Stocks Succumb to Profit-Taking as August Winds Down

Stocks are lower across the board, with profit-taking in play even as the PCE report -- the Fed's preferred inflation gauge -- met estimates. Meanwhile, the University of Michigan's consumer sentiment survey showed a dip in sentiment for August, month-on-month. The Dow Jones Industrial Average (DJIA) and Nasdaq Composite (IXIC) are both off by triple digits at last check, with Nvidia (NVDA) a notable laggard. The S&P 500 Index (SPX) is notably in the red as well, with each major index poised to snap a three-day win streak. Despite all three sliding into the red for the week, the Dow, SPX, and Nasdaq are all heading for monthly wins.

Continue reading for more on today's market, including:

• Beverage giant just keeps climbing.
• Tech stock suffers post-earnings bear gap.
• Plus, ULTA options buzz; Affirm earnings impress; and Marvell stock in the red.

Ulta Beauty Inc (NASDAQ:ULTA) is getting attention in the options pits today. At last check, 17,000 calls have changed hands, volume that's 18 times the average intraday amount. The weekly 8/29 527.50-strike call is the most popular, with new positions being bought to open. ULTA is down 5.6% to trade at $500.97, pivoting into the red at the open despite the cosmetics retailer reporting an earnings triple play. The stock is up 15% year to date despite today's pullback, with support stepping up at its 50-day moving average.

Affirm Holdings Inc (NASDAQ:AFRM) stock is trying to prop up the Nasdaq today, last seen up 12.4% to trade at $89.90 after the 'buy now, pay later' fintech company reported a top-line beat for the second quarter. No fewer than eight brokerages hiked their price targets in response, the highest coming from Jefferies to $110 from $95. Affirm stock is now 51% higher in 2025 and up 121% year to date.

Marvell Technology Inc (NASDAQ:MRVL) is dragging the tech hardware sector today, last seen down 17.1% to trade at $64.02. Despite earnings and revenue beating estimates for the second quarter, a lackluster third-quarter guidance and data center outlook is weighing. No fewer than 11 brokerages have issued price-target cuts in response, the worst coming from Melius Research to $70 from $76. MRVL is now nursing a 42% deficit in 2025.