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US stock futures dip as Intel plunges, geopolitical concerns linger
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US stock futures dip as Intel plunges, geopolitical concerns linger
Mar 11, 2026 1:28 AM

Jan 23 (Reuters) - U.S. stock futures dipped on Friday, signaling a second consecutive week of declines for the S&P 500 and Nasdaq, as Intel's ( INTC ) shares plunged after disappointing forecasts, while lingering geopolitical tensions weighed on sentiment.

Stocks have rebounded in the past two sessions following Tuesday's sharp selloff triggered by U.S. President Donald Trump's threats ‌to impose tariffs on European allies until Washington was allowed to buy Greenland.

Although Trump later backed off from tariff threats and ​ruled out taking Greenland by force, the benchmark S&P 500 and the tech-heavy Nasdaq still ‍look set to end the week with losses.

Safe-haven gold rallied to a ⁠record high in further ⁠evidence of the risk-off mood prevailing among investors. [GOL/]

By 5:57 a.m. ET, S&P 500 E-minis were down 16.25 points, or 0.23%. ‌Nasdaq 100 E-minis fell 91 points, or 0.35%, and ​Dow E-minis dropped 117 points, or 0.24%

Intel's ( INTC ) shares slid 13.6% in premarket trading after the chipmaker forecast quarterly revenue and profit below market estimates, saying ⁠it struggled to satisfy demand for its server ‍chips used ​in AI data centers. Its shares have surged about 50% since the start of the year.

Many of the so-called Magnificent Seven stocks, including Apple, Tesla and Microsoft, are set ‍to report earnings next week. Given their weightage on indexes, their outlooks will be closely watched to see how much juice remains in the growth stories which so far have justified their sky-high valuations.

Driven by a strong U.S. economy and expectations of interest rate cuts this year, market gains have broadened beyond the megacap names to other pockets in the stock market. ​Both the ‍small-cap Russell 2000 and the Dow Jones Transports indexes touched record highs on Thursday.

After some better-than-expected economic data releases on Thursday, investors await the S&P Global's business activity ​surveys for January and University of Michigan's consumer sentiment data later in the day.

The Federal Reserve is widely expected to hold interest rates in the 3.5%-3.75% range after its policy meeting next week.

Trump, who has criticized Jerome Powell for waiting too long to cut interest rates, said he will soon announce his pick for the next Fed chair.

Among other movers, Intuitive Surgical rose 3.7% after it beat Wall Street estimates ​for fourth-quarter profit and revenue on growing demand for its surgical robots used in minimally invasive procedures.

U.S.-listed shares of silver miners such as Hecla Mining and Coeur Mining rose 2% and 0.7%, respectively, as silver prices touched record highs ‍and neared $100-per-ounce mark for the first time.

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