Nasdaq 100 futures slid on Thursday evening after Intel issued an outlook that fell short of Wall Street’s expectations.
Futures linked to the tech-heavy index shed 0.5%. S&P 500 futures dropped 0.2%, while Dow Jones Industrial Average futures slipped 81 points, or 0.2%.
In after-hours trading, Intel’s stock price sunk 10% after the chip manufacturer posted disappointing fiscal first-quarter guidance for the top and bottom lines. Semiconductor stock KLA Corp slid more than 5% after the company posted light revenue and earning per share guidance for its fiscal third quarter.
During the regular session, the S&P 500 leapt to a fresh all-time high. The broad market index and the Nasdaq Composite posted gains for the sixth straight day and overcame significant drag from Tesla shares, which slumped more than 12%. The S&P 500 advanced 0.5%, and the Nasdaq ticked up by 0.2%, while the Dow added 0.6%.
The major averages are also tracking for a winning week. The S&P 500 is up 1.1%, while the Dow has added 0.5%. The Nasdaq is the outperformer of the three, pacing for a 1.3% jump.
Stocks’ steady gains were buoyed by encouraging economic data released on Thursday. Gross domestic product data revealed higher-than-expected economic growth in the fourth quarter, piling onto investors’ hopes that the economy has avoided a deep recession.
Additional inflation data is on deck, with December’s personal consumption expenditures price index due Friday morning. The PCE is a preferred inflation gauge for the Federal Reserve, and the outcome could inform the central bank’s upcoming policy decision. Economists polled by Dow Jones expect that core PCE prices gained 3% in December on a year-over-year basis.
Companies reporting earnings on Friday include Norfolk Southern, Colgate-Palmolive and American Express.
