Wall Street trades mixed as Intel lifts sentiment; oil, Iran tensions remain in focus.
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U.S. stocks traded on a mixed note in early trading on Friday as investors attempted to steady their nerves after the previous session’s sharp technology-led selloff, while geopolitical tensions and inflation concerns remained firmly in focus.
In real-time trading at 9:32 a.m. EDT, the Dow Jones Industrial Average was up 68.08 points, or 0.13%, at 51,779.73, while the S&P 500 gained 9.21 points, or 0.12%, to 7,417.51. The Nasdaq Composite slipped 25.90 points, or 0.10%, to 25,111.80.
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The cautious rebound follows Thursday’s sharp decline, when the Dow fell more than 500 points, while the S&P 500 and Nasdaq posted their steepest one-day losses since June 23, weighed down by disappointing reactions to earnings from Tesla and Alphabet.
Intel offered some relief to investors after reporting second-quarter results that topped Wall Street expectations. The chipmaker’s shares rose about 3% in premarket trading after posting 25% revenue growth, its strongest quarterly expansion since the third quarter of 2011, according to CNBC.
Oil prices also retreated after a sharp rally earlier this week. Brent crude, which briefly climbed above $100 a barrel for the first time since late May, eased to around $97, while U.S. West Texas Intermediate crude traded above $89 a barrel.
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However, investors continued to monitor developments in the Middle East after U.S. President Donald Trump indicated he was weighing a significant escalation against Iran.
“I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it,” Trump told Axios. The comments came as U.S. Central Command completed a 13th consecutive night of strikes on Iranian targets.
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