All three major US stock indexes were down in late-morning trading Thursday, as investors waited for more information on President Donald Trump's tariffs.

In company news, Marvell Technology (MRVL) late Wednesday reported fiscal Q4 non-GAAP net income of $0.60 per diluted share, up from $0.46 a year earlier and above the consensus estimate of analysts surveyed by FactSet calling for $0.59. Fiscal Q4 revenue was $1.82 billion, up from $1.43 billion in the year-ago period and above the FactSet consensus of $1.80 billion. The company expects fiscal Q1 non-GAAP EPS to be in a range of $0.56 and $0.66 and revenue 5% on either side of $1.88 billion. Analysts expect $0.60 and $1.87 billion, respectively. Marvell shares were down 17.5% around midday.

Alibaba (BABA) said Thursday on X it has launched QwQ-32B, an artificial intelligence reasoning model developed by its AI unit Qwen. QwQ-32B features 32 billion parameters and delivers performance comparable to DeepSeek's R1 model, Qwen said. Alibaba shares were down 0.6%.

Kroger (KR) reported fiscal Q4 adjusted earnings Thursday of $1.14 per diluted share, down from $1.34 a year earlier but above the FactSet consensus estimate of $1.11. Fiscal Q4 sales were $34.31 billion, down from $37.06 billion a year earlier and below the FactSet consensus of $34.57 billion. The company expects fiscal 2025 adjusted diluted EPS of $4.60 to $4.80. Kroger shares were up 3.5%.

Boeing (BA) Chief Executive Kelly Ortberg warned workers that Trump's tariffs risk disrupting supply chains and driving up costs for certain parts sourced from Canada, like landing gear, Bloomberg reported Thursday, citing a video of the CEO's company-wide address it obtained. Boeing shares were down 0.7%.

Macy's (M) reported fiscal Q4 adjusted earnings Thursday of $1.80 per diluted share, down from $2.24 a year earlier but above the FactSet consensus estimate of $1.54. Fiscal Q4 revenue was $8.01 billion, down from $8.38 billion in the year-ago period but above the FactSet consensus of $7.78 billion. The retailer said it expects fiscal 2025 adjusted diluted EPS of $2.05 to $2.25, while analysts polled by FactSet expect $2.29. Macy's expects 2025 net sales of $21 billion to $21.4 billion, compared to FactSet consensus expectations of $21.34 billion. Macy's shares were down 0.2%.

Price: 74.37, Change: -15.77, Percent Change: -17.50