U.S. stock futures were trading lower on Friday morning after dissatisfying earnings reports from tech companies.
Dow Jones Industrial Average futures decreased by 3 points. Nasdaq-100 futures and S&P 500 futures were also trading in negative territory.
Shares of Intel lost more than 8% hours after a weaker-than-anticipated sales report. The semiconductor firm blamed an industry-wide chip shortage for missing its revenue.
Social media stocks also decreased in extended trading after Snap declared its advertising business decreased due to Apple’s privacy changes. Snap shares lost more than 21% while Twitter and Facebook each lost more than 4% after hours.
Investors digested a slide of corporate earnings reports.
Companies are posting strong profits till now in this third-quarter reporting season in spite of supply chain and inflation headwinds.
Victoria Fernandez, Chief Market Strategist at Crossmark Global Investments said, “In a quarter where we thought things would slow down and there was concern about what profit margins were going to look like, these companies are still doing well.”
Investors are waiting for earnings reports on Friday from companies including American Express, Schlumberger, Honeywell, and Cleveland-Cliffs.