By Joe Woelfel and Elsa Ohlen

Stock futures held lower Friday after U.S. inflation was slightly higher in July, rising in line with economists' expectations, and perhaps paving the way to a cut in interest rates by the Federal Reserve in September.

These stocks were moving the most in premarket trading Friday:

Marvell Technology tumbled 14% after the chip designer swung to a profit in the second quarter but adjusted earnings of 67 cents a share on revenue of $2.01 billion only matched Wall Street estimates. Marvell said revenue in the period rose 58% in part on "strong AI demand" for its custom silicon and electro-optics products. Marvell expects third-quarter adjusted earnings of 74 cents a share, plus or minus 5 cents, and revenue of $2.06 billion, plus or minus 5%. Analysts had been calling for earnings of 72 cents a share on revenue of $2.11 billion.

Dell Technologies was down 6.6% after the maker of computers and artificial-intelligence servers reported better-than-expected second-quarter adjusted earnings but issued a third-quarter outlook that missed analysts' estimates. Dell said it anticipates third-quarter adjusted earnings of $2.45 a share at the midpoint, compared with expectations of $2.55. The company expects fiscal 2026 AI server shipments of $20 billion, higher than prior guidance of $15 billion. Dell said demand for its AI solutions "continues to be exceptional."

Nvidia fell 1% after the AI chip maker declined 0.8% Thursday following its second-quarter earnings report. A miss on data-center revenue in the quarter, which rose 56% to $41.1 billion, disappointed investors.

U.S.-listed shares of Alibaba rose 5.4% after the Chinese e-commerce conglomerate posted fiscal first-quarter earnings that beat analysts' expectations but revenue that missed forecasts amid a fierce price war in China. Separately, The Wall Street Journal reported that Alibaba, China's biggest cloud-computing company, has developed a new and more versatile artificial-intelligence chip.

Software company Autodesk rallied 12% after posting second-quarter adjusted earnings that beat Wall Street forecasts and issuing outlooks for both the third quarter and fiscal year that topped estimates.

Affirm Holdings jumped 16%. The fintech swung to a fiscal fourth-quarter profit and revenue rose 33% to $876 million, handily topping analysts' estimates of $837 million. Gross merchandise volume, a metric that represents the total dollar amount of all transactions on the platform, net of refunds, jumped 43% to $10.4 billion.

Celsius Holdings rose 6.5% after PepsiCo said it was increasing its stake in the energy-drink maker as part of an agreement to expand their strategic partnership. PepsiCo bought $585 million in newly issued convertible 5% preferred Celsius stock, giving it an 11% ownership stake in the company. PepsiCo was up 0.2%.

Second-quarter adjusted earnings at Ulta Beauty easily topped Wall Street expectations and the cosmetics retailer raised guidance for the fiscal year, sending shares up 3.4%.

Elastic, the data-analytics company, was up 6.8% after the enterprise data software company posted better-than-expected fiscal first-quarter adjusted earnings of 60 cents a share on sales of $415 million, up 20% from a year earlier. Elastic also boosted sales guidance for its second quarter and fiscal year.

Gap rose 2.5% after the retailer reported second-quarter earnings that beat analysts' earnings expectations but warned that tariffs would affect operating margins. Gap said it expects fiscal-year operating margins to range from 6.7% to 7%, including an estimated 100 basis point to 110 basis point net tariff impact. Operating margins a year earlier were 7.4%.

SentinelOne, the cybersecurity company, rose 9% after reporting a second-quarter revenue jump of 22% and annualized recurring revenue surpassed $1 billion.

Ambarella jumped 18%. The chip-design company raised fiscal-year revenue guidance following a second-quarter revenue surge of 49.9% to $95.5 million, which topped analysts' expectations of $90 million.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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August 29, 2025 08:49 ET (12:49 GMT)

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