Stock Market Today: S&P Record, Marvell Jumps, Google Signs Nuclear Deal

Index or measure	Close, Oct. 6	Change
S&P 500	7,818.93	+0.58% (record close)
Dow Jones Industrial Average	51,521.28	+0.49%
Nasdaq Composite	27,599.79	+0.45% (record close)
Marvell (MRVL)		+5.8%
AMD		+2.8%
Constellation Energy (CEG)		+12.3%

The S&P 500 and Nasdaq closed at records on Tuesday, with large technology stocks leading, Marvell’s investor day adding momentum to chip names and Constellation Energy surging on a power deal with Google.

Marvell sets $70 billion-plus goal

Marvell gained about 5.8% after its investor day. The company targets about $20 billion of revenue in fiscal 2028, above the analyst consensus of $18.2 billion and up from about $13 billion in December 2025, and a new fiscal 2031 range of $70 billion to $90 billion. Piper Sandler had modeled about $45 billion for that year. Reaching $70 billion implies about 54% annual growth for five years. Chief executive Matt Murphy said the company’s AI addressable market could reach $400 billion by 2030. Marvell designs custom AI chips for cloud customers including Google and Amazon, and the stock is up 217% over 12 months. Astera Labs and Credo rallied in sympathy, and AMD added 2.8%.

Marvell’s fiscal 2027 revenue is still expected around $12 billion, so the fiscal 2028 goal implies roughly 67% growth. It booked $8.2 billion in revenue last fiscal year, up 42%. The company expanded its commercial agreement with Google in late July, and Murphy has said the main revenue impact arrives in fiscal 2029 and beyond. Bank of America’s Vivek Arya named Marvell one of five top semiconductor picks on September 30.

Google signs nuclear power deal

A day after Bloomberg reported that the two companies were close to a nuclear power agreement worth $1 billion or more, Google and Constellation Energy announced one on Tuesday. It includes a 20-year power purchase agreement for 890 megawatts of new capacity from uprates at Constellation nuclear units, added to the PJM grid, plus a 15-year supply agreement for 2,700 megawatts of existing generation, for 3,590 megawatts in all. Constellation said it will invest more than $4.3 billion. Its shares rose about 12%.

Diesel order and the dollar cost of fuel

President Trump signed an executive order late Monday temporarily waiving the off-road-only rule for red-dyed diesel and deferring the 24.4-cent federal highway excise tax on its on-road use through December 31. The tax is deferred, not eliminated, and state-level rules and local taxes still apply, so benefits vary by location. Red-dyed diesel typically costs about 24 cents a gallon less than clear on-road diesel, and diesel tops $6 a gallon in many areas.

Calendar and market backdrop

Brent crude settled near $100.58, and the 10-year Treasury yield eased to about 5.28% from 5.31% the day before. The September FOMC minutes were due the next afternoon.