S&P, Nasdaq futures inch up as Intel results ease trade worries

By Arjun Panchadar

(Reuters) – S&P 500 and Nasdaq futures edged higher on Friday as robust earnings from Intel helped ease worries about the impact of an ongoing trade war on chipmakers, but underwhelming results from Amazon.com hit sentiment.

Intel’s (O:) results and upbeat forecast also helped lift other chip stocks including Nvidia Corp (O:), Advanced Micro Devices (O:) and Micron Technology (O:), all of which took a beating earlier in the week from a revenue warning by sector proxy Texas Instruments (O:).

The benchmark S&P 500 index is set for its best week in six, while the Nasdaq is eyeing its biggest percentage gain in seven weeks after most high-profile companies reported rosy results.

Shares of Dow-component Verizon Communications Inc (N:) rose 1.3% as the U.S. wireless carrier beat analysts’ quarterly estimates for new subscribers who pay a monthly bill.

But a dour forecast for the crucial holiday shopping season from Amazon.com Inc (O:) sent shares of the e-commerce giant down 6.4%.

At 7:25 a.m. ET, were down 2 points, or 0.01%. S&P 500 e-minis were up 3 points, or 0.1% and were up 11.5 points, or 0.15%.

Investors are also eyeing economic indicators to assess the impact of the trade war on the domestic economy after data earlier this month showed a sharp contraction in U.S. manufacturing and a slowdown in the services sector.

A University of Michigan survey on consumer sentiment is expected at 10:00 a.m. ET.

Among other stocks, Visa Inc (N:) rose marginally after the world’s largest payment processor beat quarterly profit estimates, helped by growth in overall customer spending.

Apparel maker VF Corp (N:) fell 8% after reporting lower-than-expected second-quarter revenue, hurt by sluggish demand for its North Face and Vans brands.

The next round of high-profile earnings, due next week, includes Apple Inc (O:), Alphabet Inc (O:), Pfizer Inc (N:) and Merck & Co Inc (N:).

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