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Friday, August 30

Some of the largest moves among US mega-cap stocks include: Broadcom Inc (AVGO) +2.7%. 

The most significant market events currently include the release of key economic data from the United States. Personal spending in July increased by 0.5%, while personal income rose by 0.3%. The core PCE price index, a preferred inflation gauge for the Federal Reserve, grew by 0.2% month-over-month and remained steady at an annual rate of 2.6%.

In Europe, Eurozone inflation fell to its lowest level since mid-2021 at an annual rate of 2.2% in August, down from July's figure of 2.6%. This decline is primarily attributed to falling energy costs and has bolstered expectations for potential interest rate cuts by the European Central Bank (ECB) next month.

Japan reported that industrial production rebounded with a growth of 2.8% month-over-month in July after experiencing a sharp drop previously; however, this was below market forecasts which anticipated stronger recovery figures around approximately three percent.

Invesco QQQ Trust Series I (QQQ) [+0.8%]
Invesco QQQ Trust Series I has moved up by 0.8% in pre-market trading, buoyed by significant contributions from its top holdings. Notably, Marvell Technology reported strong Q2 2025 earnings, surpassing sales expectations and prompting analysts to raise price targets amid a positive outlook for AI demand. Microsoft is increasing its investment in OpenAI to $13 billion, with other tech firms like Apple and Nvidia also considering stakes, which has elevated OpenAI's valuation beyond $100 billion. Traders have adjusted their expectations for Federal Reserve rate cuts following an upward revision of U.S. GDP growth for the second quarter, now estimated at an annualized rate of 3%. This has led to a decreased probability of a larger rate cut and increased anticipation of smaller cuts by year-end, which may influence equity buying flows contingent on forthcoming inflation data.

SPDR S&P 500 ETF Trust (SPY) [+0.5%]
The SPDR S&P 500 ETF Trust (SPY) has seen a pre-market increase of approximately 0.5%, rising to 5,636. Key contributors to this performance include significant gains from NVDA, MSFT, AVGO, AAPL, and AMZN. Microsoft is reportedly increasing its investment in OpenAI to $13 billion, which could elevate OpenAI's valuation beyond $100 billion. Economic data set for release includes U.S. Personal Income, Personal Spending, Core PCE Price Index, Chicago Business Barometer (PMI), and University of Michigan Sentiment. Notably, the S&P 500 Index has risen by 0.3% since Thursday, supported by a revised Q2 GDP growth figure of 3.0% and lower Initial Jobless Claims at 231K. Meanwhile, social media discussions highlight a consistent decline in SPY during September over the past four years, alongside a recent trader's purchase of $113,000 in SPY puts that coincided with a sharp market drop.

MRVL |+11.3%|+114.5B
Marvell Technology Inc. reported its Q2 2025 results, achieving earnings of $0.30 per share, matching analyst expectations, and sales of $1.27 billion, surpassing the $1.25 billion estimate. The company forecasted Q3 revenue between $1.45 billion, plus or minus 5%, exceeding the consensus estimate of $1.40 billion. Marvell's net loss improved to $193.3 million from a loss of $207.5 million in the prior year. Analysts reacted positively, with price targets raised by Rosenblatt to $120, Benchmark to $115, and Goldman Sachs to $87. The stock rose significantly following the earnings release, reflecting strong demand in the data center segment, particularly for custom AI chips, which saw a 92% revenue increase. Following the earnings call, the stock moved upward by 10% within an hour, and guidance for Q3 EPS was set at $0.35-$0.45.

ULTA |-7.1%|-1.2B
Ulta Beauty Inc reported disappointing second-quarter results, with earnings per share of $5.30, below the consensus estimate of $5.55 and down from $6.02 year-over-year. Revenue reached $2.55 billion, missing projections of $2.61 billion, reflecting only a slight increase of 0.9% year-over-year. The company also experienced a decline in comparable sales of 1.2%, contrary to expectations for a rise of 1.2%. Following these results, Ulta lowered its fiscal 2024 revenue guidance to between $11.0 billion and $11.2 billion from a previous range of $11.5 billion to $11.6 billion, and adjusted EPS guidance from $25.20-$26.00 to $22.60-$23.50. These developments have prompted significant downward adjustments in price targets by various analysts, contributing to a stock drop of approximately 7% in after-hours trading.

BABA |+4.7% | +77.0B
Alibaba Group Holding Ltd has completed a three-year regulatory overhaul following a $2.8 billion antitrust fine. The company submitted compliance reports to market regulators, who confirmed that Alibaba has ceased its monopolistic "choose one from two" practice. This marks a significant endorsement from China's antitrust watchdog, SAMR, indicating improvements in service quality and efficiency. Analysts from Jefferies have reiterated a Buy rating with a price target of 116, viewing this development as a new beginning for Alibaba as it invests in innovations that add societal value. These positive developments coincide with a notable increase in Alibaba's stock price, which rose significantly in pre-market trading in New York.

INTC |+4.9% | +4.4B
Intel Corp is currently exploring strategic options, including a potential split between its product design and manufacturing divisions, as it navigates significant challenges. The company is collaborating with investment bankers from Goldman Sachs and Morgan Stanley to assess these alternatives. Reports suggest that Intel may postpone factory projects and is under scrutiny regarding workforce reductions while competing for a $20 billion U.S. chip subsidy aimed at job creation. In pre-market trading, Intel's stock has increased, reflecting a positive market response to these developments. Additionally, the company has announced a collaboration with IBM to deploy AI accelerators on IBM Cloud, enhancing enterprise AI capabilities. Meanwhile, Marvell Technology Inc has experienced a notable price increase, which may also be influencing Intel's recent stock movement.

LULU | +2.9% | +927.1M
Lululemon Athletica Inc. has announced plans to accelerate the launch of new styles following the withdrawal of its "Breezethrough" leggings due to negative consumer feedback. CEO Calvin McDonald highlighted a commitment to enhancing women's apparel after disappointing performance in North America. The company reported second-quarter earnings of $3.15 per share, exceeding analyst expectations, while revenue reached $2.371 billion, slightly below forecasts. International sales increased significantly by 29% year-over-year. Nonetheless, Lululemon has revised its full-year revenue guidance down to between $10.375 billion and $10.475 billion from earlier estimates of $10.7 billion to $10.8 billion. Following these announcements, the stock has seen a positive reaction in premarket trading, reflecting a notable shift in market sentiment.

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