Stock Market Today: S&P500 snaps record run as Intel brings pain for tech

investing.com:

Investing.com — The S&P500 slipped Friday, ending its five-day record run, though still ended the week in positive even as Intel's slump left a dent in big tech.

By 16:00 ET (20:00 GMT), the Dow Jones Industrial Average was up 60 points, or 0.2%, the S&P 500 fell 0.1%, while the Nasdaq Composite fell 0.4%.

Tech giant Intel (NASDAQ:INTC)'s disappointing first-quarter guidance sent shares of the chipmaker 12% lower and pressured tech stocks.

While Inte's guidance miss was a negative, there was some reason for optimism, Deutsche Bank said, as the weakness wasn't in Intel's core PC and datacenter business and management touted a return to growth this year.

«Intel expressed significant confidence in quarter-on-quarter and year-on-year revenue and EPS growth returning for the remainder of 2024,» Deutsche Bank added.

As well as Intel's dump, chip stocks were also dealt a blow by a more than 3% decline in Western Digital Corporation (NASDAQ:WDC) despite the memory chip maker's better-than-expected quarterly results and guidance.

The «core» personal consumption expenditures price index, which is the Fed's preferred inflation guage and excludes volatile items like food and fuel, slowed to a 2.9% pace in December, from 3.2% a month earlier, below economists' estimates of 3%.

Further signs of slowing in inflation will likely be welcomed at the Fed as they prepared for the next policy meeting slated for Jan. 30-31.

Consumer spending, which makes up the bulk of economic growth, surprised to the upside, rising 0.7%, well above estimates for a 0.4% rise, underpinning ongoing optimism the Fed's measures to cut inflation are unlikely to push the economy into severe recession.

The earnings season continued Friday, with T-Mobile US