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Friday’s Market Wrap

The rally in chip stocks faltered Friday.

Intel shares sank after disappointing sales forecasts. The results cast a pall over semiconductor stocks more broadly, which had been on a tear over the last week.

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A wider resurgence in big tech stocks has helped deliver U.S. indexes to a series of new record highs. The S&P 500 was slipping in afternoon trading after a five-day streak of hitting new highs.

Intel (INTC): The chip maker gave a tepid outlook for sales in its current quarter, signaling further challenges for its self-driving and programmable-chip businesses. Shares slid around 12% and other chip stocks also declined.

Spirit Airlines (SAVE): The carrier’s shares tumbled after JetBlue Airways warned that it could end its attempted takeover.

American Express (AXP): Amex shares leaped 6% after the credit card company said robust consumer spending boosted its results last quarter and gave a strong earnings outlook for this year.

LVMH (FR: MC): The luxury giant’s 2023 sales topped analysts’ forecasts. Shares jumped roughly 13% in Paris; other European luxury alcohol and fashion stocks also rallied.

Visa (V): The credit card company reported a slowdown in U.S. payments volume growth in January, citing extreme weather conditions. Shares slipped nearly 2%.

T-Mobile (TMUS): The cell carrier continued to gain wireless customers last quarter, but earnings missed analysts’ estimates. The edged higher.

Western Digital (WDC): The data-storage company logged a narrower loss despite a slight dip in quarterly revenue. Western Digital stock fell more than 3%.


Image: Nasdaq