Marvell and Rivian Automotive Stocks Among Top Movers as Market Opens

As Wall Street gears up to start trading for the last day of the week, a few key stocks are grabbing the most headlines.

Semiconductor company Marvell Inc. (MRVL) is up 4.57% as AI technology needs more of what they offer. Of course, tech stocks and particularly AI-related stocks are hot right now. Marvell is expecting to bring in about $1.15 billion in revenue for the first half of this year. Their stock fell 8% on Thursday but quickly shot up and could be picking up steam for a bullish trend.

 

Rivian Automotive (RIVN) moved even more, gaining 13.42% at its highest point on Thursday. It is currently up 5% and expected to gain during the trading session for Friday. The company announced it would be launching a cheaper electric car than what it has previously produced and it will be saving billions by holding off on the construction of a plant in Georgia. The news caused a stock price jump that could make this an important stock to watch this year.

Lytus Technologies Holdings (LYT) jumped 247% for Thursday, following news of a new cloud-based infrastructure for the company. Their computing technology offers a large range of options for businesses and sets them up nicely for further growth this year. The high performance computing infrastructure could be very helpful for companies with extensive computing needs.

Stock Market Outlook

All three major indexes were up by close of trading on Thursday, with Friday’s trading expected to vigorously close off the week. Testimony from Fed chairman Jerome Powell gave the markets a small boost, as he said that there would be no incoming interest rate cuts at the moment.

Expect a volatile market today after new earnings reports gave new life to a number of stocks. Campbell Soup’s stock saw strong movement this week after its earnings report was released. Kroger and Abercrombie & Fitch released earnings reports as well. Still to come for this week are America’s Car-Mart and Genesco.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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