US Stock Market Move | Optical communications sector broadly declines; Marvell Technology, Inc. (MRVL.US) falls over 20% cumulatively over two days.

On Friday, the U.S. optical communications sector broadly declined. Marvell Technology, Inc. (MRVL.US) fell 7%, bringing its two-day cumulative decline to over 20%; Lumentum (LITE.US) and Coherent (COHR.US) fell over 11%, while Corning Inc (GLW.US) fell nearly 4%. On the news front, Intel Corporation released its third-quarter earnings report, with fourth-quarter guidance falling short of expectations, sending its shares sharply lower, at one point dropping more than 30% intraday, with the company's market value evaporating by more than US$137 billion, and it is poised to record its largest single-day decline on record by tomorrow's close. The company also warned that issues such as weakness in the personal computer market and rising memory prices could persist into the first half of 2027. The stock decline also affected other semiconductor companies. Shares of AMD, Arm, NVIDIA Corporation, Broadcom Inc., Qualcomm, and Micron also fell by varying degrees, reflecting investor concerns about PC demand, memory costs, and the short-term growth outlook for the semiconductor industry.