Marvell Technology, Inc. (MRVL) Stock Price, News, Quote & History

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This pick list highlights constituents of the Morningstar US Mid Cap Index that we believe offer investors the best risk-adjusted return prospects. The market capitalization range for U.S. mid-caps typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market.

Marvell Technology Group Ltd., formerly domiciled in Bermuda but now U.S.-based, is a fabless provider of high-performance application-specific standard products for storage, networking, connectivity, and other applications. Primary products include HDD and SSD controllers; components used in memory drives; Ethernet switches and PHYs; ARM processors in SoC format; WiFi/ Bluetooth combo chips; and embedded processors and SoCs. Marvell is growing organically and through acquisitions, including the acquisitions of Cavium, Aquantia, Avana, Inphi, and Innovium.

Ready for a Rate Cut: Our Monthly Survey of the Economy, Interest Rates, and Stocks Fed Chair Jerome Powell, speaking at the annual Jackson Hole symposium, came a little closer than usual to tipping his hand on monetary policy. He and (most of) his Federal Reserve colleagues believe risks to inflation are tilted to the upside, and risks to employment are tilted to the downside. With monetary policy in restrictive territory, Chairman Powell said, ‘the baseline outlook and shifting balance of risks may warrant adjusting our policy stance.’ Having teed up a September rate cut, the Fed risks disrupting the market if it fails to enact the cut. The Fed chair reminded his audience and the investing world that monetary policy is not on a preset course. If the jobs economy were to rebound suddenly after July’s disastrous report, and if prior-month revisions are significantly to the upside, the Fed may be inclined to pause — even amid ever-intensifying pressure from the White House. The Economy, Interest Rates, and Earnings In the second quarter of 2025, gross domestic product was impacted by actions taken in the first quarter in anticipation of tariffs. Imports, which rose about 40% in the first quarter, retreated sharply in the second quarter given massive pre-ordering from overseas. The subtraction to GDP from imports drove mid-single-digit GDP growth. The Trump administration has finalized deals or announced tariffs on multiple nations, though final details are still being worked out with key trading partners such as Canada and China. We expect trade uncertainty to continue to impact GDP growth in the next few quarters. The second (preliminary) report of second-quarter 2025 GDP indicated growth of 3.0%, consistent with the advance report for 2Q25 and representing recovery from a 0.5% decline for 1Q25. Imports, which are a subtraction to the calculation of GDP, declined 29.8% in 2Q25 after spiking 37.9% in 1Q25. The increase in 2Q25 GDP also reflected growth in consumer spending, partly offset by a decrease in business spending and exports and lower government spending. The value of imported goods in 2Q25 decreased by $339 billion, after increasing by $309 billion in 1Q25. Imports represented a 5.09 percentage-point contribution to 2Q25 GDP growth, after representing a 4.66 percentage-point reduction to 1Q25 GDP growth. The dearth of imports in 2Q25 was reflected in the drawdown in private inventories, which subtracted 3.29 percentage points from 2Q25 GDP after adding 2.59 percentage points to 1Q25 GDP. After a turbulent first half, the impacts of imports and private inventories on overall GDP should moderate in the second half. But these categories could remain more volatile than normal, at least into the end of the year. Beyond these headlines, other parts of the economy grew in the second quarter, but at a subdued pace. Personal Consumption Expenditures (PCE) for 2Q25 rose 1.6%, up from 0.5% in 1Q25. PCE contributed 1.07 percentage points to GDP in the period. Durable goods spending grew by 2.6%, led by vehicles, while nondurables spending rose 2.3%. Spending on services, the largest PCE category, increased just 1.2% in 2Q25, up from 0.6% in the first quarter (though down from 2.9% for all of 2024). We expect PCE within the GDP accounts to continue to remain subdued in 2025, while moving back into the 1%-3% range as the final tariff regime becomes established. Nonresidential fixed investment, the proxy for corporate capital spending, rose by 5.7% in 2Q25; that is a step-down from 10.3% in 1Q25. This category grew in the 6%-7% range over 2023-2024. Business spending slowed moderately in 2Q25 after a 1Q25 boost from companies seeking to invest in infrastructure before tariffs were put in place. Nonresidential fixed investment added a healthy 0.78 percentage point to 2Q25 GDP. Overall government spending edged down 0.2% in 2Q25 after being down 0.6% in the final 1Q25 GDP report. Defense spending rose 1.5%, while nondefense spending was down 12.5% in 2Q25 from the first quarter. State and local government spending grew 2.6%, as local governments in some cases pick up functions dropped by the federal government. The price index for gross domestic purchases increased 2.0% for 2Q25, after rising 3.4% for 1Q25. The core PCE price index advanced 2.5%. The Fed needs both GDP growth and lower price increases if it is to cut rates going forward. Elsewhere, investors received a shock on the state of the jobs economy, amid continued positive signs on corporate earnings. The perception that the economy is holding steady as the tariff regime is put in place was shattered by the jobs number; restoring confidence in the economy may prove difficult. The U.S. economy generated just 73,000 new nonfarm jobs in July, as hiring slowed and unemployment ticked higher. Severe downward revisions to job counts from June and May caused the three-month average jobs growth to drop to 35,000, from a solid but misleading 150,000 before the report. The revisions prompted President Trump to fire the head of the Bureau of Labor Statistics. The BLS diffusion index indicated that 51.2% of 250 private industries were hiring in July. The unemployment rate reached 4.2% for July, up a tick from 4.1% in June. Average hourly earnings grew 3.9% annually in July, about in line with the annual growth trend so far in 2025. New claims for unemployment insurance remain relatively low. Most of the more than 250,000 federal employees let go by DOGE are still on severance and thus not yet listed as unemployed. The quality of jobs is perceived as weakening; manufacturing shed 11,000 jobs in July, while healthcare and services added 73,000. The steep job revisions led bond prices to spike and the stock market to sell off; it also increased the likelihood of a September rate cut, according to the CME FedWatch tool. Argus expects August jobs growth to rebound from July levels but to remain subdued compared with monthly growth in the 150K range in 2024. Director of Economic Research Chris Graja, CFA, is modeling 70,000-90,000 growth in nonfarm payrolls for August. Industrial production dipped 0.1% in July after rising 0.3% in June and being unchanged in May. Utilities and mining output both edged down less than 0.5%, while manufacturing output was unchanged. Capacity utilization eased to 77.5% in July from 77.7% in June, remaining about two percentage points below the long-run average. The ISM manufacturing PMI remained at 48.0 in July after ticking down to 48.0 for June from 48.5 in May. Purchasing managers’ sentiment remains near its 2025 low of 47.9 from March. The new orders index contracted for a sixth straight month. The prices index showed still-rising prices, but ticked down from June, and the employment index fell to 43.5. The services PMI in July 2025 was 50.1, barely in expansion territory and down from 50.8% in June. Ongoing improvement in the business activity index was offset by a declining employment index. Business and consumer sentiment are both off their tariff-shock lows. The NFIB’s small business optimism index, which reached a six-year high of 105.1 in December 2024, has been as low as 95.8% in April but has since recovered. The NFIB index rose to 100.7 in July, after first moving back above its 51-year average of 98.0 in June. Consumer sentiment has been more volatile than business sentiment. The University of Michigan’s consumer sentiment fell to 58.6 from 61.7 in July. Consumer sentiment was 67.9% a year earlier. The Bureau of Economic Analysis within the Commerce Department reported that personal incomes rose 0.4% in July after rising 0.3% in June. Personal incomes growth has moderated from the 0.6%-0.8% range for February through April. Consumer incomes drive consumer spending, which accounts for 70% of GDP growth. Core personal consumption expenditures (PCE) rose 0.3% for July after gaining 0.3% in June. The change in core PCE on an annual basis is regarded as the Fed’s key inflation gauge. The core PCE for July 2025 rose 2.9% from July 2024, a tick higher than the annual gain of 2.8% reported in June. The Atlanta Fed’s GDPNow model is currently estimating that third-quarter GDP will grow 2.3%. That is up a few ticks from the Atlanta Fed’s 2.1% estimate as of the end of July and represents a decline from 2Q25 GDP growth of 3.0%. Argus Chief Economist Chris Graja, CFA, has been encouraged by the economy’s resilience while monitoring consumer and business caution about the now-stabilizing tariff economy. Chris has raised his 2025 GDP growth forecast to 1.4% from a prior 1.0%. He believes GDP growth is likely to accelerate slightly in 2026 to 1.7%, up from an earlier 1.5% growth forecast. Yield Curve Fed Chairman Jerome Powell provided the keynote speech on Friday 8/22/25 at the Jackson Hole symposium hosted by the Federal Reserve Bank of Kansas City. The main topic of the symposium was ‘Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy.’ However, the Fed Chair also addressed the near-term monetary policy environment in the wake of significant changes in the economic outlook. Federal Reserve chairs are famously opaque when discussing monetary policy in any forum besides post-FOMC meetings. At Jackson Hole, Mr. Powell honored that dictum but perhaps came a little closer than usual to signaling the Fed’s next move. The stock market distilled a few key comments from his commentary, particularly his noting that the balance of risks could be shifting away from inflation and toward rising unemployment. That key statement occurred within a nuanced speech that included a review of changes in the Fed’s policy framework. Chairman Powell began his remarks noting that the U.S. economy has shown resilience over the course of the past year, in the context of ‘sweeping changes in economic policy.’ He noted that the labor market remains near maximum employment. Inflation, though still somewhat elevated, has come down a great deal from its post-pandemic highs. After raising rates aggressively throughout 2022 and early 2023, the Fed maintained its policy rate at 5.25%-5.50% from September 2023 until August 2024. While upside risks to inflation diminished over this period, the unemployment rate increased by almost a full percentage point. Beginning in August 2024, the Fed cut rates by a cumulative 100 bps over three FOMC meetings. The economy now faces new challenges, with the Fed chair calling out significantly higher tariffs and tighter immigration policy that has abruptly slowed growth in the labor market. Changes in tax, spending, and regulatory policy also have uncertain implications for economic growth and productivity. The Fed chair warned that downside risks to employment are rising amid a slowing in GDP growth to 1.2% in the first half of 2025 (from 2.5% in the first half of 2024). As tariffs on consumer prices become more visible, the key issue is whether tariff-related price impacts are transitory or if the upward pressure on prices from tariffs spurs a more-lasting inflation dynamic. In the near term, the Fed believes risks to inflation are tilted to the upside, and risks to employment are tilted to the downside. With monetary policy in restrictive territory, Chairman Powell said that ‘the baseline outlook and shifting balance of risks may warrant adjusting our policy stance.’ He also reminded this audience and the investing world that monetary policy is not on a preset course. In a discussion on the evolution of monetary policy framework, Mr. Powell stated that the Fed is returning to a framework of flexible inflation targeting. That is designed to keep inflation policy ‘anchored’ within the dual mandate but also flexible, as the Fed seeks to promote full employment in economic downturns without compromising price stability. The Fed chairman stated that setting a numerical goal for unemployment is ‘unwise,’ while the longer-run 2% inflation target is ‘most consistent with our dual-mandate goals.’ U.S. market interest rates have ticked slightly higher, perhaps in anticipation of tariff impacts. The 10-year Treasury yield was 4.28% as of the end of August 2025, compared with 4.23% as of the end of July. The cycle peak for the 10-year yield was 4.9% in October 2023. The two-year Treasury yield was 3.73% as of the end of August 2025, versus 3.69% as of the end of July. The cycle peak for the two-year yield was 5.2% in October 2023. The extended period of yield-curve inversion is decisively finished. Over time, Argus expects short-term yields to move lower from current levels. Long yields over time are expected to widen their relative premium to short yields, while also coming down. Argus Fixed Income Strategist Kevin Heal continues to model two quarter-point rate cuts in 2025, with the first in September and the second in December. According to the CME FedWatch tool, the probability of a rate cut at the September FOMC meeting is now above 85%. Still, Argus also acknowledges the possibility that the Fed holds rates unchanged in 2025. The Fed is cognizant that tariffs historically are associated with higher goods price. Were inflation to rise from current levels, we believe this Fed would likely hold steady and even consider raising rates again. The outlook for monetary policy in 2026 remains murky. S&P 500 earnings from continuing operations for 2Q25 have blown too-conservative expectations out of the water. A few big retailers and tech laggards have yet to report, but they will not impact the bigger picture. For the calendar second-quarter period, S&P 500 earnings grew in solid double-digit percentages for a third straight quarter. Neither of the two preceding quarters began with such subdued expectations nor beat expectations so soundly. Prior to earnings season, blended EPS growth estimates for 2Q25 were in the 1%-4% range. Analysts were unusually cautious heading into second-quarter earnings season due to tariffs, signs of slowing consumer spending, impacts from immigration enforcement policies, and other factors. The largest corporations adapted a range of tariff mitigation strategies, however, and that enabled them to beat unusually conservative expectations. According to Bloomberg, and with over 85% of companies having reported, second-quarter earnings are up 11% year over year from 2Q24. According to FactSet, earnings growth for the quarter to date is 12%. Refinitiv estimates that 2Q25 S&P 500 earnings are up 13% year over year. The three agencies may have different prior-year baselines and varying definitions of what constitutes continuing-operations earnings. As all 500 companies report, the three agencies’ final growth rates tend to dovetail toward one another, as they are doing now. Over 80% of companies with positive earnings have reported results that were above consensus expectations; that compares with a long-run average of 75%. Analyst caution may be contributing to the magnitude of the beat against consensus expectations. According to FactSet, companies are reporting earnings that are 8.4% above estimates, above the 10-year average of 6.9%. Bloomberg has a more-conservative take on the magnitude of the earnings beat, calculating that EPS has come in at a still-strong 7% above consensus. At the sector level, the best earnings growth in 2Q25 is coming from Communication Services, Information Technology, and Financial; earnings for all three have increased in upper-teens percentages. Sectors with more moderate, but still positive, growth include Industrials, Consumer Discretionary, Real Estate, and Utilities. Healthcare, Consumer Staples, and Materials are all around break-even for EPS growth, while Energy earnings are down in high-teen percentages. Digging down to the industry level, most of the growth in Communication Services is coming from media (up 22%); telecom services is up in mid-single-digits. In Financials, growth in insurance earnings is the strongest. The best growth in Information Technology is coming from semiconductors. Consumer Discretionary, one of the most-diverse sectors, shows retailing earnings up over 25%, but consumer durable and apparel down over 35%. Despite weakness in overall Healthcare earnings, pharmaceutical and biotech earnings are higher year over year. Argus came into the 2Q25 earnings season modeling the high-single-digit to low double-digit earnings that are now being delivered. We are not making any changes to our forecasts for S&P 500 earnings from continuing operations ($270 for 2025 and $300 for 2026). Domestic and Global Markets Stocks hit their (so far) 2025 trading-year lows in the aftermath of President Trump’s ‘Liberation Day’ tariffs announced early in April. Stocks have since staged a four-plus month rally, punctuated by a few selling spasms. The major indices rebounded from selling triggered by weak nonfarm payrolls to start August and are up again for the month. The S&P 500 was up 9.5% year to date (YTD) at the end of August after being up 8% at the end of July. The Nasdaq was up 11% year to date at the end of July after being up 8% YTD at the end of July. After a down July, the Dow Jones Industrial Average outperformed the other major indices and finished up 8.4% YTD at the end of August — after being up 3.4% at the end of July. Wilshire Large Cap Growth was up 14% YTD as of the end of August; Wilshire Large Cap Value relatively outperformed and closed the growth versus value performance gap to 2.7% as of the end of the month. The Russell 2000 staged a stunning 890-basis-point (bps) advance in August, as investors rotated into smaller domestic companies expected to be less impacted by tariffs. The Barclays Bloomberg U.S. Bond Index was up 4.7% year to date at the end of August 2025, for its highest level of the year. Bond returns, which bounced around all through 2024, could continue higher if the fed cuts rates in September and December 2025. For much of 4Q24 and early 1Q25, investors rotated away from traditional growth leadership and toward defensive, interest-rate-sensitive, and cyclical sectors. In the second quarter of 2025, growth stocks came back into favor on stock-price weakness for well-known names. Rotation back to traditional growth sector leadership continued in May and intensified in June. In what we see as a positive shift, growth sectors have moved to the sidelines after their dazzling April to mid-July run. Investors in late July through August have been buying stocks in defensive, rate-sensitive, and cyclical sectors. The market in 2025 to date has been a tag-team match, with growth and nontraditional sectors regularly handing off and regaining leadership. As a result, all sectors have appreciated year to date, and no sector is running away from the pack. Six sectors are up in double-digit-percentages year to date; the spread for these sectors is 11%-17%. The two leaders include one traditional top-tier sector (Communication Services) and a nontraditional sector (Industrials), both up about 17%. Utilities are close behind with a 15% gain as of the end of August. The other sectors up in double-digits year to date are Information Technology (14%), Financial (12%), and Materials (12%). Of the five remaining sectors, three are up in mid- to high-single-digit percentages for the year to date (Consumer Staples, Energy, and Real Estate), while two are up in low-single-digits (Consumer Discretionary and Healthcare). This kind of balance and breadth creates a positive set-up that could enable the market to build on existing gains into year-end. With the AI rally slowing, Argus believes investors may continue to look beyond traditional leaders for the remainder of 2025. Investors have moved to a ‘prove it’ mentality regarding the AI trade — and during the 2Q25 earnings season, AI companies have so far delivered. Partially for that reason, investors continue to put money into the AI names within Information Technology. Investors pushed up no growth sectors in a broadly rallying July; that rotation intensified in August, particularly later in the month. Information Technology, which hit a new all-time high percentage weighting (adjusted for removals of social media and fintech) at the end of July, backed down (slightly) in August. Besides IT, two other growth sectors have gained weight in the past year. Communication Services ended July with a 9.9% weighting, up 100 basis points year over year. In addition, Consumer Discretionary, despite declining in the year to date, ended July with a 10.4% weighting, up 40 bps year over year. Financial, with a 13.8% weighting, is also up year over year (though down from 14.0% at the end of June). For a handful of sectors, current weightings have slipped below the long-term weighting range even though some of the sectors are positive year to date. The biggest loser continues to be Healthcare, which ended August with an 8.8% weighting — below its long-term distribution range of 10%-15%. The Energy and Consumer Staples sectors also have posted meaningful annual weighting declines in the year to date. Energy had a 3.0% weighting at the end of July, below its long-run range of 4%-10%. Consumer Staples weighed in at 5.2%, below its long-run range of 6%-16%. AI is not just disrupting the economy and the stock market. It is reordering where businesses and consumers put their money. As this transformative technology continues to reshape the world, we look for additional disruption in relative sector performance and sector weights. Like the U.S. market, global stocks did better in 2023 than they did in 2022; and most carried that momentum across 2024. In 2025, overseas markets generally have been doing better than the U.S. market. But tariffs, now that they are in place, have realigned leadership. All nine global bourses in our tally are positive for the 2025 year as of the end of August, but leadership has changed since early in the year. All regions strengthened in August from the levels at the end of July. Some of the worst markets in 2024, such as Mexico, are near the top of the leaderboard in 2025. Conversely, some of 2024’s winners such as India and Japan are relatively underperforming in 2025; those two nations are the only ones lagging the U.S. market (S&P 500) for the year to date. In terms of our themes, resource economies are up 18% and lead the pack. Americas markets are up 16%. Asian markets are up 15%, and BRICs-minus-Russia are up 13% year to date. Mature economies, which led in 2024 and 2023, are up ‘only’ 13% reflecting relative underperformance in Japan and the U.S. Conclusion The stock and bond markets weakened to start September following a federal appeals court ruling disallowing President Trump’s use of emergency powers to levy tariffs. The tariffs remain temporarily in place. We expect this situation to play out over multiple months or even a year or more before a final result, which could include a Supreme Court ruling for or against the president, Congress ratifying or amending the affected tariffs, or another as of yet unknown outcome. Meanwhile, the tariffs put in place for a multitude of countries as of August 1 still stand. While that eliminates the uncertainty of not knowing what tariffs would be, it does not eliminate the uncertainty of how tariffs will impact consumer and business spending, demand for U.S. goods overseas, and inflation, among other factors. Stocks managed to move higher in August despite tariffs and despite a reputation as a dud month for stocks. Historically, September has been one of the weakest months for the S&P 500, and now it is off to a rough start. However, the market has been ignoring the calendar all year and instead trading on the very real changes in policy and in the economy. We expect that to continue into year-end. Between Jackson Hole and the mid-September FOMC meeting lie some important economic releases. Personal incomes and outlays, including the PCE Price Index closely watched by the Fed, came in as expected and signal that inflation has not yet been snuffed out. August nonfarm payrolls are the key focus after Labor Day. Barring extreme outlier data, we believe the Fed is likely to cut the fed funds rate by a quarter-point at its September meeting.