[NEWS] Tech stocks weigh on Wall Street after weak Intel results – Loganspace AI

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[NEWS] Tech stocks weigh on Wall Street after weak Intel results – Loganspace AI


(Reuters) – U.S. stocks edged lower on Friday as know-how shares had been hit by Intel’s dour results, whereas merchants assessed info that showed home boost modified into boosted by temporary components in the main quarter.

FILE PHOTO: Traders work on the floor at the Contemporary York Stock Replace (NYSE) in Contemporary York, U.S., April 24, 2019. REUTERS/Brendan McDermid

The Commerce Department said miserable home product elevated at a 3.2 p.c annualized fee, lifted by alternate and the finest accumulation of unsold items since 2015, components which can perchance perchance well be seemingly to reverse in the approaching quarters.

Nonetheless, user and business spending slowed sharply, and investment in homebuilding shriveled for a fifth straight quarter, giving the document a previous tone.

“In most cases GDP modified into exact, but in case you gape at inner most consumption, it is perhaps telling the Fed to cease aid exact now on account of there’ll not be any longer a exact signal of inflation choosing up exact now,” said Tom Plumb, president of Plumb Funds in Madison, Wisconsin.

“The markets are unruffled shopping for alternatives, though it is miles quiet cautious on account of there are moderately plenty of of us thinking the financial system is going to roll over and we’re conclude to all-time highs.”

The S&P 500 is now about 0.5% away from its file excessive hit in slack September, boosted by hopes of a U.S.-China alternate resolution, a dovish Federal Reserve and a largely certain first-quarter earnings season.

Near to 78% of the 178 S&P 500 firms which maintain reported earnings so a long way maintain surpassed estimates, in accordance with Refinitiv info.

Analysts now quiz earnings to claim no 0.3% from a year earlier, a nice boost from the 2.3% topple forecast firstly of April.

Intel Corp slumped 9.9% after it lower its paunchy-year earnings forecast and missed quarterly sales estimate for its key info center business.

Its results hit different chipmakers. The Philadelphia chip index tumbled 1.65%, whereas the broader know-how sector fell 0.82%.

Offering toughen to markets modified into Walt Disney Co, which rose 1.5% after Marvel Studios superhero spectacle “Avengers: Endgame” hauled in a file $60 million at U.S. and Canadian field areas of work at some stage in its Thursday evening debut.

Their shares drove a 0.25% bag in the user discretionary sector.

At 10:58 a.m. ET the Dow Jones Industrial Moderate modified into down 17.60 components, or 0.07%, at 26,444.48, the S&P 500 modified into down 0.47 components, or 0.02%, at 2,925.70 and the Nasdaq Composite modified into down 21.01 components, or 0.26%, at 8,097.67.

The energy sector fell 1.90%, basically the most among the three S&P sectors in the red, weighed down by lower erroneous costs and Exxon Mobil Corp’s downbeat results.

Exxon declined 2.9% after its quarterly profit missed estimates on lower oil and fuel costs and weak point all the design in which via its businesses.

Ford Motor Co surged 10.3% and modified into the finest gainer on the S&P after the automaker posted better-than-anticipated quarterly earnings largely as a result of solid pickup truck sales in its core U.S. market.

Amazon.com Inc rose 0.6% after the e-commerce enormous reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services and products.

Mattel Inc jumped 7.7% after the toymaker beat analysts’ estimates for quarterly earnings, as a more various fluctuate of Barbie dolls powered sales in the United States.

Advancing components outnumbered decliners by a 1.65-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq.

The S&P index recorded 23 fresh 52-week highs and two fresh lows, whereas the Nasdaq recorded 40 fresh highs and 27 fresh lows.

Reporting by Sruthi Shankar and Amy Caren Daniel in Bengaluru; Editing by Anil D’Silva and Shounak Dasgupta