24H | Marvell Technology Rises 2%; Palantir Technologies Gains 2%; Occidental Slips 2%

US Overnight08-03

Dow Futures rose 0.30%, S&P 500 Futures rose 0.39%, Nasdaq Futures rose 0.61% as sentiment leaned cautiously risk-on.

Direxion Daily Semiconductors Bull 3x Shares (SOXL) climbed 3.63%. The leveraged chip ETF rebounded amid $12 billion late-July inflows into semiconductor funds and an oversold sector bounce.

Bristol-Myers Squibb (BMY) rose 2.14%. Shares advanced after reports that AstraZeneca held early-stage talks on a potential acquisition.

Palantir Technologies Inc. (PLTR) rose 2.00%. The company is slated to report quarterly results today.

Chip stocks rose, with Marvell Technology (MRVL) rising 2.40%, Lam Research rising 1.70%, Micron Technology (MU) rising 1.63%, Intel rising 1.59%, Advanced Micro Devices (AMD) rising 1.55%, Taiwan Semiconductor Manufacturing (TSM) rising 1.44%, Applied Materials (AMAT) rising 1.28%.

Oil stocks fell, with ProShares Ultra Bloomberg Crude Oil (UCO) falling 5.24%, United States Oil Fund LP (USO) falling 4.75%, Occidental falling 2.12%, after OPEC+ agreed to boost collective output targets by 188,000 barrels per day next month.

Among other movers, APPLIED DIGITAL CORP (APLD) rose 4.75%, NEBIUS (NBIS) climbed 3.32%, CoreWeave, Inc. advanced 2.45%.

Among other individual movers, Applied Optoelectronics (AAOI) gained 2.85%, IREN Ltd climbed 2.74%, Bloom Energy Corp (BE) advanced 2.27%, United Airlines rose 2.12%, Roundhill Memory ETF (DRAM) added 1.89%.

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