Market Update
U.S. Movers: Best Buy, Dollar Tree, Kohl's, Marvell Technology, Snowflake
Scott Peters
28 May, 2026
New York City
Marvell Technology decreased 2.8% to $193.24 after the semiconductor company reported financial results for its fiscal first quarter ending on May 3.
Net revenues increased 28% to $2.4 billion from $1.9 billion, net income dropped to $34.5 million from $177.9 million, and diluted earnings per share eased to 4 cents from 20 cents a year ago.
"We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Matt Murphy, Marvell’s chairman and CEO.
The company raised its fiscal 2027 and 2028 guidance, "driven by strong demand across a broad set of Marvell solutions," including Ethernet switches and optical interconnect solutions.
The company guided fiscal second quarter revenue of $2.7 billion and diluted net income per share of 37 cents.
Snowflake Inc. soared 37% to $240.25 after the company posted its quarterly results and inked a long-term cloud infrastructure partnership deal with Amazon's AWS unit.
Net revenues in the fiscal first quarter, ending in April, rose 33% to $1.4 billion from $1.1 billion; net loss shrank to $295.6 million from $430.1 million; and diluted loss per share decreased to 86 cents from $1.29 a year ago.
The company estimated product revenue for the fiscal second quarter to range between $1.415 billion and $1.420 billion and for the full year to rise 31% to $5.84 billion, higher than the previous estimate of $5.66 billion.
Kohl's Corp. soared 11% to $14.31 after the retailer posted a narrower-than-expected loss in the fiscal first quarter.
Best Buy Company jumped 8.9% to $69.99 after the electronics retailer reported better-than-expected fiscal first quarter results.
Comparable sales advanced 2% from a year ago, and the specialty retailer reaffirmed its annual outlook.
Dollar Tree jumped 13% to $108.18 after the deep-discount retailer reported fiscal first-quarter results ending on May 2.
The company reiterated its current quarter and full-year sales estimates.
Net revenues increased 7.2% to $5 billion from $4.6 billion, net income increased to $347.3 million from $343.4 million, and diluted earnings per share rose to $1.76 from $1.61 a year ago.
The company expects net sales from continuing operations for the second quarter to range from $4.8 billion to $4.9 billion, based on comparable store net sales growth in the range of 2.5% to 3.5%.
The company guided full-year 2026 sales to fall between $20.5 billion and $20.7 billion and adjusted diluted earnings per share between $6.70 and $7.10.
U.S. Movers: Best Buy, Dollar Tree, Kohl's, Marvell Technology, Snowflake
Scott Peters
28 May, 2026
New York City
Marvell Technology decreased 2.8% to $193.24 after the semiconductor company reported financial results for its fiscal first quarter ending on May 3.
Net revenues increased 28% to $2.4 billion from $1.9 billion, net income dropped to $34.5 million from $177.9 million, and diluted earnings per share eased to 4 cents from 20 cents a year ago.
"We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Matt Murphy, Marvell’s chairman and CEO.
The company raised its fiscal 2027 and 2028 guidance, "driven by strong demand across a broad set of Marvell solutions," including Ethernet switches and optical interconnect solutions.
The company guided fiscal second quarter revenue of $2.7 billion and diluted net income per share of 37 cents.
Snowflake Inc. soared 37% to $240.25 after the company posted its quarterly results and inked a long-term cloud infrastructure partnership deal with Amazon's AWS unit.
Net revenues in the fiscal first quarter, ending in April, rose 33% to $1.4 billion from $1.1 billion; net loss shrank to $295.6 million from $430.1 million; and diluted loss per share decreased to 86 cents from $1.29 a year ago.
The company estimated product revenue for the fiscal second quarter to range between $1.415 billion and $1.420 billion and for the full year to rise 31% to $5.84 billion, higher than the previous estimate of $5.66 billion.
Kohl's Corp. soared 11% to $14.31 after the retailer posted a narrower-than-expected loss in the fiscal first quarter.
Best Buy Company jumped 8.9% to $69.99 after the electronics retailer reported better-than-expected fiscal first quarter results.
Comparable sales advanced 2% from a year ago, and the specialty retailer reaffirmed its annual outlook.
Dollar Tree jumped 13% to $108.18 after the deep-discount retailer reported fiscal first-quarter results ending on May 2.
The company reiterated its current quarter and full-year sales estimates.
Net revenues increased 7.2% to $5 billion from $4.6 billion, net income increased to $347.3 million from $343.4 million, and diluted earnings per share rose to $1.76 from $1.61 a year ago.
The company expects net sales from continuing operations for the second quarter to range from $4.8 billion to $4.9 billion, based on comparable store net sales growth in the range of 2.5% to 3.5%.
The company guided full-year 2026 sales to fall between $20.5 billion and $20.7 billion and adjusted diluted earnings per share between $6.70 and $7.10.
AI and Tech-Driven Market Rally Retained Upward Bias, Overlooking Middle East Uncertainties
Barry Adams
28 May, 2026
New York City
Stocks on Wall Street hovered around the flatline, as investors reviewed the latest events in the Middle East and reacted to corporate news.
The S&P 500 Index decreased 0.1%, and the tech-focused Nasdaq Composite declined 0.3%; and they had closed at new record highs in the previous session.
The last two months' rally has lifted AI- and semiconductor-related stocks to new record highs, and computer memory chipmakers have more than doubled as these companies are deemed to be key beneficiaries of the AI investment cycle.
Investors monitored the developments in the Middle East, as the U.S. confirmed it carried out fresh airstrikes in Iran overnight, targeting military sites.
Iran said it will step up its attacks on U.S. military bases in the Gulf region as Kuwait, Bahrain, and Saudi Arabia braced for more drone and missile attacks.
The West Texas Intermediate crude oil price soared 1.8% to $90.24 per barrel, and the Brent crude oil price increased 1.9% to $96.04 per barrel.
On the economic front, the Personal Consumption Expenditures price index advanced 0.4% in April, following a 0.7% monthly rise in the previous month.
The annual increase in the alternative measure of inflation accelerated to 3.8%, following a rise of 3.5% in March, according to the U.S. Bureau of Economic Analysis.
The core PCE Index, which excludes food and energy, accelerate to 3.3% from 3.2%, confirming the highest reading since late 2023.
Overall, the report reinforced that inflationary pressures remain elevated and significantly above the Federal Reserve's target rate of 2%.
U.S. Movers
Marvell Technology decreased 2.8% to $193.24 after the semiconductor company reported financial results for its fiscal first quarter ending on May 3.
Net revenues increased 28% to $2.4 billion from $1.9 billion, net income dropped to $34.5 million from $177.9 million, and diluted earnings per share eased to 4 cents from 20 cents a year ago.
"We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Matt Murphy, Marvell’s chairman and CEO.
The company raised its fiscal 2027 and 2028 guidance, "driven by strong demand across a broad set of Marvell solutions," including Ethernet switches and optical interconnect solutions.
The company guided fiscal second quarter revenue of $2.7 billion and diluted net income per share of 37 cents.
Snowflake Inc. soared 37% to $240.25 after the company posted its quarterly results and inked a long-term cloud infrastructure partnership deal with Amazon's AWS unit.
Net revenues in the fiscal first quarter, ending in April, rose 33% to $1.4 billion from $1.1 billion; net loss shrank to $295.6 million from $430.1 million; and diluted loss per share decreased to 86 cents from $1.29 a year ago.
The company estimated product revenue for the fiscal second quarter to range between $1.415 billion and $1.420 billion and for the full year to rise 31% to $5.84 billion, higher than the previous estimate of $5.66 billion.
Kohl's Corp. soared 11% to $14.31 after the retailer posted a narrower-than-expected loss in the fiscal first quarter.
Best Buy Company jumped 8.9% to $69.99 after the electronics retailer reported better-than-expected results for the fiscal first quarter ending on May 2.
Revenue increased to $8.9 billion from $8.8 billion, net income rose to $276 million from $202 million, and diluted earnings per share advanced to $1.31 from 95 cents a year ago.
Comparable sales advanced 2% compared to a decline of 0.7% in the year ago period, and the specialty retailer reaffirmed its annual outlook.
Best Buy estimated fiscal year revenue between $41.2 billion and $42.1 billion and comparable sales to range between a decline of 1% and a rise of 1%.
Dollar Tree jumped 13% to $108.18 after the deep-discount retailer reported fiscal first-quarter results ending on May 2.
The company reiterated its current quarter and full-year sales estimates.
Net revenues increased 7.2% to $5 billion from $4.6 billion, net income increased to $347.3 million from $343.4 million, and diluted earnings per share rose to $1.76 from $1.61 a year ago.
The company expects net sales from continuing operations for the second quarter to range from $4.8 billion to $4.9 billion, based on comparable store net sales growth in the range of 2.5% to 3.5%.
The company guided full-year 2026 sales to fall between $20.5 billion and $20.7 billion and adjusted diluted earnings per share between $6.70 and $7.10.
AI and Tech-Driven Market Rally Retained Upward Bias, Overlooking Middle East Uncertainties
Barry Adams
28 May, 2026
New York City
Stocks on Wall Street hovered around the flatline, as investors reviewed the latest events in the Middle East and reacted to corporate news.
The S&P 500 Index decreased 0.1%, and the tech-focused Nasdaq Composite declined 0.3%; and they had closed at new record highs in the previous session.
The last two months' rally has lifted AI- and semiconductor-related stocks to new record highs, and computer memory chipmakers have more than doubled as these companies are deemed to be key beneficiaries of the AI investment cycle.
Investors monitored the developments in the Middle East, as the U.S. confirmed it carried out fresh airstrikes in Iran overnight, targeting military sites.
Iran said it will step up its attacks on U.S. military bases in the Gulf region as Kuwait, Bahrain, and Saudi Arabia braced for more drone and missile attacks.
The West Texas Intermediate crude oil price soared 1.8% to $90.24 per barrel, and the Brent crude oil price increased 1.9% to $96.04 per barrel.
On the economic front, the Personal Consumption Expenditures price index is likely to rise in April, following a 0.7% monthly rise in the previous month.
The annual increase in the alternative measure of inflation is likely to accelerate to 3.7%, following a rise of 3.5% in March, according to the U.S. Bureau of Economic Analysis.
The core PCE Index, which excludes food and energy, is expected to accelerate to 3.3% from 3.2%, confirming the highest reading since late 2023.
Overall, the report reinforced that inflationary pressures remain elevated and significantly above the Federal Reserve's target rate of 2%.
U.S. Movers
Marvell Technology decreased 2.8% to $193.24 after the semiconductor company reported financial results for its fiscal first quarter ending on May 3.
Net revenues increased 28% to $2.4 billion from $1.9 billion, net income dropped to $34.5 million from $177.9 million, and diluted earnings per share eased to 4 cents from 20 cents a year ago.
"We expect revenue growth to continue accelerating each quarter throughout fiscal 2027, driven by continued strength in our data center business,” said Matt Murphy, Marvell’s chairman and CEO.
The company raised its fiscal 2027 and 2028 guidance, "driven by strong demand across a broad set of Marvell solutions," including Ethernet switches and optical interconnect solutions.
The company guided fiscal second quarter revenue of $2.7 billion and diluted net income per share of 37 cents.
Snowflake Inc. soared 37% to $240.25 after the company posted its quarterly results and inked a long-term cloud infrastructure partnership deal with Amazon's AWS unit.
Net revenues in the fiscal first quarter, ending in April, rose 33% to $1.4 billion from $1.1 billion; net loss shrank to $295.6 million from $430.1 million; and diluted loss per share decreased to 86 cents from $1.29 a year ago.
The company estimated product revenue for the fiscal second quarter to range between $1.415 billion and $1.420 billion and for the full year to rise 31% to $5.84 billion, higher than the previous estimate of $5.66 billion.
Japan's Indexes Struggled to Maintain Momentum Amid Weakness In Tech Stocks and Inflation Worries
Akira Ito
28 May, 2026
Tokyo
Japan's indexes scaled back on Wednesday from record highs set on Tuesday, as investors booked profit in technology stocks.
The Nikkei 225 Stock Average decreased 1.3%, and the broader TOPIX fell 1.4%.
The pullback in AI-related and semiconductor equipment makers dragged down broader market sentiment, and uncertainty linked to the reopening of the Strait of Hormuz weighed.
Investor sentiment deteriorated as investors digested comments from Bank of Japan Governor Kazuo Ueda.
Earlier in the week, Governor Ueda warned about mounting inflationary pressures driven by higher energy prices and tighter supply conditions for energy products.
However, the central bank chief stopped short of indicating if the policy committee is ready to raise rates at the next meeting.
Benchmark indexes in Hong Kong, South Korea, and India dropped between 1% and 3%, and crude oil prices rebounded following the resumption of hostilities in the Middle East.
The Brent crude oil price rose 3.6% to $97.63 a barrel as negotiators between the U.S. and Iran remained deadlocked over several key issues, including disruption of commercial shipment through the Strait of Hormuz.
In overnight trading in New York, broader benchmarks hovered near record highs, as investor sentiment remained positive and AI-linked stocks continued to scale new highs.
Computer memory chipmakers, advanced semiconductor designers, and data networking equipment makers dominated gainers in trading.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 1.3% to 64,133.42, and the broader TOPIX dropped 1.4% to 3,866.10.
SoftBank Group decreased 5.3%, Tokyo Electron decreased 1.5%, Advantest Corp. fell 3.7%, and Lasertec Corp. plunged 5.4%.