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U.S. stock futures were mixed Friday with the major averages on track to open near all-time highs as disappointing results from Intel and Snap weighed on technology.
Dow Jones Industrial Average futures rose 51 points, or 0.14%, while S&P 500 futures ticked up 0.08% and Nasdaq 100 futures dipped 0.19%. The choppy session comes a day after the S&P closed at a record high as the Dow and the Nasdaq ended within 1% of their own peaks.
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In stocks, Intel Corp.’s revenue missed Wall Street estimates as the global chip shortage resulted in weaker sales of its processors. The company warned of lower margins for the next several years as it looks to roll out several generations of chipmaking technology by 2025.
Snap Inc. shares were sharply lower after quarterly revenue fell short of analysts’ estimates as changes to Apple’s privacy settings had an adverse impact on the social media company’s advertising business.
The results weighed on other social media companies, including Facebook Inc. and Twitter Inc., as investors feared Apple’s changes may similarly impact their results.
Elsewhere, Honeywell International Corp. slashed its full-year sales and profit forecasts amid concerns supply chain bottlenecks would pressure its business. Both earnings and revenue for the most recent quarter topped expectations.
Chipotle Mexican Grill Inc. said higher menu prices boosted same-store sales. The burrito chain has raised prices three times since August 2020 in an effort to offset rising labor, freight and input costs.
Whirlpool Corp. said supply chain disruptions are likely to persist well into next year and that the supply of dishwashers, refrigerators and other appliances will remain constrained amid a period of strong consumer demand.
American Express Co. beat on both the top and bottom lines as consumer spending continued to bounce back after the easing of COVID restrictions.
In commodities, West Texas Intermediate crude oil jumped 58 cents to $83.08 a barrel while gold climbed $11.40 to $1,793.30 an ounce.
Overseas markets were mostly higher after Chinese real estate developer Evergrande made an unexpected interest payment.
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European bourses rallied across the board with Britain’s FTSE 100 advancing 0.57%, Germany’s DAX 30 adding 0.76% and France’s CAC 40 gaining 1%.
In Asia, Japan’s Nikkei 225 edged up 0.34% and Hong Kong’s Hang Seng index rose 0.42% while China’s Shanghai Composite slipped 0.34%.
