Shares Of This Chipmaker Company Are Charging Up

Marvell Technology, Inc. MRVL shares are trading higher by 7.25% to $52.14 during Tuesday's trading session amid overall market strength.

Shares of semiconductor companies are trading higher amid overall market strength. Investors also continue to assess the impact of the CHIPS act on stocks in the sector.

What Happened?

Market indexes are higher Tuesday on continued momentum amid the start of the earnings season. Better-than-expected second-quarter earnings from Goldman Sachs on Monday, helped lift market sentiment despite broader economic concerns.

Markets also continue to assess inflation concerns and Fed policy outlook. Heightened U.S. inflation has raised concerns of aggressive Fed policy tightening, which would pressure economic growth.

Why it Matters

Worse-than-expected June CPI data reported last week has caused recession concerns and concerns of more aggressive Fed policy, which could impact consumer spending. The Consumer Price Index rose 9.1% for the month of June, above estimates of 8.8%.

According to data from Benzinga Pro, Marvell Technology, Inc. has a 52-week high of $93.85 and a 52-week low of $41.07.