Top Stock Movers Now: Intel, Qorvo, Rivian, and More

U.S. equities rose at midday Friday ahead of the long Martin Luther King Day holiday on renewed optimism that lower inflation will lead to more Federal Reserve interest-rate cuts. The Dow Jones Industrial Average, S&P 500, and Nasdaq all gained at least 1%.

Intel (INTC) shares jumped on a report that one of the biggest U.S. chipmakers may be a takeover target.

Shares of another semiconductor manufacturer, Qorvo (QRVO), soared on word that hedge fund Starboard Value took a 7.7% stake in the firm.

Rivian Automotive (RIVN) shares were up after the electric vehicle (EV) maker finalized an up to $6.6 billion federal loan to build a factory in Georgia.

Meanwhile, J.B. Hunt Transport Services (JBHT) was the worst-performing stock in the S&P 500 Friday after the shipping firm missed profit and sales estimates on lower volumes as the freight industry continued to struggle.

Shares of State Street (STT) fell on concerns about the financial firm's full-year outlook.

Vistra (VST) shares lost ground when the power provider's battery storage facility in Northern California, which the company claims is the world's largest, caught fire.  

Oil futures declined. Gold prices were up. The yield on the 10-year Treasury note was little changed. The U.S. dollar gained against the pound, euro, and yen. Most major cryptocurrencies traded higher.