* Indexes mixed: Dow up 0.2%, S&P 500 down 0.1%, Nasdaq down

0.6%

* Intel ( INTC ) falls despite upbeat quarterly revenue, profit

forecast

* Verizon rises after lifting annual forecasts

(Updates for market open)

By Ragini Mathur and Avinash P

July 24 (Reuters) - The S&P 500 and Nasdaq fell on Friday

and headed for weekly losses, as worries over AI spending

overshadowed fresh corporate earnings, while investors also

weighed new tariffs and mounting risks from the Middle East war.

The S&P 500 and the Nasdaq were on track for

a second straight weekly loss, while the Dow was set for

a third consecutive week of declines.

Intel ( INTC ) added to this week's key earnings reports,

forecasting quarterly profit and revenue above Wall Street

estimates and outlining plans to increase spending over the next

two years. The chipmaker's shares fell 3.8% despite upbeat

results.

The broader semiconductor gauge, the Philadelphia SE

Semiconductor index, shed 3.1%.

Results from Alphabet and Tesla on

Thursdaydeepened concerns over AI spending, highlighting rising

capital spending and cash burn among major technology companies,

setting a cautious tone ahead of next week's earnings from

Microsoft ( MSFT ), Amazon ( AMZN ) and Meta.

"With AI remaining the dominant investment theme, markets

are becoming increasingly selective, rewarding strong execution

while showing less tolerance for elevated spending without a

clear path to returns," said Daniela Hathorn, senior market

analyst at Capital.com.

The real estate sector rose 2.3% and led the gains

on the benchmark index. However, losses in the heavyweight

information technology capped the advances.

Meanwhile, the Trump administration imposed new tariffs of

10% and 12.5% on goods from 60 trading partners, citing lax

enforcement of forced-labor bans. The move came as a temporary

10% global tariff expired.

Geopolitical risks were in focus after U.S. missiles struck

targets across Iran on Friday following President Donald Trump's

warning of "major military punishment" for Tehran and its Houthi

allies in Yemen.

Oil prices surged above $100 a barrel on Thursday as

investors reassessed the risk of a prolonged disruption to

energy supplies.

Despite prices easing on Friday, a sustained energy shock

could rekindle global inflation concerns and prompt central

banks to recalibrate monetary policy.

The Federal Reserve is due to meet next week, with markets

pricing in a roughly one-in-three chance of a rate hike, up from

12% a week earlier, according to CME's FedWatch tool.

Investors will also watch next week's PCE data, the Fed's

preferred inflation gauge, due a day after the policy decision.

At 09:57 a.m. the Dow Jones Industrial Average rose

93.49 points, or 0.18%, to 51,805.14, the S&P 500 lost

6.65 points, or 0.09%, to 7,401.65 and the Nasdaq Composite

lost 155.55 points, or 0.62%, to 24,982.14.

Data showed that activity in the U.S. services sector

accelerated in July, aided in part by spending around the FIFA

World Cup and the Independence Day holiday, while the pace of

growth in the manufacturing sector eased to the slowest since

March.

Among others, Verizon added 2.8% as the network

provider raised its annual forecast for adjusted profit and free

cash flow.

Advancing issues outnumbered decliners by a 1.75-to-1 ratio

on the NYSE, while declining issues outnumbered advancers by a

1.1-to-1 ratio on the Nasdaq.

The S&P 500 posted five new 52-week highs and three new

lows, while the Nasdaq Composite recorded 30 new highs and 79

new lows.