Major U.S. Stock Indexes Rise for Week Despite Friday Declines; Marvell Drags on Tech Stocks
The major U.S. stock indexes closed higher for the week despite finishing lower on Friday, with the Nasdaq Composite up 0.9%, S&P 500 rising 0.5%, and Dow Jones Industrial Average gaining 0.5%. The gains were driven by a strong week overall after the Fed's Kevin Warsh signaled continued concern about inflation at Jackson Hole, increasing market expectations of another rate hike in September to 58% from 36%. Traders also saw bond yields rise as the yield on the 10-year Treasury climbed above 4.73%, impacting consumer loan rates. Marvell Technology's stock fell nearly 10% after its earnings report, dragging down tech stocks and ETFs like SOXX by over 3%. Despite strong results from Marvell, investors were unimpressed compared to the previous day’s positive reaction to Nvidia’s better-than-expected quarterly performance. Other notable moves included a sharp drop in PayPal Holdings shares following news that Advent and Stripe no longer pursued an acquisition deal for the fintech firm. Retailer Gap saw its stock surge 13% after naming a new CEO for Old Navy, while Elastic jumped nearly 20% post-earnings.
Tickers: $ADSK $AMAT $AMZN $ESTC $GAP $INTC $MRVL $NVDA $PYPL $TSLA $ULTA $WDAY
Topics: bond yields fed policy stock market tech stocks