Dow Jones Futures: Intel, Google News Hits These Tech Titans; Coronavirus Stock Market Rally Stalls On Gilead Remdesivir Data

Dow Jones futures erased overnight losses Friday, along with S&P 500 futures and Nasdaq futures, but weak Intel (INTC) guidance and Google (GOOGL) spending curbs hurt several tech giants. On Thursday, the coronavirus stock market rally erased big gains on negative news about the Gilead Sciences (GILD) drug remdesivir in treating Covid-19 patients.


Intel earnings and sales growth accelerated in Q1, but the Dow Jones chip giant guided low on Q2 EPS. Intel stock sold off in extended trade. Meanwhile, the Intel earnings report also nicked IBD Leaderboard members AMD stock and Nvidia stock, though Microsoft stock turned higher.

Intel competes against Advanced Micro Devices (AMD) in PC chips and against AMD and Nvidia (NVDA) in chips for data centers. Intel’s comments about PC demand are important for Microsoft (MSFT), even though cloud-related offerings have fueled revenue growth and MSFT stock in recent months.

Microsoft stock, AMD stock and Nvidia stock also are IBD 50 components.

Meanwhile, Google reportedly plans to slash its marketing budget in half for the second of 2020 and is instituting a hiring freeze, reflecting the coroanvirus recession worldwide. That’s according to CNBC, citing internal Google documents. Google parent Alphabet fell 1% before the open, paring overnight losses. Facebook stock edged lower. Google and Facebook (FB) earnings are due next week

Finally, Zoom Video Communications (ZM) will join the Nasdaq 100 on April 30. Zoom will replace Willis Towers Watson (WLTW), which is merging with Aon (AOC). Zoom Video stock rose modestly before the open after soaring to a record high on Thursday.

Dow Jones Futures Today

Dow Jones futures rose 0.2% vs. fair value, erasing overnight losses. S&P 500 futures climbed 0.3%. Nasdaq 100 futures were flat after falling more than 1% overnight. Intel stock and Microsoft stock are Dow Jones, S&P 500 and Nasdaq composite components. AMD stock, Nvidia stock, Facebook stock and Google stock are S&P…

Source Link