From Nasdaq:

On Friday, the S&P 500 and Dow were quiet amid an in-line inflation print, which signified moderation in price pressures. This news overshadowed the earnings gloom from Intel’s dour revenue forecast. The U.S. Commerce Department’s report showed a rise in the personal consumption expenditure index, signaling a potential interest rate cut from the Federal Reserve.

Intel’s forecast of missing first-quarter revenue by over $2 billion resulted in a 12.1% drop in its stock, and losses of 1.6% to 2.2% in other chip stocks. This, along with Tesla’s growth warning, deepened concerns over the overvaluation of technology stocks.

Despite the negative forecast by Intel, the S&P 500 technology sector was the only one in the red with a 0.7% loss, marking its third straight week of gains. The S&P 500 closed at an all-time high for a fifth straight session on Thursday, reflecting strong fourth-quarter U.S. economic growth.

The S&P index recorded 26 new 52-week highs and no new lows, while the Nasdaq had 48 new highs and 28 new lows. Companies that have reported earnings so far have generally surpassed expectations, according to LSEG data.

The Dow was up 0.09%, the S&P 500 down 0.07%, and the Nasdaq down 0.21%. American Express added 7.1% as the credit card firm forecast a higher-than-expected annual profit, while Visa declined 2.1% after its tepid current-quarter revenue growth forecast.

The Fed nears its inflation target https://tmsnrt.rs/41mXvfr.
Intel stock underperforms AMD https://reut.rs/3u9ZfN0.



Read more: US STOCKS-S&P 500, Dow flat after inflation data; Intel’s bleak forecast weighs