US Opening Bell | Stocks open mixed; Marvell Technology jumps 9%, Intel up 8%; Chip stocks rally

Market

June 3, U.S. stocks opened on a divergent note as the Dow Jones slipped 0.3%, the S&P 500 dipped 0.1% and the Nasdaq inched up 0.02%. Traders weighed another round of AI-chip enthusiasm against softer blue-chip movers, producing a cautious but still risk-friendly tone.

Navitas Semiconductor Corp surges 21.2% on a new server-power pact, GraniteShares 2X Long MRVL Daily ETF rallies 17.6% in sympathy, Marvell Technology jumps 8.9% after upbeat guidance, Intel climbs 7.8% on a next-gen accelerator reveal and Advanced Micro Devices adds 2.8% as chip momentum broadens. On the downside, NVIDIA slips 1.0% on profit-taking and Tesla Motors falls 1.2% following a software recall.

Broader action stays bullish: GraniteShares 2X Long INTC Daily ETF soars 16.5%, Direxion Daily Semiconductors Bull 3x Shares adds 5.5%, IREN Ltd advances 5.2% on crypto-mining strength, Yatsen Holding Limited gains 5.8% on cost-cut progress and Sentage Holdings Inc rises 4.7% amid low-float buzz.

News

Marvell Technology beats earnings and guides higher. The chipmaker topped revenue estimates and projected accelerating AI demand, propelling shares sharply higher.

Intel unveils next-gen AI accelerator. Management said volume shipments will start this summer, boosting confidence in its turnaround and lifting the stock.

NVIDIA faces profit-taking after record run. Investors rotated into lesser-owned semiconductor names, sending the leader modestly lower despite upbeat sector sentiment.

Tesla Motors shares dip on recall headlines. The company will push a software update to improve seat-belt alerts on 125,000 vehicles, a move analysts deem financially immaterial.

Navitas Semiconductor Corp soars on strategic supply deal. A multiyear agreement with a top server OEM fueled a double-digit rally in the gallium-nitride specialist.

Advanced Micro Devices gains after new AI server chip leaks. Industry blogs reported competitive benchmark results, supporting bullish positioning in the name.

Broadcom edges higher ahead of results. Options activity tilted bullish as the diversified chip giant prepares to release quarterly earnings after the close.

ADP private payrolls rise more than expected. The stronger labor print briefly lifted Treasury yields and suggested continued resilience in hiring.

Federal Reserve Beige Book points to modest growth. Regional surveys signaled easing price pressures, reinforcing expectations for a patient policy stance.

Crude oil slides on OPEC+ supply uncertainty. West Texas Intermediate fell below $72 a barrel, pressuring energy equities in early trade.