Warnings Woes Weighing
A warning from Intel and a moderately robust February employment report have
stocks leaning into negative territory Friday.
Non-farm payrolls grew by 135,000 in February and the average hourly wage
increased by 0.5%, both of which were higher than expected, and
unemployment held steady at 4.2%.
Analysts had expected the unemployment rate to hold steady at 4.2%, hourly wages to rise by 0.3%, and 88,000 new jobs to have been
created.
The Nasdaq futures are down 55 points, and the Dow futures are down 70
points.
The S&Ps look to open down 11 while the yield on the 10-year Treasury is
4.91%.
Friday Movers
Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating) warning is weighing on tech Friday, although the stock is
trading off earlier-morning lows. Intel closed Thursday at 33 1/4 and is
currently trading down to 30 13/16 in pre-market activity.
Other chips are feeling the Intel effect, as Novellus
(
NVLS |
Quote |
Chart |
News |
PowerRating) and Applied
Materials are each down a little over a dollar. Novellus closed Thursday at 46
1/4 and is trading down to 45 while AMAT is trading at 49 following a close of
50 5/16.
Wireless play RF Micro Devices
(
RFMD |
Quote |
Chart |
News |
PowerRating) also said slowing sales will
impact future earnings growth. RF Micro closed Thursday at 13 3/8 and is
currently trading down to 11 3/4 in pre-market activity.
Word that the SEC is looking into Amazon
(
AMZN |
Quote |
Chart |
News |
PowerRating) chairman Jeff Bezos’
stock trading is weighing on Amazon. The online retail giant is currently
trading down to 11 following a Thursday close of 11 11/16.