Wall Street ticked modestly lower early today but remains on track to close out the opening week of earnings season with gains, according to the Associated Press. Futures for the S&P 500 and Dow Jones industrials each inched down less than 0.1% before the bell.
Intel tumbled more than 10% in premarket trading, dragging the entire chip-making sector along with it after issuing a weak first-quarter forecast. Intel said it expects to earn an adjusted 13 cents per share in the first quarter of 2024, well short of the 21 cents per share Wall Street had been expecting. The California company’s sales guidance also came in lower than projected.
In energy trading, benchmark U.S. crude declined 72 cents to $76.64 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, fell 63 cents to $81.33 per barrel.
In currency trading, the U.S. dollar inched up to 147.79 Japanese yen from 147.64 yen.
