This morning: ▪️ Wall Street futures were down with shares of Intel slumping in premarket trading after a weak forecast. ▪️ Major European markets saw slight gains in early trading. ▪️ TSX futures were modestly weaker. What else you need to know today:
Wall Street futures slipped early Friday with shares of Intel Corp. slumping in premarket trading after disappointing results and a weak forecast. Major European markets saw slight gains in early trading.In the early premarket period, Dow, S&P and Nasdaq futures were all underwater. All three saw a positive session on Thursday, with the S&P 500 and Nasdaq both closing up by more than 1 per cent. All three are on track for gains on the week.
On the corporate side, shares of Intel Corp. sank more than 9 per cent in premarket trading after fourth-quarter results. The company also cautioned first-quarter revenue would be short of analysts’ forecasts and said it expects to see a loss for the period. Crude prices were higher and looked set for a third week of gains in a row, helped by a positive reading on fourth-quarter U.S. GDP and continued optimism over China’s reopening.
“Another round of U.S. data supported the argument that this economy still could get a soft landing, which is very positive for the short-term crude demand outlook,” OANDA senior analyst Ed Moya said. Reuters reported that, in China, critically ill COVID-19 cases are down 72 per cent from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped by 79 per cent from their peak.
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