www.zerohedge.com BY TYLER DURDEN
US stock futures were muted, trading in a narrow 5 point range and unchanged for the second day in a row after a blistering post-Powell rally, as investors awaited the latest jobs report for clues around the strength of the domestic economy (with consensus expecting a +200K print, it will be the weakest monthly gain since Dec 2020) as well as its impact on the outlook for rate hikes. Contracts on the Nasdaq 100 and the S&P 500 were little changed 745 a.m. ET. The underlying indexes were also subdued Thursday after a sharp rally that was fueled by signals from Federal Reserve Chair Jerome Powell that the central bank could slow the pace of rate hikes at this month’s meeting.
Among notable movers in premarket trading, Marvell Technology dropped after the US chipmaker issued a tepid sales forecast for the fourth quarter. Zscaler Inc. also slumped after the cloud security company gave a forecast for calculated billings that fell slightly short of the average analyst estimate at the midpoint. Here are all the notable premarket movers:
- Marvell Technology shares drop 7% in premarket trading after the US chipmaker issued a tepid sales forecast for the fourth quarter. Analysts note that weakness stemmed from the company’s data-center business, as well as a broad softening in demand from China. This indicates that the decline in demand for chips continues to spread outside of the computer and smartphone industries, they said.
