US equity futures were mixed in early Friday morning trading following disappointing earnings reports from tech companies.
The Dow Jones Industrial Average futures rose by only 18 points. Both S & P 500 futures and Nasdaq 100 futures were trading in the negative territory.
Intel shares have receded by more than 8% a few hours later. Sales report weaker than expected.. Semiconductor companies have blamed loss of revenue on chip shortages across the industry.
Social media stocks also fall After-hours trading after snapping Apple’s privacy changes said the advertising business has declined.. Snapshare fell by more than 21%, while Facebook and Twitter each fell by more than 4% after business hours.
In a regular session on Thursday, the S & P 500 set both a daytime high and a new record. The Broad Index rose 0.3% in seven consecutive positive sessions. The Nasdaq Composite rose 0.6%, while the Dow fell 6.26 points (0.02%).
Investors have digested many corporate earnings reports. Tesla shares closed Thursday with a 3% rise to support the S & P 500 and Nadak Composite.
Despite supply chain and inflation headwinds, companies have so far been making high profits in this third quarter reporting season. As of Thursday after the bell, 82.6% of the 101 S & P 500 members who reported their financial results exceeded earnings expectations, according to FactSet.
Victoria Fernandez, Chief Market Strategist at Crossmark Global Investments, said:
Strong employment data has also been added to positive market sentiment. Initial unemployed billing decreased The Ministry of Labor reported Thursday that it had fallen to a pandemic low of 290,000 last week. That’s down 6,000 from the previous week, below the 300,000 expected from economists surveyed by Dow Jones.
All three major averages are on track, rising for the third straight week and above the week. That month, all three indexes were up at least 5%.
Investors are waiting for Friday’s earnings reports from companies such as American Express, Honeywell, Schlumberger and Cleveland Cliff.
U.S. Equity Futures Mixed After Technology Revenues Leveled
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