Stocks dropped on Friday as investors assessed a number of largely underwhelming quarterly reports, one of which precipitously dropped the price of chipmaker Intel.
In response to its dismal fiscal first-quarter guidance, Intel saw a roughly 10% decline. Following the company’s release of low revenue and earnings per share projections for its fiscal third quarter, semiconductor stock KLA Corp fell more than 3%. Visa’s stock fell more than 2% on the credit card company’s announcement that U.S. activity is decreasing.
Nevertheless, a winning week is also anticipated by the main averages. The Dow is up 0.5%, but the S&P 500 is up 1.1%. Outperforming all three, the Nasdaq is expected to rise 1.3%.
The last six sessions have seen gains for the Nasdaq Composite and the S&P 500. For the fifth trading day in a row, the benchmark S&P 500 has closed at a record high—the longest such run since November 2021.
This week’s positive economic statistics helped stocks rise. Friday’s numbers were even more encouraging.
Source (CNBC)
