US STOCKS-Nasdaq futures edge lower after Intel’s margin warning – Yahoo Finance
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* Futures: Nasdaq down 0.17%, Dow up 0.09%, S&P up 0.08%
By Shreyashi Sanyal
Oct 22 (Reuters) – Nasdaq futures edged decrease on Friday after chipmaker Intel warned of decrease revenue margins, whereas Snap Inc led declines amongst social media corporations after flagging Worthwhile to digital promoting from privateness modifications by Apple.
Intel Corp slid 10.3% in premarket buying and promoting As a Outcome of it missed third-quarter gross sales anticipateations, whereas its Chief Authorities pointed to scarcity of completely different chips holding again gross sales of The agency’s flagship processors.
Current chain worries, inflationary pressures and labor scarcitys have been On The center of third-quarter earnings season, with analysts anticipating S&P 500 earnings to rise 33.7% yr-on-yr, Based mostly on knowledge from Refinitiv.
Some analysts, however, said such worries will solely have A quick stayd influence on earnings from mega-cap know-how and communications corporations this reporting season.
“Intel additionally produced Lower than stellar end outcomes. Shorting huge-tech has been An excellent Method to lose money Prior to now two yrs, And that i anticipate solely A quick stayd aberration,” wrote Jeffrey Halley, senior market analyst, Asia Pacific at OANDA in a shopper notice.
Fb Inc fell 3.7%, whereas Twitter Inc misplaced 4.1% after Snap Inc said privateness modifications by Apple Inc on iOS models harm The agency’s capability To focus on and measure its digital promoting.
Snap plummeted 20.9% on the information and forged doubts over quarterly reviews subsequent week from Fb and Twitter, social media corporations that rely closely on promoting income.
Apple rose 0.2%. Other progress shares collectively with Tesla Inc , Microsoft Corp and Netflix Inc additionally rose, limiting declines on Nasdaq 100 e-minis.
At 6:47 a.m. ET, Dow e-minis have been up 33 factors, or 0.09%, S&P 500 e-minis have been up 3.5 factors, or 0.08%, and Nasdaq 100 e-minis have been down 26.75 factors, or 0.17%.
Mattel Inc jumped 8.2% after it raised its 2021 gross sales foreforged on Thursday, saying It’d overcome enterprise-broad delivery disruptions.
Honeywell Worldbroad Inc fell 2.1% after The financial conglomerate reduce its full-yr gross sales and adjusted revenue foreforged on international supply chain disruptions. (Reporting by Shreyashi Sanyal in Bengaluru; Modifying by Arun Koyyur)