Major stock indexes were mixed Friday after a benign inflation report reinforced expectations that the Federal Reserve will start cutting its benchmark interest rate soon.
The Dow Jones Industrial Average was down 0.1%, while the S&P 500 and Nasdaq Composite gained 0.2% and 0.3%, respectively, in afternoon trading, as all three indexes retreated from early-session highs. On Thursday, the S&P 500 and Nasdaq ended slightly lower, while the Dow closed at a record high for the third time this week.
After sharp declines early in the month amid mounting concerns that the economy could slip into recession, the S&P 500 and Dow are on pace to finish August with monthly gains, as investors’ economic fears have eased and the likelihood of rate cuts has increased. The Nasdaq is down slightly for the month.
The early-Friday release of the Personal Consumption Expenditures index, which is the Fed’s preferred measure of inflation, showed that price pressures continued to ease in July. Fed Chair Jerome Powell has signaled that rate cuts are coming, possibly as soon as the September meeting of the central bank’s policy committee, but said that incoming data will drive the decisions on the pace and depth of the easing.
The yield on 10-year Treasurys, which is sensitive to expectations around interest rates, rose to 3.90%, near its highest level in two weeks.
Among stocks on the move Friday, Dell Technologies (DELL) was up 4% after reporting better-than-expected quarterly results on the strength of AI-related sales. Shares in MongoDB (MDB) soared 17% after the company reported strong earnings and boosted its full-year guidance amid robust AI demand.
Chipmakers were posting solid gains, with the iShares Semiconductor ETF (SOXX) up more than 1%. Marvell Technology (MRVL) rose 9% after a positive earnings report, while Intel (INTC) gained 7% following reports the chipmaker is considering the spin-off or sale of its foundry business.
Mega-cap tech stocks were mixed. AI investor favorite Nvidia (NVDA) was up 0.5%, recovering from a sharp decline yesterday after its highly anticipated earnings report fell short of the most optimistic expectations on Wall Street. Amazon (AMZN) and Alphabet (GOOGL) were also higher, while Apple (AAPL), Microsoft (MSFT) and Meta Platforms (META) fell slightly.
Gold futures were down about 1% to around $2,530 per ounce, while bitcoin was holding stead around $59,500.
Intel Rises on Report of Possible Foundry Business Sales
1 hr 15 min ago
A report that Intel Corp. (INTC) is considering the spin-off or sale of its foundry business lifted the tech giant’s stock Friday.
Shares of Intel were more than 7% higher in recent trading following the Bloomberg report, which cited people familiar with the matter. An Intel spokesperson declined to comment.
Intel’s foundry business makes chips for outside companies. A move isn’t likely in the immediate term, however, with multiple options expected to be presented at a September board meeting, the report said.
The company said in early August it would lay off 15% of its workforce alongside disappointing quarterly results, which sent shares to their lowest level since 2013.
Intel stock is down 60% in 2024, making it the second-worst performing stock among the S&P 500 index.
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Marvell Soars as AI Demand Boosts Earnings
2 hr 54 min ago
Marvell Technology (MRVL) shares surged Friday after the maker of networking circuits posted better-than-expected quarterly sales, driven by demand for equipment to support artificial intelligence.
The company reported fiscal 2025 second-quarter revenue fell 5.1% from a year ago to $1.27 billion, slightly above estimates compiled by Visible Alpha. Marvell’s adjusted loss of 30 cents per share was in line with forecasts.
CEO Matt Murphy said the results were driven by AI demand, as the company saw “strong growth from our electro-optics products and our custom AI programs began to ramp.”
Murphy added that in the current quarter, “we expect our combined enterprise networking and carrier end markets to return to growth, while our data center end market growth accelerates.”
Marvell shares were up 9% recently, trading at a three-month high.
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Major Indexes Poised to Finish August With Monthly Gains
4 hr 48 min ago
After a rough start to the month, the Dow, S&P 500 and Nasdaq Composite have recovered from steep losses and are poised to finish August with monthly gains.
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MongoDB Price Levels to Watch Amid Post-Earnings Surge
5 hr 8 min ago
Shares in MongoDB (MDB) jumped in early trading Friday after the company reported better-than-expected earnings and boosted its full-year guidance amid robust demand for generative artificial intelligence software.
Amid post-earnings upside in MongoDB shares, investors should watch key chart levels at $294, $323, and $370.
During pullbacks, investors should monitor the $265 area, which will likely attract buying interest near the double bottom’s neckline.
Read our full technical analysis piece here.
Futures Tied to Major Indexes Higher Ahead of Key Data
6 hr 59 min ago
Futures tied to the Dow Jones Industrial Average were up 0.2%.
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S&P 500 futures were up 0.5%.
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Nasdaq 100 futures were up 0.8%.
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