One basis point equals 0.01%. Yields and prices move inversely.<\/p>\n
Stocks on the move in premarket: Marvell, Paypal, GapStock Chart IconStock chart icon![\"hide](\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\")
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Marvell Technology.<\/p>\n
PayPal<\/a> shares also fell sharply, down around 15% at 4:24 a.m. ET, after Bloomberg reported<\/a> that fintech Stripe<\/a>\u00a0and buyout firm Advent International have abandoned their takeover attempt of the company. CNBC has not independently confirmed the report. <\/p>\n Stock Chart IconStock chart icon PayPal.<\/p>\n Retailer Gap<\/a> meanwhile popped nearly 15% following a hike to its earnings per share outlook in Thursday results<\/a>, allowing with an announcement<\/a> of leadership changes at its Old Navy brand.<\/p>\n Stock Chart IconStock chart icon Gap.<\/p>\n European stocks rebound at the open<\/p>\n European stock markets were broadly higher in early Friday trade, bouncing back from two sessions in the red. <\/p>\n Autos and utilities led the charge, both up 0.95%. <\/p>\n The regional Stoxx 600<\/a> index is heading for a monthly gain of around 1%, its weakest performance since March, when it dropped 8% amid a global sell-off. <\/p>\n Stock Chart IconStock chart icon Stoxx 600 index.<\/p>\n Japan’s Nikkei 225 closes 0.4% higher, South Korea’s Kospi drops 1.8% <\/p>\n Asia-Pacific market closed mixed Friday, with no major regional catalysts and focus on Federal Reserve Chair Kevin Warsh’s Jackson Hole speech for clues on U.S. rate path.<\/p>\n Japan’s benchmark\u00a0Nikkei 225<\/a> added 0.41%, ending the trading day at 66,405.56, while the Topix rose 0.72% to 4,146.71. South Korea’s Kospi<\/a> was down 1.79% at 6,788.88 and the small-cap Kosdaq ended the trading day flat at 838.41.<\/p>\n Mainland China’s CSI 300 dropped 0.46% to 4,609.18, while Hong Kong’s Hang Seng was flat as of its last hour of trade.<\/p>\n Australia’s S&P\/ASX 200<\/a> gained 0.6% to 9,092.3.<\/p>\n \u2014 Lee Ying Shan<\/p>\n Bitcoin slips after rapid surge put the cryptocurrency in \u2018overbought\u2019 territory<\/p>\n Bitcoin<\/a> slipped 0.55% to $79,623.97 on Friday, extending its pullback after briefly topping $81,000 earlier this week.<\/p>\n The cryptocurrency has retreated after running into resistance between $80,000 and $82,000, according to David Morrison, senior market analyst at Trade Nation. <\/p>\n Its rapid climb of nearly 30% since the start of last week had pushed momentum indicators into “overbought” territory, making profit-taking and fresh short positions more likely, he said.<\/p>\n Traders are also turning cautious ahead of a key U.S. inflation reading and Nvidia’s quarterly earnings, both of which could shape broader risk appetite.<\/p>\n Morrison said bitcoin’s surge was partly driven by the so-called “dollar debasement trade,” as concerns over mounting U.S. federal debt and trade tensions prompted some investors to seek alternatives to the greenback. Gold<\/a> has also benefited from that theme, he added.<\/p>\n Oil falls as investors watch Mideast developments <\/p>\n Oil fell Friday as traders continued to assess developments in the Middle East, having gained overnight after Washington\u00a0confirmed<\/a>\u00a0that the U.S. was not in talks with \u200cIran.<\/p>\n Futures for international benchmark Brent crude<\/a> for October delivery fell 0.36% to $89.38 a barrel. U.S.\u00a0West Texas Intermediate\u00a0futures<\/a>\u00a0for October declined 0.26% to $83.31 per barrel.<\/p>\n While all options remain on the table, the White House \u200bsaid no negotiations were happening between the U.S. and Iran. <\/p>\n Oil\u00a0prices are likely to remain tied to the pace of the negotiations, any credible progress, and changes in the security backdrop” around the Strait of Hormuz, said Thadeu Dos Santos, regional director at trading platform Infinox. <\/p>\n “A clearer path to an agreement could renew downward pressure as supply prospects improve, while any escalation in tensions or new incidents could quickly restore the upward trend in crude prices,” Santos added. <\/p>\n \u2014Justina Lee <\/p>\n Lombard Odier remains bullish on Chinese equities <\/p>\n Hong Kong’s Hang Seng Index<\/a> opened 0.32% lower on Friday, while mainland China’s CSI 300 fell 0.2%.<\/p>\n Lombard Odier remains positive on Chinese equities, naming China as one of its preferred emerging markets alongside South Korea, Taiwan and Brazil. <\/p>\n The bank said in a monthly investment strategy report released Wednesday that Chinese stocks had staged “a big rebound over the past month,” after previously lagging their emerging-market peers.<\/p>\n “We are positive on the broad China market, including onshore equities alongside offshore markets,” the bank’s analysts wrote. <\/p>\n Onshore shares offer more direct exposure to AI infrastructure, semiconductor localization and policy-driven investment, while offshore stocks offer more attractive valuations and potential gains from improving sentiment, cloud growth and AI monetization, they said.<\/p>\n Lombard Odier also pointed to “strong policy support, a rapidly expanding AI ecosystem, robust export growth” and the movement of household wealth away from property and toward financial assets. These factors support “a compelling case for a balanced allocation across both onshore and offshore Chinese equities,” it added.<\/p>\n \u2014 Lee Ying Shan<\/p>\n Asia-Pacific markets open mixed as investors await Fed Chair Warsh\u2019s Jackson Hole speech<\/p>\n Asia-Pacific markets opened mixed Friday.<\/p>\n Japan’s benchmark\u00a0Nikkei 225<\/a> added 0.19%, while the Topix rose 0.39%. South Korea’s Kospi<\/a> was down 1.16%, and the small-cap Kosdaq opened flat.<\/p>\n Australia’s S&P\/ASX 200<\/a> rose 0.25%.<\/p>\n Federal Reserve Chair Kevin Warsh is due to deliver a closely watched keynote address Friday at Jackson Hole, as investors look for any signals on the economy, monetary policy and the direction of interest rates.<\/p>\n \u2014 Lee Ying Shan<\/p>\n Asia markets poised to trade mixed with focus on Fed chair’s Jackson Hole speech<\/p>\n Asia-Pacific markets were poised to trade mixed Friday as investors awaited Federal Reserve Chair Kevin Warsh’s highly anticipated Jackson Hole speech for clues on the path of U.S. interest rates.<\/p>\n Japan’s\u00a0Nikkei 225<\/a>\u00a0was set to fall, with the Chicago futures contract at 66,040 compared with the index’s previous close of 66,131.98.<\/p>\n Hong Kong’s\u00a0Hang Seng index<\/a>\u00a0futures were at 25,476 compared with the index’s last close of 25,565.74.<\/p>\n Futures for Australia’s S&P\/ASX 200<\/a> last traded at 9,143 while the index closed at 9,038.2.<\/p>\n \u2014 Lee Ying Shan<\/p>\n See the stocks moving after hours<\/p>\n These are some of the stocks making big moves in extended trading:<\/p>\n Gap<\/a>\u00a0\u2013 Shares of the clothing retailer jumped about 14% after Gap announced Michael Francis will\u00a0take the helm at Old Navy,<\/a>\u00a0starting Nov. 2. He succeeds Haio Barbeito, who has been the CEO since 2022. Adjusted earnings for Gap in the second quarter topped estimates, coming in at 52 cents per share versus the LSEG consensus estimate of 48 cents.Marvell Technology<\/a>\u00a0\u2014 The semiconductor stock was down about 6%. Marvell called for current quarter adjusted earnings of $1.10 per share, plus or minus 5 cents, while analysts polled by LSEG anticipated $1.07 per share. The company also sees non-GAAP gross margin for the period in a range of 57.5% to 58.5%, versus the StreetAccount consensus call for 58.5%.Autodesk<\/a>\u00a0\u2013 The maker of 3D design software slid 5% after its earnings projections disappointed Wall Street. Autodesk sees adjusted earnings ranging from $3.04 to $3.09 per share in the third quarter, while analysts polled by LSEG were looking for $3.14 per share. Full-year adjusted earnings guidance was $12.52 to $12.60 per share, compared to the $12.60 anticipated.<\/p>\n<\/p>\n<\/p>\n<\/p>\n