Marvell Technology Inc.
(NASDAQ:MRVL) stock traded in a volatile range on Thursday before turning modestly higher, as chip stocks benefited from a risk-on market while investors weighed the stock's recent sharp rally.
The Nasdaq gained 1.02%, the S&P 500 added 0.32%, and the Technology sector led the market with a 1% increase.
Marvell's gains appeared to be driven more by improving market sentiment than company-specific news.
Seven of the 11 S&P sectors traded higher, while advancing stocks outpaced decliners by about 1.8-to-1, supporting demand for higher-growth semiconductor names.
