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Amazon ( AMZN ) slides after posting revenue forecasts below

estimates

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Intel ( INTC ) tumbles on downbeat Q3 revenue forecast

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Chevron ( CVX ) down after Q2 profit miss

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Block rises after annual forecast uplift

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Futures down: Dow 0.88%, S&P 500 1.03%, Nasdaq 1.52%

(Updated at 6:56 a.m. ET/1056 GMT)

By Ankika Biswas and Shubham Batra

Aug 2 (Reuters) -

Futures fell sharply on Friday after Amazon ( AMZN ) and Intel ( INTC )

presented downbeat forecasts as concerns over the health of the

U.S. economy lingered, while investors awaited a crucial jobs

report for clues on the labor market.

Amazon.com ( AMZN ) slumped 8.2% in premarket trading after

the company reported slowing online sales growth in the second

quarter and said cautious consumers were seeking out cheaper

purchase options.

Intel ( INTC ) tumbled 20.5%, set for its biggest fall in 24

years after forecasting third-quarter revenue below estimates

and suspending its dividend, starting in the fourth quarter.

Other chip stocks such as Nvidia ( NVDA ), Qualcomm ( QCOM )

, Broadcom ( AVGO ), Micron Technology ( MU ) and Arm

Holdings dropped between 0.6% and 4.0% and were set to

extend Thursday's losses.

Apple ( AAPL ) inched 0.9% higher as it posted

better-than-expected third-quarter iPhone sales and forecast

more gains, betting on AI to attract buyers.

Other megacaps such as Microsoft ( MSFT ) and Alphabet

dropped 1.8% each. Meta edged 0.5% lower

after soaring on Thursday after upbeat results.

Concerns around the dominance of the "Magnificent Seven"

group of stocks persist as earnings from most of these Big Tech

companies have failed to enthuse investors, underscoring the

narrative of their valuations being inflated.

Wall Street's "fear gauge" breached the long-term

average level of 20 points for the first time since mid April.

All eyes will be on the nonfarm payrolls reading at 8:30

a.m. ET for further signs that the U.S. labor market is easing.

The data is expected to show nonfarm payrolls increased by

175,000 jobs in July, according to LSEG, after advancing by

206,000 jobs in June.

At 6:56 a.m. ET, Dow e-minis were down 358 points,

or 0.88%, S&P 500 e-minis were down 56.5 points, or

1.03%, and Nasdaq 100 e-minis were down 290 points, or

1.52%.

The Nasdaq 100 futures were trading 10% below its

record closing high, while the tech-heavy Nasdaq Composite

ended nearly 8% below its own all-time closing level in

July.

All the three major indexes kicked off August with steep

declines on Thursday after a round of economic data spurred

fears of a faster-than-expected economic slowdown, with the U.S.

Federal Reserve maintaining a restrictive monetary policy.

"Thursday's (market) move appeared to reflect growing

concerns about the U.S. economy, and in particular about the

labor market," said Ben Snider, equity strategist at Goldman

Sachs.

"Although, it looked more like a recalibration of growth

expectations than an indication of extreme economic pessimism."

The benchmark S&P 500, the tech-heavy Nasdaq

and the blue-chip Dow are on track to log losses for the

week in which the Fed opened the door to a September

interest-rate cut.

Among other movers, Snap lost 17.3% after

forecasting current-quarter results below expectations, while

payments firm Block climbed 4.4% after raising its

forecast for annual adjusted core earnings and unveiling a $3

billion buyback plan.

Chevron Corp ( CVX ) slid 0.3% after the oil giant missed

estimates for second-quarter profit, hurt by weak refining

margins, while Exxon Mobil ( XOM ) rose 1.3% after posting a

better-than-expected $9.2 billion second-quarter profit.

Of the 342 S&P 500 companies that have reported earnings for

the quarter, 79.2% beat expectations, according to LSEG data.