:max_bytes(150000):strip_icc()/GettyImages-2164264998-acfe9a5ac2bf492eb829ad724778a51f.jpg?w=1024&resize=1024,1024&ssl=1 "Intel, Marvell Technology, Ulta Beauty, and More")
Key Takeaways
- The Dow, S&P 500, and Nasdaq were little changed at midday Friday after fresh data showed inflation continued to cool in July, as expected.
- Intel shares jumped following a report it was exploring strategic options, which could include a spinoff or sale of its foundry business.
- Ulta Beauty shares fell as the retailer’s latest quarterly results were hurt by a pullback in discretionary spending and tougher competition.
The Dow, S&P 500, and Nasdaq were little changed at midday Friday after fresh data showed inflation continued to cool in July, as expected.
Intel (INTC) was the best-performing stock in the S&P 500 following a report the chipmaker is considering strategic options which could include a sale or spinoff of its foundry division.
Shares of Marvell Technology (MRVL) jumped after the networking circuits maker reported better-than-expected sales as it benefited from soaring demand for artificial intelligence (AI).
Alibaba Group (BABA) shares traded in the U.S. rose as Chinese regulators said the e-commerce firm completed a three-year “rectification” related to charges it engaged in monopolistic practices.
Ulta Beauty (ULTA) shares dropped after the maker of beauty products missed earnings and revenue estimates, had a surprise drop in comparable store sales, and cut its outlook as consumers pulled back discretionary spending and the company faced more competition.
Elastic N.V. (ESTC) shares cratered as the AI search and data company slashed its guidance, warning that it expects fewer customer commitments.
Oil and gold futures fell. The yield on the 10-year Treasury note was up slightly. The U.S. dollar advanced on the euro, pound, and yen. Prices for most major cryptocurrencies dropped.
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