US Stocks Plummet as Fed Chair Warns of Persistent Inflation
US stocks fell on Friday after Federal Reserve Chair Kevin Warsh expressed concern over current inflation trends. Warsh stated that despite better-than-expected summer inflation data, 'that does not tell me that the underlying trend has meaningfully improved.'
The Philadelphia Semiconductor Index dropped 3.47% to close at 11,469.66 points, with all 30 constituents declining.
Marvell Technology fell 10.28% post-earnings, closing at $216.62, after reporting second-quarter revenue of $2.5 billion and issuing third-quarter guidance of $3.15 billion in revenue, plus or minus 5%. Nvidia dropped 4.57%, while cloud service providers bucked the trend to gain.
Among mega-cap tech stocks, Amazon rose 3.97%, Google gained 1.74%, Microsoft advanced 1.68%, Apple rose 1.63%, Meta Platforms gained 1.21%, and SpaceX rose 0.45%.