TMTB Morning Wrap

Summary

Futures rose 30 basis points with semiconductor stocks leading gains; Marvell Technology (MRVL) jumped 11% after CEO Jensen’s $1 trillion market cap comment and speculation of an S&P 500 addition, while Intel (INTC) gained 6% on positive Bank of America remarks. Palo Alto Networks (PANW) reported a broad earnings beat, strong free cash flow and a FY26 revenue outlook of +24% (above the 22% consensus), but investors expressed concern over the organic nature of the growth guidance and the company’s decision to stop reporting M&A contributions separately. Oil prices climbed 3% and Treasury yields rose 3‑4 basis points amid renewed Middle‑East tensions and a U.S. administration plan to impose 10% tariffs on most trading partners and up to 12.5% on China and other major economies. Asian markets were mixed, with gains in Korea, Japan and Taiwan but declines in Hong Kong and China’s indices.