Market News: Marvell Technology, Kroger, Vital Therapies

Market News: Marvell Technology, Kroger, Vital Therapies
market news

The stock markets in the United States fluctuated and eventually ended the trading session higher amid a light volume, and prior to the decision of the Federal Reserve regarding interest rates.

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In an interview with Bloomberg, Joseph Tanious, an investment strategist at Bessemer Trust commented that there are “conflicting information” and the “the market can’t make up its mind.” According to him, investors are confused regarding the potential action of the Federal Reserve.

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Tanious also noted that the market is uncertain about the future of China and the direction of the oil prices. He said, “I think investors are having a hard time wrapping their mind around it.”

Some traders still believe that the Federal Reserve would raise interest rates this year. They think there is a 28% chance for policymakers to decide raising interest rates next week, down from 48% before the surprising devaluation of the Chinese currency.


The International Monetary Fund (IMF) repeatedly urged the central bank to delay raising interest rates until next year and wait until it sees “greater signs of wage or price inflation.”

The Federal Reserve already received major economic data before its potential interest rate decision next week. Investors are currently evaluating the impact of the recent market volatility on policy makers’ stand on interest rates.

According to Goldman Sachs, the recent market rout may have an impact on the decision of decision of the Federal Reserve on interest rates next week.

Meanwhile, Bill Ackman, hedge fund manager of Pershing Square Capital Management said stocks are still “pretty cheap” during an interview with CNBC. He emphasized that his analysis does not include energy stocks.

U.S. Markets

  • Dow Jones Industrial Average (DJIA) – 16,402.09 (+0.44%)
  • S&P 500- 1,957.32 (+0.26%)
  • NASDAQ- 4,814.62 (+0.38%)
  • Russell 2000- 1,155.53 (+0.22%)

European Markets

  • EURO STOXX 50 Price EUR- 3,187.94 (-1.03%)
  • FTSE 100 Index- 6,117.76 (-0.62%)
  • Deutsche Borse AG German Stock Index DAX- 10,123.56 (-0.85%)

Asia-Pacific Markets

  • Nikkei 225- 18,264.22 (-0.19%)
  • Hong Kong Hang Seng Index- 21,504.37 (-0.27%)
  • Shanghai Shenzhen CSI 300 Index- 3,347.19 (-0.31 %)

Stocks in Focus

The stock price of Marvell Technology Group plummeted more than 16% to $8.84 per share. The company released lower-than-expected preliminary financial results for the second quarter.The company also announced an internal investigation of its accounting practices.

Kroger gained more than 5% to $37.29 per share. The company reported second-quarter earnings that beat the consensus estimate of Wall Street analysts. Kroger’s earnings were $0.44 per share compared with $0.39 per share expected by analysts. Its revenue was $25.5 billion, in line with expectations.

The stock value of Vital Therapies increased almost 12% to $3.40 per share. Analysts covering the biotherapeutic company’s stock issued a short-term price target of around $5 to $6 per share.


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