Marvell Technology Group LtdMarvell Technology rose 7.3% amid a broad semiconductor surge, reflecting positive sentiment for chip companies.
Wall Street closed higher on Thursday, driven by a powerful rally in semiconductor stocks and a US-Iran peace agreement that eased inflation fears. The Dow Jones Industrial Average rose 0.1% to 51,564.7, the Nasdaq Composite surged 1.9% to 26,517.93, and the S&P 500 gained 1.1% to 7,500.58. The Philadelphia Semiconductor Index soared 6.4%, with Intel shares jumping 10.6% to a record high, while Marvell Technology and NVIDIA rose 7.3% and 3%, respectively. The peace deal and reopening of the Strait of Hormuz reduced near-term inflation worries, though traders still priced a 50% chance of a 25-basis-point Fed rate hike in September. For the holiday-shortened week, the Nasdaq advanced 2.43%, the S&P 500 added 0.93%, and the Dow gained 0.71%.
Marvell Technology Group LtdMarvell Technology rose 7.3% amid a broad semiconductor surge, reflecting positive sentiment for chip companies.
NVIDIA CorporationNVIDIA rose 3% as part of the semiconductor rally, benefiting from sector-wide demand optimism.
Intel CorporationIntel shares jumped 10.6% to a record high as part of a powerful semiconductor rally, indicating strong investor demand for chip stocks.