," ING Bank said in a Wednesday report. "Markets continue to price a (25 basis point) rate hike before year-end while economists, in general, still favor an extended pause for policy rates."Treasury yields were up in premarket action, with the two- and 10-year rates each inclining 0.6 basis points to 4.23% and 4.67%, respectively.Iran and Oman are working on finalizing a deal that will see both countries share control of the Strait of Hormuz, Reuters reported.Tehran's Islamic Revolutionary Guard Corps reportedly told state news agency Tasnim that the US is obstructing the Iran-Oman deal, according to a CNBC report. Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim bin Jaber Al Thani is reportedly traveling to Iran on Thursday as part of efforts to de-escalate tensions between Washington and Tehran.West Texas Intermediate crude oil dipped 0.1% to $82.17 a barrel before the open, while Brent nudged 0.4% higher to $88.18.Burlington Stores (BURL), Best Buy (BBY) and Hormel Foods (HRL) are scheduled to release their quarterly earnings before the bell, among others. Marvell Technology (MRVL), Workday (WDAY) and Ulta Beauty (ULTA) post their results after the markets close.Thursday's economic calendar has the international trade in goods data, as well as the retail and wholesale inventories reports, all for July, at 8:30 am ET, along with the weekly jobless claims bulletin. The Kansas City Fed manufacturing index for August is out at 11 am.Gold declined 0.6% to $4,654.79 per troy ounce, while bitcoin gained nearly 2% to $79,982.

Dow JonesNasdaq CompositeS&P 500$BBY$BURL$CRM$CRWD$DG$DLTR$HRL$MRVL$NVDA$ULTA$WDAY
Japan

Nvidia Results, Semiconductor Rally Lift US Equity Futures Pre-Bell

US equity futures were mostly higher pre-bell Thursday as Nvidia's (NVDA) earnings and an upswing in semiconductor-related stocks lifted market sentiment.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.9% higher.Nvidia was up 5.9% after the company reported fiscal Q2 earnings and revenue late Wednesday that more than doubled from a year ago.The Trump administration is considering sweeping new tariffs on semiconductors that could extend to products containing chips, including laptops, gaming consoles and data center servers, Politico reported, citing unnamed sources familiar with the matter.Marvell Technology (MRVL) is expected to report its fiscal Q2 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.93 per share on revenue of $2.72 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.6% at $87.47 per barrel and US West Texas Intermediate crude 0.4% higher at $82.59 per barrel.The international trade in goods report for July, scheduled for release at 8:30 am ET, is expected to show the deficit narrowing to $100.5 billion from the revised value of $101.4 billion in the prior month, according to estimates compiled by Bloomberg. Initial jobless claims are projected to have increased to 208,000 in the week ended Aug. 22 from 206,000 in the previous week.The Federal Reserve's annual three-day Economic Policy Symposium in Wyoming begins in the morning, with Fed Chief Kevin Warsh slated to deliver keynote remarks on Friday.

Dow JonesNasdaq CompositeS&P 500$MRVL$NVDA
Asia Markets

Update: Technology Helps Push US Equity Indexes Higher Amid Declines in Treasury Yields, Crude Oil

(Updates with index/price moves, macroeconomic data, and company news from the first paragraph.)US equity indexes rose as technology topped sector charts while government bond yields and crude oil extended declines after Iran vowed to retaliate against the Trump administration's plans to choke its fragile economy.The Nasdaq Composite advanced 0.6% to 26,141.5, the S&P 500 climbed 0.3% to 7,675.6 and the Dow Jones Industrial Average edged up 0.1% to 53,493.8. Consumer staples and energy led the decliners.Among companies with market capitalizations exceeding $200 billion each, more than half of the top 10 names by intraday returns were in the technology sector, according to data compiled by Finviz. Of those seven firms, five were related to the semiconductor industry. Marvell Technology (MRVL) led the pack, up 5.6%.US Treasury yields dropped after midday. The 30-year slumped 5.8 basis points to 5.17%, the 10-year dropped 5.9 basis points to 4.64% and the two-year retreated 5.3 basis points to 4.2%.Iran pledged to fight back against expanded US sanctions aimed at isolating its economy, expressing confidence that major trading partners would resist the pressure campaign and saying that Washington was keen to revive talks, Reuters reported.Hours after the US sanctioned dozens of Chinese entities and threatened to target an unspecified "major financial institution" for its dealings with Tehran, Beijing responded by saying its relationship with Iran "should not be disrupted or undermined," Bloomberg reported. China will take "all necessary measures" to safeguard its interests, Foreign Ministry spokesperson Lin Jian was cited as saying.The front-month US West Texas Intermediate crude oil contract retreated 3.4% to $82.09 per barrel, and global benchmark North Sea Brent slumped 3.8% to $88.69 per barrel.A Canada-US trade deal could still be reached by year-end despite renewed tariff tensions, Commerzbank Research said in a Tuesday note. Monday's US tariffs on Canadian vehicles, auto parts and steel are set to take effect from the start of next year.Meanwhile, in economic news, the Conference Board's measure of consumer confidence fell to 89.4 in August from 90.2 in July, compared with expectations for no change in a survey compiled by Bloomberg.New-home sales fell to a 607,000 annual rate in July from an upwardly revised 678,000 in June, below the 620,000 expected in a survey compiled by Bloomberg. Home sales were down 6.3% from a year ago.The Richmond Fed's manufacturing index fell to 4 in August from 5 in July, below expectations for 7 in a survey compiled by Bloomberg. In contrast, other regional manufacturing data already released have suggested a faster pace of expansion.Redbook US same-store sales surged 9.1% from a year earlier in the week ended Aug. 22 after a 7.6% jump in the prior week. Redbook noted strong back-to-school sales.In company news, Dick's Sporting Goods (DKS) lowered its full-year outlook amid a challenging athletic footwear and apparel marketplace while fiscal Q2 results missed market estimates. Shares sank 29%. Among the steepest decliners on the Dow and the S&P 500 were sports goods retailers Nike (NKE) and Lululemon Athletics (LULU), down 2.7% and 4.2%, respectively.

Dow JonesNasdaq CompositeS&P 500$DKS$LULU$MRVL$NKE
Update: Nasdaq, S&P 500 Fall as New Sanctions Plan Targets Iran's Trading Partners
US Markets

Update: Nasdaq, S&P 500 Fall as New Sanctions Plan Targets Iran's Trading Partners

(Updates with market moves at the end of the day, and other changes, if any.)The Nasdaq Composite and the S&P 500 fell Monday as the US unveiled a global sanctions plan targeting countries that have an economic relationship with Iran.The Nasdaq shed 0.8% to close at 25,980.19, while the S&P 500 declined 0.3% to 7,652.86. The Dow Jones Industrial Average rose 0.3% to 53,417.16. Technology led the laggards, while most sectors were in the green, led by consumer staples.The Treasury Department on Monday launched a campaign to close all financial resources that support Iran."We are launching an economic onslaught against Iran's financial connections around the globe," Treasury Secretary Scott Bessent said in a statement. "Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."Countries doing business with Iran will be given deadlines to shut down Iran-related activities, according to the statement. Entities aiding money laundering or sanctions evasion on behalf of Iran could be cut off from the US financial system.China, Russia, India, Pakistan, Qatar and Turkey, among others, still trade with Tehran, Axios reported."No one is above the reach of US sanctions," Bessent said Monday in response to a question at a press conference on whether the Trump administration would target Chinese banks, CNBC reported.West Texas Intermediate crude oil was down 2.3% at $85.07 a barrel in Monday late-afternoon trade, while Brent dropped 2.5% to $92.06.Iran's state-controlled Persian Gulf Strait Authority warned on X that vessels breaching its protocols in the Strait of Hormuz could face restrictions on future passages.US Treasury yields were mixed, with the 10-year yield down 3.2 basis points at 4.71%, while the two-year yield was little changed at 4.24%.Federal Reserve Chair Kevin Warsh's debut Jackson Hole speech on Friday is unlikely to help clear up investor confusion over the Treasury Department's bond market intervention, Morgan Stanley said in a note sent Monday. The firm's economists view the expansion in bond buybacks announced last week as evidence that the Treasury had become uncomfortable with a rise in long-term interest rates.Markets are currently pricing in a 58% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.In company news, Nvidia (NVDA) shares fell 2.9%, the worst performer on the Dow. The technology bellwether is scheduled to release its latest quarterly earnings on Wednesday.Some Nvidia customers are facing price increases of over 15% on servers equipped with its artificial intelligence chips due to rising memory costs, Bloomberg News reported Saturday, citing people familiar with the matter.Chip-related stocks were among the notable laggards on the S&P 500, with SanDisk (SNDK) down 6.5%, the second-steepest decline on the index. Micron Technology (MU), Super Micro Computer (SMCI) and Western Digital (WDC) shed more than 5% each.Marvell Technology (MRVL), CrowdStrike (CRWD), Salesforce (CRM) and Intuit (INTU) are also slated to post their results this week.Spot gold rose 1.1% to $4,654.89 per troy ounce, while silver lost 1% to $69.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$INTU$MRVL$MU$NVDA$SMCI$SNDK$WDC
Update: Equities Mixed Intraday as US Discloses Anti-Iran Global Sanctions Plan
US Markets

Update: Equities Mixed Intraday as US Discloses Anti-Iran Global Sanctions Plan

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday as Treasury Secretary Scott Bessent announced a global sanctions plan targeting countries doing business with Iran.The Nasdaq Composite was down 0.6% at 26,036.8 after midday Monday, while the Dow Jones Industrial Average edged up 0.1% to 53,342.9. The S&P 500 declined 0.3% to 7,653.6. Among sectors, technology led the laggards, while consumer staples and communication services saw the biggest gains.The US will reportedly impose sanctions on countries that do business with Iran. China, Russia, India, Pakistan, Qatar and Turkey, among others, still trade with Tehran, Axios reported."No one is above the reach of US sanctions," Bessent said Monday in response to a question on whether the Trump administration would target Chinese banks, CNBC reported.Last week, President Donald Trump threatened to launch "economic warfare" against Iran and impose financial consequences for countries that seek to provide any form of support to Tehran.The US will raise tariffs on Canadian cars, trucks and steel to 50%, effective Jan. 1, 2027, Trump said Monday on Truth Social.West Texas Intermediate crude oil fell 2.3% to $85.02 a barrel, while Brent dropped 2.2% to $92.33.Iran's state-controlled Persian Gulf Strait Authority warned on X that vessels breaching its protocols in the Strait of Hormuz could face restrictions on future passages.US Treasury yields were mixed intraday, with the 10-year yield down 4.8 basis points at 4.69%, while the two-year yield was unchanged at 4.23%.Federal Reserve Chair Kevin Warsh's debut Jackson Hole speech on Friday is unlikely to help clear up investor confusion over the Treasury Department's bond market intervention, Morgan Stanley said in a note sent Monday. The firm's economists view the expansion in bond buybacks announced last week as evidence that the Treasury had become uncomfortable with a rise in long-term interest rates.Markets are currently pricing in a 58% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.In company news, Nvidia (NVDA) shares fell 2.4% intraday, the second-worst performer on the Dow. The technology bellwether is scheduled to release its latest quarterly earnings on Wednesday.Some Nvidia customers are facing price increases of over 15% on servers equipped with its artificial intelligence chips due to rising memory costs, Bloomberg News reported Saturday, citing people familiar with the matter.Chip-related stocks were among the notable laggards on the S&P 500 intraday, with SanDisk (SNDK) down 7%, the steepest decline on the index. Micron Technology (MU) and Western Digital (WDC) shed more than 5% each.Marvell Technology (MRVL), CrowdStrike (CRWD), Salesforce (CRM) and Intuit (INTU) are also slated to post their results this week.Spot gold rose 1% to $4,648.43 per troy ounce, while silver lost 1% to $69.63 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$INTU$MRVL$MU$NVDA$SNDK$WDC
S&P 500 Annual Earnings, Revenue Growth Slows From Last Week, Oppenheimer Says
US Markets

S&P 500 Annual Earnings, Revenue Growth Slows From Last Week, Oppenheimer Says

S&P 500 companies' second-quarter earnings and revenue growth eased week over week as the reporting season begins to wind down, Oppenheimer Asset Management said Monday.A total of 467 companies, reflecting 94% of the index, have reported quarterly results, with nearly 50% showing year-over-year profit growth, down slightly from about 51% last week. Revenue growth slowed to 14.1% from 14.7%.Ahead of the reporting cycle, FactSet put analysts' earnings growth estimate at 23.6% from a year earlier, according to the Oppenheimer report.Energy continued to lead all sectors with 147% earnings growth while communication services grew 114%, according to the report. Healthcare was the only sector that declined, Oppenheimer added. Nine out of 11 sectors reported earnings growth in double digits or higher.Energy remained on top in terms of revenue growth, at 42% followed by technology and financials.Strong second-quarter results and data including the Conference Board's Leading Economic Index that rebounded in July helped offset negative sentiment, Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said in a note to clients. "That said, key stateside stock indexes slipped last week across sectors, market capitalizations, and style."The Nasdaq Composite, the S&P 500, and the Dow Jones Industrial declined 2.1%, 1.4%, and 0.9% last week, respectively."In our view, the courage of an investor's convictions, a tolerance for risk, an appetite for opportunity along with right-sized expectations are key to navigating through periods of transition," Stoltzfus wrote.Another 18 S&P 500 companies are scheduled to report earnings this week, including technology bellwether Nvidia (NVDA), CrowdStrike (CRWD), Salesforce (CRM) and Marvell Technology (MRVL).Price: $209.27, Change: $-5.45, Percent Change: -2.54%

$CRM$CRWD$MRVL$NVDA
Stocks Down Pre-Bell as Investors Await Key Inflation Data, Warsh Speech, Nvidia Earnings
US Markets

Stocks Down Pre-Bell as Investors Await Key Inflation Data, Warsh Speech, Nvidia Earnings

The benchmark US stock measures were tracking in the red before the opening bell Monday as traders prepare for a busy week that includes a key inflation report, remarks by Federal Reserve Chair Kevin Warsh, and Nvidia's (NVDA) latest financial results.The S&P 500 declined 0.2%, the Dow Jones Industrial Average edged down 0.1%, and the Nasdaq was off 0.6% in premarket activity. All three main indexes finished Friday trading higher.The personal income and outlays report for July is scheduled for release on Wednesday. The report includes the personal consumption expenditure core price index, the Fed's preferred inflation metric.Warsh is expected to speak at the Fed's annual economic symposium in Jackson Hole, Wyoming, on Friday. Investors are likely to closely monitor his comments for clues about the central bank's policy outlook.Warsh's keynote speech is "unlikely to give any significant hints" related to near-term policy, Oxford Economics said in remarks emailed toon Monday."But we suspect he could shed some light on his plans to overhaul the Fed's longer-term policies and operations," Oxford Economics said.Markets are currently pricing in a 64% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two-year retreating 0.9 basis points to 4.23% and the 10-year rate off 0.3 basis points to 4.71%.Last week, the Treasury Department surprised markets by announcing it will at least double its buybacks for longer-dated Treasuries to $4 billion per operation. Treasury Secretary Scott Bessent reportedly said the planned buybacks could be worth more than $4 billion per issue.Technology bellwether Nvidia is scheduled to release its latest quarterly earnings on Wednesday. In a Monday client note, Wedbush Securities said it expects the company to "exceed its guidance" and issue third-quarter revenue guidance above market estimates, based on a strong hyperscale spending backdrop and a robust supply position.Marvell Technology (MRVL), CrowdStrike (CRWD), Salesforce (CRM) and Intuit (INTU) are also slated to post their results later this week.West Texas Intermediate crude oil dropped 2.4% to $85.02 a barrel before the open, while Brent fell 1.8% to $92.73.In an opinion piece for the Financial Times over the weekend, Bessent said the US would launch "the single greatest financial offensive ever" against Iran on Monday."Now we are entering the endgame," Bessent wrote. "At dawn begins an economic D-Day."Last week, President Donald Trump threatened to launch "economic warfare" against Iran and impose financial consequences for countries that seek to provide any form of support to Tehran.Iranian officials reportedly responded by warning Gulf neighbors not to join the US economic measures against the country, according to CNBC. Iran's state-controlled Persian Gulf Strait Authority warned on X that vessels breaching its protocols in the Strait of Hormuz could face restrictions on future passages, including fines, detention or confiscation.The US on Saturday imposed 50% tariffs on certain Canadian goods after the two countries failed to reach a trade agreement, as both sides blamed each other for the breakdown in negotiations, Reuters reported. Canadian Prime Minister Mark Carney said in a statement that Canada will match the US tariffs "dollar for dollar."Monday's thin economic calendar has the Chicago Fed national activity index for July at 8:30 am ET.Temu parent PDD (PDD) inched up 3% before the bell despite missing second-quarter revenue estimates.Chinese electric vehicle manufacturer Xpeng (XPEV) was down 6% in premarket trading after reporting its latest results.Gold inclined 0.5% to $4,701 per troy ounce, while bitcoin gained 0.8% to $77,971.

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Marvell Quarterly Results Poised for Upside Led by AI, Customer Wins, Oppenheimer Says
US Markets

Marvell Quarterly Results Poised for Upside Led by AI, Customer Wins, Oppenheimer Says

Marvell Technology (MRVL) could top expectations for its fiscal second-quarter results and provide an upbeat outlook amid artificial intelligence strength and growing customer wins, Oppenheimer said in a note e-mailed Friday.The chip designer is scheduled to report second-quarter results Thursday. Oppenheimer expects earnings of $0.94 a share on revenue of about $2.73 billion for the quarter. Analysts polled by FactSet are looking for $0.93 and $2.71 billion, respectively."We see upside to (second-quarter) results and (third-quarter) outlook led by AI as (cloud service provider data center) builds scale and (Marvell) wins ramp," Oppenheimer analysts Rick Schafer and Trevor Bowers said in a note to clients.The company's data center business is expected to see double-digit percentage growth both sequentially and annually in the quarter amid "tight" supply, the analysts said.Earlier this week, Marvell entered into a deal that would allow Alphabet's (GOOG, GOOGL) Google to purchase up to $12.18 billion of Marvell shares as part of a collaboration.Oppenheimer expects cloud service provider capital expenditures at roughly $750 billion in 2026 and $1 trillion next year, providing "robust order visibility" for Marvell and other key infrastructure providers."Over 20 custom (application-specific integrated circuit) plus offload wins validate (management's) expectation for custom AI ASIC sales to double next year before exceeding $10 (billion) in (2028)," the analysts said.Oppenheimer projects Marvell's revenue at $11.77 billion in fiscal 2027 and $16.81 billion next year, as well as a path to $11 to $12 earnings per share in 2028, according to the note.The brokerage raised its price target on the Marvell stock to $300 from $250 while reiterating its outperform rating, saying it continues to be a "long-term" buyer.The company's shares were down 5.4% in Friday late-afternoon trade. So far in 2026, the stock has surged 179%.Earlier this week, UBS Securities raised its estimates on Marvell ahead of its fiscal second-quarter results, citing accelerating AI spending by major hyperscalers, strong demand for optical and networking products, and momentum in its custom chip programs with Microsoft (MSFT) and Google.Price: $237.22, Change: $-13.79, Percent Change: -5.49%

$GOOG$GOOGL$MRVL$MSFT
Wire

Marvell Technology Seen Benefiting From Scaling AI Data Center Builds, Oppenheimer Says

Marvell Technology (MRVL) is expected to benefit from scaling data center builds, with AI networking and custom ASIC demand supporting upside to its fiscal Q2 results, Oppenheimer said in a Thursday note.The firm models 2026 and 2027 EPS of $4.19 and $6.24 and introduced a 2028 sales estimate of $24 billion and EPS estimate of $9.71.Oppenheimer expects data center revenue to increase 44% year over year in fiscal Q2.Networking accounts for about half of data center revenue and is being led by PAM4 electro-optics, with interconnect revenue tracking above 70% growth, the report said.Oppenheimer also expects Microsoft's Maia program to begin shipping late this year and contribute $700 million to 2027 revenue.Marvell Technology will report fiscal Q2 results on Aug. 27.The firm maintained its outperform rating on Marvell Technology and raised its price target to $300 from $250.Price: $236.05, Change: $-14.96, Percent Change: -5.96%

$MRVL
Wire

Roth Capital Raises Marvell Technology Price Target to $350 From $275

Marvell Technology (MRVL) has an average rating of buy and mean price target of $268.57, according to analysts polled by FactSet.Price: $244.43, Change: $+7.16, Percent Change: +3.02%

$MRVL
Wire

Marvell Technology Likely to Post Slight Q2 Beat, RBC Says

Marvell Technology (MRVL) is expected to deliver a fiscal Q2 beat and raise its Q3 guidance, RBC Capital Markets said in a note Wednesday. The Q2 results are due Aug. 27."We are looking for a slight beat and 2-4% raise, driven primarily by Optical," the report said, adding that Custom XPU trends also appear solid although tight wafer supply could limit near-term upside.The note said Marvell has room to raise its fiscal 2028 revenue forecasts by about 5%, driven by continued strength in its Optical business and Amazon (AMZN) deals.The report also said recent supply agreement with Alphabet's (GOOG) Google is a "significant" positive because it has a total addressable market of over $80 billion, outweighing lingering share shift concerns at Amazon."We believe premium valuation is justified," the note said, pointing to custom XPU wins at three US hyperscalers, optical connectivity leadership, and greenfield pipeline opportunities.RBC kept its outperform rating and a $360 price target.Price: $243.50, Change: $+6.22, Percent Change: +2.62%

$AMZN$GOOG$MRVL
Sectors

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.6%.The Philadelphia Semiconductor index dropped 1.9%.In sector news, the White House has yet to share details on its new AI framework, leaving tech companies uncertain on how the government plans to handle the release of AI frontier models, The Information reported. After meeting with companies such as OpenAI, Anthropic, and Alphabet's (GOOGL) Google in an early August briefing, the Office of the National Cyber Director has not given more clarity on the framework, nor has it given details on a potential public AI event related to the framework, the report said.In corporate news, Nvidia (NVDA) has considered participating in a $20 billion-valuation funding round for Mercor, a data labeling provider that helps it develop its open-source AI models, The Information reported. Nvidia shares were fractionally lower.Marvell Technology (MRVL) shares jumped past 8% after the chip designer entered into a deal that would allow Google to buy up to $12.18 billion of Marvell shares as part of a collaboration.Nebius (NBIS) shares fell past 12% after it said Wednesday it plans to offer $4.5 billion of convertible senior notes in a private offering.Backblaze (BLZE) shares were down 11% after the company said late Tuesday it plans to issue $150 million in convertible senior notes due 2031 via a private placement to institutional investors.

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Marvell Technology Shares Jump on AI Chip Deal With Google
US Markets

Marvell Technology Shares Jump on AI Chip Deal With Google

Marvell Technology (MRVL) shares jumped Wednesday after the chip designer entered into a deal that would allow Alphabet's (GOOG, GOOGL) Google to purchase up to $12.18 billion of Marvell shares as part of a collaboration.In connection with the collaboration, Marvell issued a warrant to Google for the purchase of up to nearly 59 million common shares at an exercise price of $206.58 per share, according to a filing with the US Securities and Exchange Commission.Late last month, Marvell signed a commercial deal pertaining to its development of custom semiconductor products to Google. The expanded partnership covers various custom silicon programs linked to the tensor processing unit, or TPU, ecosystem, including artificial intelligence accelerators and storage controllers, Marvell said in the Wednesday filing.TPUs are Google's application-specific chips used to accelerate machine learning workloads.Roughly 1.4 million of the warrant shares vest in equal quarterly installments in the first year, while the rest vest based on discretionary purchases by or on behalf of Google and its affiliates from Marvell's fiscal 2027 third quarter through 2033, according to the filing.In April, Broadcom (AVGO) agreed to produce AI chips for Google. That deal included a supply assurance agreement for Broadcom to provide networking and other components for Google's next-generation AI racks through up to 2031.Marvell shares surged 8.4% in Wednesday late-afternoon trade, while Alphabet's class A and C shares were down 0.2% each. Broadcom shares fell 3.9%.Earlier this week, UBS Securities raised its estimates on Marvell ahead of its fiscal second-quarter results, citing accelerating AI spending by major hyperscalers, strong demand for optical and networking products, and momentum in its custom chip programs with Microsoft (MSFT) and Google."We continue to view (Marvell) as one of the more attractive ways to participate in the custom silicon, optical connectivity, and AI infrastructure buildout themes," the brokerage said in a note to clients.Marvell is scheduled to report its second-quarter results Aug. 27.Price: $233.29, Change: $+17.29, Percent Change: +8.00%

$AVGO$GOOG$GOOGL$MRVL$MSFT
Sectors

Sector Update: Tech Stocks Decline Wednesday Afternoon

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.5%.The Philadelphia Semiconductor index dropped 2%.In sector news, the White House has yet to share details on its new AI framework, leaving tech companies uncertain on how the government plans to handle the release of AI frontier models, The Information reported. After meeting with companies such as OpenAI, Anthropic, and Alphabet's (GOOGL) Google in an early August briefing, the Office of the National Cyber Director has not given more clarity on the framework, nor has it given details on a potential public AI event related to the framework, the report said.In corporate news, Nebius (NBIS) shares fell past 9% after it said Wednesday it plans to offer $4.5 billion of convertible senior notes in a private offering.Nvidia (NVDA) has offered to connect data-center operators in the Nordics to companies with its graphics processing units in need of capacity, CNBC reported. Nvidia shares were down 0.4%.Marvell Technology (MRVL) issued a warrant to Alphabet's Google to buy up to 59 million shares of its common stock at $206.58 per share as part of an expanded partnership agreement the two companies reached on July 29, Marvell said Wednesday in a regulatory filing. Marvell shares climbed 8.2%, and Alphabet was fractionally lower.

$GOOGL$MRVL$NBIS$NVDA
Wire

Top Midday Stories: Treasury Lifts Buyback Cap on Long-Dated Securities; Moderna, Merck Say Melanoma Vaccine Meets Primary Endpoint in Trial

All three major US stock indexes were up in late-morning trading Wednesday, after the Treasury Department said it was raising the cap on its buyback operations for longer-dated nominal coupon securities to at least $4 billion per operation from $2 billion, effective Sept. 9.In company news, Moderna (MRNA) and Merck (MRK) said Wednesday that a late-stage trial of intismeran autogene in combination with Keytruda met its primary endpoint of recurrence-free survival in patients with completely resected stage IIB-IV melanoma. The vaccine also met a key secondary endpoint of distant metastasis-free survival in patients, the companies said. Moderna shares were up 122.9% around midday, while Merck shares were up 11.1%.Marvell Technology (MRVL) issued a warrant to Alphabet's (GOOG, GOOGL) Google to buy up to a total of 59.0 million shares of its common stock at $206.58 per share as part of an expanded partnership agreement the two companies reached on July 29, Marvell said Wednesday in a regulatory filing. Marvell shares were up 8.2%, while Alphabet's Class C and Class A shares were up 0.1% and 0.2%, respectively.Target (TGT) reported fiscal Q2 adjusted earnings Wednesday of $4.11 per diluted share, up from $2.05 a year earlier and above the FactSet consensus analyst estimate of $2.34. Fiscal Q2 net sales were $26.54 billion, up from $25.21 billion a year ago and above the FactSet consensus of $26.13 billion. For fiscal 2026, the company lifted its adjusted EPS guidance to between $9.90 and $10.90 from $7.50 to $8.50, above the FactSet consensus of $8.52. The company said it expects full-year net sales growth around 5%, up a percentage point from its previous guidance. Target shares were up 5.7%.Nebius Group (NBIS) said Wednesday it plans to offer $4.50 billion of convertible senior notes in a private offering to qualified institutional buyers. The notes will be offered in two series: $2.75 billion aggregate original principal amount of convertible notes due 2030 and $1.75 billion aggregate original principal amount of convertible notes due 2034. Nebius shares were down 9.3%.Price: $141.15, Change: $+78.19, Percent Change: +124.18%

$GOOG$GOOGL$MRK$MRNA$MRVL$NBIS$TGT

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