Wall Street set to slide as IBM, Intel tumble after results

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In this news, we discuss the Wall Street set to slide as IBM, Intel tumble after results

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(Reuters) – Major Wall Street indices looked set to open lower on Friday after hitting record highs, as shares of blue-chip tech stalwarts Intel and IBM fell after their quarterly results.

IBM Corp fell 8.2% and was the biggest loser among Dow’s pre-release components after missing quarterly revenue estimates, penalized by a rare decline in sales of its software unit.

Intel Corp lost around 5%, with post-earnings comments from new CEO Pat Gelsinger suggesting the lack of a strong membership in outsourcing.

The S&P 500 and Nasdaq ended at an all time high on Thursday thanks to optimism about continued pandemic aid under the Biden administration.

“The near-term momentum (in the stock markets) is likely to continue,” said Mark Heppenstall, chief investment officer at Penn Mutual Asset Management in Horsham, Pennsylvania.

“Obviously, with the Fed in the gas market, and with a likely fiscal stimulus in some additional form in the near term, you have a feeling there is still a lot of liquidity in the market.”

The Senate Finance Committee will vote on Friday to appoint Janet Yellen as Secretary of the Treasury, a first litmus test of bipartisan support for President Joe Biden’s ambitious plans for coronavirus relief, infrastructure investments and increases taxes.

Biden proposed a $ 1.9 trillion coronavirus relief plan and pledged to invest $ 2 trillion in infrastructure, green energy projects, education and research. Some Republicans have expressed concerns about its price.

As of 8:20 a.m. ET, Dow E-minis were down 244 points, or 0.79%, S&P 500 E-minis, 28 points, or 0.73%. The Nasdaq 100 E-minis lost 83.5 points, or 0.62%.

Breakthroughs in COVID-19 vaccines have propelled the three major U.S. stock indexes to record highs. The S&P 500 has climbed more than 14% since the November 3 election, led by gains in cyclicals such as energy and banks as well as small-cap stocks.

However, with valuations approaching levels last seen during the Dotcom era, many investors are hedging against possible market turbulence that could erupt if surprise issues hit the U.S. rollout of COVID-19 vaccines.

Investors will also follow IHS Markit’s flash readings on manufacturing and services PMIs for January. Both are expected to slip due to the pandemic restrictions across the country.

Energy stocks Chevron Corp, ExxonMobil Corp, Conocophillips, Marathon Oil Corp and shale player Occidental Petroleum Corp slipped between 1.8% and 3.7%, reflecting weakness in oil prices as the rise in oil prices. new cases of coronavirus in China has affected the outlook for oil demand. [O/R]

Schlumberger NV, the world’s largest supplier of petroleum services, has joined with its competitors in predicting a steady recovery in the petroleum industry this year. Its shares, however, fell 2.4%, following weakness in the sector as a whole.

Reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Anil D’Silva and Saumyadeb Chakrabarty

Original © Thomson Reuters

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