Shares of Marvell Technology Inc. (MRVL) are rising on Friday along with other semiconductor stocks following comments from Federal Reserve Chairman Jerome Powell about the economy and future interest rate cuts.
What you need to know: Powell supported lowering interest rates at the Fed's annual economic conference in Jackson Hole, Wyoming, according to Reuters.
“The time has come to adjust policy. The direction is clear, and the timing and pace of rate cuts will depend on upcoming data, the evolving outlook, and the balance of risks,” Powell said.
The Fed chairman also expressed confidence that inflation is on track to reach the Fed's 2% target.
Powell also said he doesn't want the job market to slow further. He said the nearly 1 percentage point increase in the unemployment rate over the past year was due to an increase in the labor supply and a slowdown in hiring.
Elsewhere: Marvell Technology is scheduled to report its fiscal second-quarter 2024 results after the market closes on Tuesday, with analysts expecting EPS of 30 cents and revenue of $1.25 billion.
Analyst Changes: Earlier this week, Rosenblatt analyst Hans Mosesmann maintained his Buy rating on Marvell Tech and kept his price target at $100.
See also: What's happening with Chinese EV stocks like Nio, XPeng, Li Auto on Wednesday? (Correction)
MRVL Price Movement: At the time of writing, Marvell Technology shares were up 3.03% to $70.73, according to data from Benzinga Pro.
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