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S&P 500 Record, Marvell +7.6% on Investor Day: Midday 10

S&P 500 — record high as Marvell jumps 7.6% on its investor day; chip-machine makers slide

The custom-chip and networking names lead: Astera Labs +8.2%, Credo +5.0%, Broadcom +4.4%, AMD +3.9% to a record, Nvidia +1.2% to another. Software rises too (IGV +1.7%), while the makers of chip machines fall — KLA −4.3%, Lam −3.1%. The 10-year eases to 5.26% and oil slips.

In this edition

MRVL ALAB CRDO AVGO LITE SPY QQQ DIA

The Midday 10 Tue, Oct 6, 2026 ~60 seconds 12:00 ET

The S&P 500 is at a record. It traded as high as 7,843 this morning, above its previous peak of 7,817 from 13 August, and the gain is broad: the equal-weight S&P fund RSP is up 0.8%, as much as the index itself. Only small caps are flat. Lower bond yields and cheaper oil help — the 10-year Treasury yield is back at 5.26% after Monday's 5.31%.

The story of the day is Marvell. At its investor day in New York the chip designer laid out its long-term targets — according to reports, it sees a $400 billion market for its products by 2030 — and the stock is up 7.6%. Marvell designs custom AI chips and the networking chips that connect them for the big cloud companies, and the names in the same business rise with it: Astera Labs +8.2%, Credo +5.0%, Broadcom +4.4%.

The chip trade is not moving as one, though, the point of this morning's Pulse. The makers of chip-production machines fall: KLA −4.3%, Lam Research −3.1%, Applied Materials −1.9%. And software, which lagged for most of the year, joins the rally with the software fund IGV up 1.7%. Accenture's earnings window closes tonight; Penguin Solutions reports after the bell.

US intraday quotes at about 11:25 ET (15:25 UTC); moves are measured against Monday's closes. Intraday prints are not closes. Marvell's investor-day targets as reported by Investing.com and StreetInsider; the S&P 500's previous intraday record from Yahoo daily bars.

  1. Marvell +7.6% to $291.74 after its investor day — the company sees a $400 billion market by 2030, according to reports
  2. The same business rises with it: Astera Labs +8.2% to $392.00, Credo +5.0% to $223.09, Broadcom +4.4% to $378.42, Lumentum +2.6% to $1,120.08
  3. S&P 500 at a record: high of 7,843 above its 7,817 peak of 13 August; SPY +0.83% to $781.27, QQQ +0.83%, DIA +0.72%, RSP +0.77%, small caps IWM −0.09%
  4. AMD +3.9% to $656.44 and Nvidia +1.2% to $241.71 — both above Monday's record closes
  5. Chip-machine makers fall: KLA −4.3% to $198.04, Lam Research −3.1% to $335.03, Applied Materials −1.9% to $531.89; Intel −1.6%, TSMC's US shares −0.5%
  6. Software joins in: software fund IGV +1.7%, ahead of the chip funds SMH +0.5% and SOXX +0.8%; Palo Alto +3.5%, CrowdStrike +3.2%, Microsoft +1.5% to a record $532.89
  7. Yields and oil ease: 10-year 5.26% (5.31% on Monday), TLT +0.5%; oil funds USO −1.2%, BNO −2.0%; gold fund +0.5%, bitcoin $86,322 (+0.7%)
  8. Earnings card closes tonight for Accenture at $194.99, 8.2% below its $212.30 start; Nike $34.44 (+1.4%), between its $32.85 and $34.89 lines
  9. Megacaps mixed: Amazon +1.5% to $255.27, Alphabet +0.5%, Tesla +0.4%; Apple and Meta flat
  10. After the close: Penguin Solutions reports; shares $60.65 (−0.1%)

The ten lines

  1. 1

    UP Marvell +7.6% to $291.74 after its investor day — the company sees a $400 billion market by 2030, according to reports

    MRVL

    Marvell designs custom AI chips for the big cloud companies and the high-speed chips that move data between them. At today's investor day it set out long-term targets for that business; according to Investing.com and StreetInsider, management sees a $400 billion addressable market by 2030. The stock dipped to $267.26 in the first minutes, then ran as high as $301.27 (+11.1%) by 9:40 ET; at $291.74 it is up $20.49 on Monday's close of $271.25. It was 11.9% below its June level on Monday's close.

  2. 2

    UP The same business rises with it: Astera Labs +8.2% to $392.00, Credo +5.0% to $223.09, Broadcom +4.4% to $378.42, Lumentum +2.6% to $1,120.08

    ALABCRDOAVGOLITE

    Astera Labs and Credo make the connectivity chips inside AI server racks; Broadcom is Marvell's largest rival in custom chips for the cloud companies. In this morning's Pulse these were laggards: on Monday's close Broadcom stood 24.7% below its June high, Credo 29.8% below its June level. Lumentum, the optical-components maker, was already at a record and adds to it.

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  4. 3

    LEVEL S&P 500 at a record: high of 7,843 above its 7,817 peak of 13 August; SPY +0.83% to $781.27, QQQ +0.83%, DIA +0.72%, RSP +0.77%, small caps IWM −0.09%

    SPYQQQDIARSPIWM

    The Nasdaq Composite adds 0.84% to 27,709, on top of Monday's record close. This time the average stock keeps pace: the equal-weight fund RSP rises as much as the S&P 500. Small caps are the exception and trade flat.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.