Marvell Technology, Inc. MRVL Shares rose along with other semiconductor stocks on Friday after the chairman of the US Federal Reserve Jerome PowellComments on the economy and future interest rate cuts.

What you should know: According to Reuters, Powell’s speech at an annual economic conference in Jackson Hole, Wyoming, supported interest rate cuts.

“It is time to adjust policy. The direction is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the allocation of risks,” Powell said.

The Federal Reserve Chairman also expressed confidence that the inflation rate is on track to reach the Federal Reserve’s two percent target.

In addition, Powell mentioned that a further slowdown in the labor market would be undesirable. He attributed last year’s nearly one percentage point increase in unemployment to the rising labor supply and slowing hiring rate.

What else: Marvell Technology is expected to report second-quarter fiscal 2024 results after the market closes on Tuesday. Analysts estimate earnings per share at 30 cents and revenue at $1.25 billion.

Analyst change: Rosenblatt analyst Hans Mosesmann maintained his buy rating for Marvell Tech and his price target of $100 earlier this week.

See also: What’s happening with Chinese EV stocks like Nio, XPeng, Li Auto on Wednesday? (CORRECTED)

MRVL price promotion: At the time of writing, Marvell Technology shares were up 3.03% to $70.73, according to data from Benzinga Pro.

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