Stocks were seeking direction Friday as Marvell Technology earnings failed to meet lofty expectations and Federal Reserve Chairman Kevin Warsh sounded a hawkish tone during his speech at the Jackson Hole Economic Policy Symposium.
Marvell fell 7.9%. The chips and networking company's second-quarter earnings just about beat analysts' expectations, but not by enough to wow investors following a strong run for shares, which were up 184% for the year through Thursday's close. A chunk of revenue from the warrant deal with Alphabet-owned Google was also already embedded in Marvell's guidance.
Nvidia dropped 1.8% after ending the previous session up 8.7%. Intel, Sandisk, and Lumentum also declined along with Marvell.
PayPal fell 11% and was the worst-performing stock in the S&P 500. The financial-technology company Stripe and private-equity firm Advent International have given up on acquiring PayPal, Bloomberg reported, citing people familiar with the matter. Stripe and Advent declined to comment. PayPal didn't respond to a request for comment.
The best-performing stocks in the S&P 500 included Domino's Pizza, AppLovin, and Salesforce.
Elastic rose 19% after the software company topped analysts' first-quarter earnings targets and raised its guidance.
Solstice Advanced Materials gained 17% after the company called off the acquisition of Element Solutions that would have turned the company into even more of an artificial-intelligence play. Investors wanted both companies to remain separate.
Gap advanced 15% after the retailer reported a second-quarter earnings beat and named a new CEO for Old Navy.
Affirm rose 9.6%. The financial technology company comfortably beat Wall Street's quarterly estimates. Gross merchandise volume, a measure of all transactions processed on Affirm's platform within a specific period, jumped 36% to $14.1 billion.
Iren dropped 9.5%. The emerging so-called neocloud late Thursday posted adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, well below Wall Street's expectations. Total revenue, however, came in above expectations for its fiscal fourth quarter ended June 30. Revenue from AI cloud services grew 110% sequentially to $70.5 million.
Rubrik fell 11% after the cloud data security company reported better-than-expected quarterly earnings. Rubrik also posted subscription annual recurring revenue growth of 33% and raised its fiscal-year profit and revenue outlook. Shares have rallied 48% this month as of the closing bell on Thursday.
Autodesk declined 5.6% after the software developer's outlook fell short of expectations, overshadowing a second-quarter earnings beat.
Workday rose 0.7% after the enterprise software company posted better-than-expected second-quarter earnings and raised its guidance. The stock probably wasn't moving much due to speculation that private equity firm Silver Lake has held talks to acquire Workday, though no such deal has been announced.