Midday on Friday saw a mixed performance in U.S. equities, with chip stocks experiencing losses following disappointing outlooks from Broadcom (AVGO) and Marvell Technology (MRVL). While the Dow remained in positive territory, both the S&P 500 and Nasdaq saw declines.
General Electric (GE) received a boost as JPMorgan upgraded the stock and raised its price target, buoyed further by the announcement from GE Aerospace of a planned $15 billion stock buyback upon its transition to a standalone company on April 2.
Biogen (BIIB) shares made gains after the FDA delayed its approval decision for an Alzheimer’s treatment from Eli Lilly (LLY), potentially rivaling Biogen’s Leqembi. Conversely, Eli Lilly saw a decline in its shares.
Costco Wholesale (COST) took a hit, emerging as the worst-performing stock in the S&P 500, as its sales fell short of expectations and no increase in membership fees was announced.
Marvell Technology (MRVL) witnessed a decline in its shares as its guidance fell below estimates, despite the heightened demand for artificial intelligence (AI) chips failing to offset declines in other sectors of its business.
Shares of MongoDB (MDB) also saw a drop due to a weaker-than-expected outlook from the database platform provider, attributing losses to a decrease in business in the new fiscal year.
In the commodities market, oil futures experienced a decline, while gold continued its upward trajectory, setting new record highs. The yield on the 10-year Treasury note remained relatively stable. The U.S. dollar strengthened against the euro but weakened against the pound and yen. Meanwhile, most major cryptocurrencies saw an uptick in trading.
