Marvell Technology Shares Rise 15% After Earnings

Hope for a quicker resolution to the Middle East conflict after yesterday's rumored contact between Iranian authorities and the CIA have fizzled, and with it, any hints of  more positive investors sentiment deteriorated as Wednesday's gains were unwound on Thursday.  S&P 500 was down as much as 1.5% at one point today before paring about half of that decline, with Basic Materials and Consumer Discretionary the worst performing sectors in the index.  Energy was the bright spot, boosted by more sharp gains in oil prices, though the rally in crude perpetuated the narrative that the inflationary spike due to Iran war will deter the Fed from renewed easing over the coming months.  Indeed, Treasury yields continued to rise, particularly in the belly of the curve, with the 10-year now up 20 basis points from Friday's lows.  Similarly, CME FedWatch tool is now pricing in a 50/50 scenario of a 50bps in Fed funds rate cuts vs. a 2-to-1 chance of this outcome priced in before the bombing this weekend.In the opening hour of the evening session, U.S. equity futures are up marginally with 0.1% gains for S&P e-minis and Nasdaq 100 contracts.  WTI Crude Oil is back below $80 per barrel after rising as high as $82 on Thursday.Among notable earnings out of the Semis space, Marvell Technologyis up 15% after better than expected results and guidance as well as constructive commentary on margins, echoing a strong print from Broadcomovernight.   In Application Software - a more resilient market corner of late - Guidewirewas also up notably on better-than-feared outlook.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Marvell Technologyup 15.0%Samsaraup 11.8%Guidewire Softwareup 4.5%DOWN AFTER EARNINGS -Nutex Healthdown 32.9%Owletdown 21.0%AudioEye, Inc.down 10.6%Gapdown 7.6%Costcodown 0.2%ALSO LOWER -Ingram Micro Holdingdown 13.3% after equity offering