US: Stocks decline as Intel, IMB tumble

[NEW YORK] Wall Street stocks pulled back from records Friday following disappointing earnings reports from IBM and Intel, and as investors digested a spate of executive orders from US President Joe Biden.

Dow member IBM plunged more than 10 per cent as it reported another drop in quarterly revenue, while fellow blue-chip Intel shed nearly six per cent despite reporting better-than-expected results as the chipmaker faces calls to outsource its manufacturing operations. Analysts said the pullback was unsurprising following a heady run by the market since the November elections.The broad-based S&P 500 dipped 0.3 per cent to 3,842.07, while the tech-rich Nasdaq Composite Index was down a hair at 13,529.44. Both the S&P 500 and Nasdaq ended at records Thursday.

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