Tech stocks weigh on Wall Street after weak Intel results

- 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.

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