Markets: 2026-08-28 Close

A sourced recap of the previous completed U.S. trading session. Closing moves are not real-time quotes.

The market tape

- **S&P 500 (SPX)**: -0.25%, closed at 7,711.76 - **Nasdaq Composite (COMP)**: -0.52%, closed at 26,402.42 - **Dow Jones Industrial Average (DJIA)**: -0.02%, closed at 53,559.99 - **Russell 2000 (RUT)**: -1.39%, closed at 2,972.37

Sector leaders and laggards

- Leaders: Communication Services +1.42%; Consumer Discretionary +1.15%; Energy +0.63% - Laggards: Information Technology -1.55%; Utilities -1.04%; Industrials -0.93%

Notable movers

Marvell Technology, Inc. (MRVL) -10.28%

Marvell's quarterly revenue and outlook were strong, but investors focused on fiscal third-quarter gross-margin guidance declining roughly 90 basis points sequentially. A double-digit decline in a nearly $200 billion AI-chip supplier became the central single-stock expression of the session's hardware de-risking.

Sources: dated closing quote and volume · market capitalization and company classification · earnings and gross-margin-guidance catalyst analysis

NVIDIA Corporation (NVDA) -4.57%

Nvidia gave back part of its prior-session post-earnings surge as investors took profits and de-risked the crowded AI-hardware trade despite strong reported demand. A 4.57% move in the world's largest listed company represented roughly $250 billion of market value and drove the technology sector and Nasdaq lower.

Sources: dated closing quote and volume · market capitalization and company classification · AI-sector repricing and market context

PayPal Holdings, Inc. (PYPL) -12.71%

A reported consortium involving Advent and Stripe abandoned its roughly $50 billion pursuit of PayPal, removing the takeover premium embedded in the shares. The collapse of a large-cap fintech takeover thesis produced the S&P 500's steepest decline and erased billions of dollars in equity value.

Sources: dated closing quote and volume · market capitalization and company classification · abandoned-takeover catalyst

Elastic N.V. (ESTC) +19.31%

Fiscal first-quarter results beat expectations and management delivered an upbeat outlook, including strong current remaining performance obligation growth. The session's standout liquid software winner held most of its earnings gap even as the broader technology sector declined.

Sources: dated closing quote and volume · market capitalization and company classification · earnings catalyst corroboration

Rubrik, Inc. (RBRK) -13.05%

Rubrik sold off after its quarterly report despite a beat-and-raise; investors focused on non-GAAP gross margin falling sequentially to 81.0%. The sharp sell-the-news response showed that margin quality outweighed headline revenue growth for a highly valued cybersecurity company.

Sources: dated closing quote and volume · market capitalization and company classification · primary-filing-verified earnings and gross-margin catalyst

IREN Limited (IREN) -12.53%

Shares suffered a post-earnings selloff after IREN's fiscal fourth-quarter report, with investors reassessing the capital intensity and execution risk of its rapid AI-cloud expansion. IREN combined an earnings reaction, AI-infrastructure exposure and crypto sensitivity, generating more than $3 billion of closing-price dollar turnover.

Sources: dated closing quote and volume · market capitalization and operating-company classification · post-earnings catalyst corroboration

The Gap, Inc. (GAP) +12.94%

Second-quarter profit topped expectations and Gap raised its adjusted earnings and gross-margin outlook, reinforcing turnaround momentum at Old Navy and Gap. A double-digit earnings rally in a heavily watched apparel turnaround made Gap the clearest consumer-sector winner.

Sources: dated closing quote and volume · market capitalization and company classification · earnings and guidance catalyst

Workday, Inc. (WDAY) +5.76%

Workday beat fiscal second-quarter expectations, raised full-year subscription-revenue guidance and authorized a new $4 billion share-repurchase program. The stock reversed an initial negative post-earnings reaction and became the S&P 500's leading gainer, highlighting demand for higher-quality software.

Sources: dated closing quote and volume · market capitalization and company classification · primary-filing-verified earnings, backlog, guidance and buyback catalyst

Stock spotlight

Today’s detailed follow-up focuses on **Marvell Technology, Inc. (MRVL)**, the strongest verified editorial candidate from this slate.

_MacroShed Markets is informational analysis, not investment advice._