Friday’s big stock stories: What’s likely to move the market in the next trading session

Investing

Traders work on the floor of the New York Stock Exchange during morning trading on August 23, 2024 in New York City. 
Michael M. Santiago | Getty Images

Stocks @ Night is a daily newsletter delivered after hours, giving you a first look at tomorrow and last look at today. Sign up for free to receive it directly in your inbox.

Here’s what CNBC TV’s producers were watching during Thursday’s trading and what’s on the radar for Friday’s session.

Marvell Technology

  • The tech earnings parade rolled along on Thursday with Marvell Technology.
  • The stock is up about 8% after hours after Marvell reported better-than-expected revenue in the latest quarter. The forecast was also stronger than anticipated.
  • Marvell is down 18% from the March high. Shares are up 8% in the past month.
  • The VanEck Semiconductor ETF (SMH) is 16% from the July 11 high. The fund is up 36% year to date.
  • Marvell is the 17th biggest holding in the SMH, making up 1.78% of the ETF.
Stock Chart IconStock chart icon

hide content
Marvell Technology’s performance in 2024

Cooling Nvidia

  • Yes, the stock cooled down a bit on Thursday. Shares closed 6.4% lower.
  • A day earlier, Nvidia reported fiscal second-quarter results that included doubling revenue from the year-ago period.
  • The stock is now 16.5% from the June 20 high.
  • On Friday, CNBC TV’s Pippa Stevens will report on a part of the Nvidia economy that perhaps doesn’t get enough attention: the companies that provide cooling technology for Nvidia’s chipmaking (and for others as well). 
  • Names in this space include Vertiv, Schneider Electric and nVent Electric.
  • Vertiv is 27% from the May high, but it’s up 66% in 2024.
  • Schneider Electric is 2% from the May high. Shares are up 26% in 2024.
  • nVent Electric is 23% from the May high. The stock is up 13% in 2024.

Apple’s iPhone and China

  • CNBC TV’s China correspondent Eunice Yoon will report on tensions and fears in China’s “iPhone City” over worries that more business will leave the nation and move to other parts of the world, including India.
  • Apple shares are 3% from the July 15 high.
  • The stock is now up 20% in three months.
Stock Chart IconStock chart icon

hide content
Apple’s performance over the past three months

Investing in OpenAI

  • In the last 24 hours, the list of big tech names wanting in on OpenAI has grown.
  • On the list, according to media reports, are Apple and Nvidia. Of course, Microsoft is already on the list.
  • Microsoft is 12% from the July 5 high. The stock is down 3.2% in a month, and it’s up about 10% so far in 2024.

San Francisco office space

  • Social media platform X is closing up shop in the city by the bay. Other big names are now giving up their space as artificial intelligence companies roll in.
  • CNBC TV’s Kate Rooney will have the story on Friday.
  • Among the big office real estate investment trusts that are seeing the changes directly are BXP and CBRE.
  • BXP hit a new high Monday. The stock is up 30% in three months.
  • CBRE hit a new high Monday, as well. The stock is up 33% in three months.
Stock Chart IconStock chart icon

hide content
BXP and CBRE over the past three months

Ubisoft

  • The French software maker is set to release “Star Wars Outlaws” video game on Friday
  • The stock is 43% from the November high and down 26% so far this year.
  • Electronic Arts is 2% from the July 31 high. The stock is up 14% in three months, and it’s up about 10% in 2024.

The Dow Jones Industrial Average

  • The 30-stock Dow reached another record high on Thursday.
  • It’s up roughly 2% in a month.
  • Of the top seven Dow performers, none of them are tech companies.
  • Nike is tops. Shares are up 13% in a month.
  • McDonald’s is up 10% in a month.
  • Walmart is up about 10% in a month.
  • Coca-Cola is up nearly 8% in a month.
  • 3M is up 6.2% in a month.
  • Travelers is up 5.8% in a month.
  • JPMorgan is up 5.4% in a month.

Articles You May Like

Watch Ripple CEO Brad Garlinghouse speak live on legal battle with SEC and upcoming election
Hurricane Milton losses may lead Florida to issue more CAT fund bonds: Moody’s
Policymakers warn protectionism threatens global economic recovery
Education bonds: How issues have changed in 1H 2024
UK borrowing costs hit post-election high on eve of Reeves’ first Budget