Marvell Technology's stock plunged 5.17% during the night session, as the broader semiconductor sector experienced a significant selloff. This sharp decline reversed gains from the previous session when the stock had rallied over 5% following positive analyst commentary.

The selloff was triggered by stronger-than-expected U.S. non-farm payroll data, which intensified market concerns over a more hawkish Federal Reserve stance. The robust employment figures led to a broad pullback in technology stocks, with semiconductor stocks declining across the board.

Within the semiconductor sector, multiple companies saw their shares fall alongside Marvell Technology, indicating a sector-wide reaction to the macroeconomic data that raised fears of tighter monetary policy from the Federal Reserve.