Marvell Technology, Inc. (NASDAQ:MRVL) shares are moving higher on Friday, along with other semiconductor stocks, following Federal Reserve Chair Jerome Powell's comments regarding the economy and future rate cuts.

What To Know: Powell's speech at an annual economic conference in Jackson Hole, Wyoming supported interest rate cuts, according to Reuters.

"The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks," said Powell.

The Federal Reserve Chair also expressed confidence that the inflation rate is on track to reach the Federal Reserve's 2% target.

In addition, Powell mentioned that additional slowdown in the job market would be undesirable. He attributed the increase by almost a percentage point in unemployment over the last year to rising labor supply and slowed hiring.

What Else: Marvell Technology is anticipated to report 2024 fiscal year second quarter earnings on Tuesday after the market closes. Analysts estimate EPS of 30 cents and revenue of $1.25 billion.

Analyst Change: Earlier this week, Rosenblatt analyst Hans Mosesmann maintained a Buy rating on Marvell Tech and maintained a $100 price target.

MRVL Price Action: At the time of writing, Marvell Technology shares are moving 3.03% higher at $70.73, according to data from Benzinga Pro.

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