Tech stocks weigh on Wall Street after weak Intel results

  • 📰 Reuters
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

U.S. stocks edged lower on Friday as technology shares were hit by Intel's ...

- U.S. stocks edged lower on Friday as technology shares were hit by Intel’s dour results, while investors assessed data that showed domestic growth was boosted by temporary factors in the first quarter.

However, consumer and business spending slowed sharply, and investment in homebuilding contracted for a fifth straight quarter, giving the report a weak tone. The S&P 500 is now about 0.5% away from its record high hit in late September, boosted by hopes of a U.S.-China trade resolution, a dovish Federal Reserve and a largely positive first-quarter earnings season.

Intel Corp slumped 9.9% after it cut its full-year revenue forecast and missed quarterly sales estimate for its key data center business. The energy sector fell 1.90%, the most among the three S&P sectors in the red, weighed down by lower crude prices and Exxon Mobil Corp’s downbeat results. Amazon.com Inc rose 0.6% after the e-commerce giant reported quarterly profit that doubled and beat estimates on soaring demand for its cloud and ad services.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Intel stock plummets on disappointing earnings outlook as new CEO takes ‘a more cautious view’Intel Corp. shares dropped in the extended session Thursday after the chip giant’s outlook fell way below Wall Street estimates offsetting an earnings beat. Still smile . No worry next time
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks making the biggest moves premarket: Amazon, Intel, Ford, Qorvo, Mattel & moreSome of the names on the move ahead of the open. What happens when rental car companies no longer need cars in 2019 because they already bought so many at steep discounted prices? I have an answer - F stock will tank like a brick. smokeandmirrors realeconomy Whatever happened to Ken?
Source: CNBC - 🏆 12. / 72 Read more »