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US pre-open: Futures point higher after Intel, Twitter and Snap results

By Alexander Bueso

Date: Friday 23 Jul 2021

US pre-open: Futures point higher after Intel, Twitter and Snap results

(Sharecast News) - US stock market futures are pointing to a higher start at the end of the week despite mixed second quarter results from Intel and Twitter overnight.
As of 1116 BST, futures on the Dow Jones Industrials were rising by 150 points to 34,859.0, alongside a 20.75 point jump in those for the S&P 500 to 4,380.25.

Nasdaq-100 futures meanwhile were up by 77.0 points at 15,005.50.

US 10-year Treasury yields and the dollar were both edging higher in the background.

Intel trounced analysts' estimates for the second quarter overnight.

The chip-making giant posted a 2.0% rise in sales to $18.5bn (consensus: $17.8bn) for net income, excluding one-offs, of $5.2bn and earnings per share of $1.28 (consensus: $1.07).

But its third quarter guidance for sales fell short amid ongoing concerns around the company's loss of market share in the market for server chips, sending Intel's shares down by 2% in pre-market trading.

Stock in Twitter on the other hand are jumping by 6% before the opening bell after the social media platform surprised investors with its second quarter figures for new users and advertising sales.

Snap shares are being bid 17% higher alongside after announcing that second quarter sales more than double resulting in a big beat on its bottom line.

On the economic side of things, IHS Markit was set to publish its manufacturing and services sector Purchasing Managers' Indices for July at 1445 BST.

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