US stock futures slip on weak Intel guidance; PCE data due
Investing.com — U.S. stock futures traded lower Friday, with sentiment hit by disappointing guidance from chip manufacturer Intel as investors awaited the release of key inflation data.
By 06:15 ET (11:15 GMT), the Dow Futures contract was down 65 points, or 0.2%, S&P 500 Futures traded 9 points, or 0.2%, lower and Nasdaq 100 Futures dropped 105 points, or 0.6%.
The main U.S. averages posted gains on Thursday, and are on track for another winning week. The broad-based S&P 500 gained 0.5%, closing at a fresh all-time high, the Dow Jones Industrial Average gained 0.6%, while the tech-heavy Nasdaq Composite rose 0.2%, weighed by hefty losses from Tesla (NASDAQ:TSLA).
Thursday’s positive sentiment was largely generated by strong U.S. fourth-quarter economic growth data which bolstered hopes that the world's largest economy was on course for a soft landing.
However, a disappointing first-quarter revenue forecast from Intel (NASDAQ:INTC) after the market close on Thursday has caused this optimism to dissipate.
The semiconductor manufacturer said it expects to post revenue in its current three month period of $12.2 billion to $13.2 billion, a range that was well below Wall Street projections of $14.5 billion, according to LSEG data cited by Reuters.
Shares slumped over 10% premarket, setting the stock up for a roughly $20 billion fall in market value on Friday as things stand. Intel has been one of the best performing companies over the last year, with its stock up 75% during that period.
The earnings season continues Friday, with results due from the likes of consumer products group Colgate-Palmolive (NYSE:CL), transport firm Norfolk Southern (NYSE:NSC) and American Express (NYSE:AXP).
Amex rival Visa (NYSE:V) offered up tepid
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