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Nasdaq futures edge lower after Intel's margin warning

Nasdaq futures edge lower after Intel's margin warning

10/22/2021 3:20:00 PM

Nasdaq futures edge lower after Intel's margin warning

Nasdaq futures edged lower on Friday after chipmaker Intel warned of lower profit margins, while Snap Inc led declines among social media firms after flagging a hit to digital advertising from privacy changes by Apple.

Supply chain worries, inflationary pressures and labor shortages have been at the center of third-quarter earnings season, with analysts expecting S&P 500 earnings to rise 33.7% year-on-year, according to data from Refinitiv.Some analysts, however, said such worries will only have a temporary impact on earnings from mega-cap technology and communications companies this reporting season.

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"Intel also produced less than stellar results. Shorting big-tech has been a good way to lose money in the past two years, and I expect only a temporary aberration," wrote Jeffrey Halley, senior market analyst, Asia Pacific at OANDA in a client note.

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