Nvidia Corp.’s stock was among the many semiconductor stocks moving lower in Thursday morning action, in the wake of Marvell Technology Inc.’s earnings report which has put a further dent in the artificial-intelligence trade.

The latest earnings beat Wall Street’s estimates, but the company’s outlook was roughly in line with expectations.

German stocks rallied 1.5% as the market continues to feel reverberations from an agreement by the two parties that will form the country’s next government to loosen constitutional limits on borrowing. It’s a major turnaround in German budget policy and opens the way for new borrowing and spending over the next decade.

U.S. stocks climbed after President Donald Trump pulled back on some of his tariffs, raising hopes he may avoid a worst-case trade war that grinds down economies and sends inflation higher.