Tuesday’s relief rally followed after the U.S. President said he wanted the war to end. Despite Iran having strong control of the Strait of Hormuz, stock markets rallied anyway. The magnificent 7 led to Nasdaq (QQQ) adding 3.83%. That brought the index back to levels from three trading days prior.
Nvidia (NVDA) added 5.6%, Broadcom (AVGO) was up 5.49%, and Micron (MU) gained 4.98%. Marvell (MRVL) stood out the most. Nvidia said it would invest $2 billion in Marvell. In return, Marvell would provide custom AI accelerators called XPUs, along with NVLink Fusion-compatible networking. Nvidia will provide its Vera CPU.
On Semiconductor (ON) gained 11.25%. In the storage sector, Sandisk (SNDK) added 10.98%. Storage chip prices are still rising, compared to memory chips, at least in the PC sector. That would give SNDK stock, Western Digital (WDC), and Seagate (STX) higher profit margins.
Among the stocks to watch after falling, look at Constellation Energy (CEG). The firm did not announce any new power data center deals at Investor Day.
McCormick (MKC) risks falling below $50 today. The firm reported $0.66 in non-GAAP earnings per share. Revenue rose by 16.7% Y/Y to $1.87 billion.
CF Industries (CF), a fertilizer producer, eased by falling 5.64%. Any reopening of the Strait of Hormuz would send fertilizer prices lower.
