Tech Stocks Rally on Intel and SAP's Strong Earnings Reports

Equity futures showed modest gains on Friday morning as crude oil retreated, providing relief from inflation worries. Technology sector earnings took center stage, with multiple companies experiencing significant premarket volatility.

Intel (INTC) emerged as one of the session's top performers, rallying roughly 4.8% after delivering Q2 revenue of $16.1B, a 25% increase compared to the prior year period. The chipmaker exceeded consensus estimates for revenue, earnings per share, and gross margin metrics.

SAP (SAP) also saw significant gains, jumping 6.1%, after topping Q2 earnings expectations and delivering 24% cloud revenue growth. The company's cloud backlog increased 26% year-over-year, exceeding analyst forecasts.

Amkor Technology (AMKR) surged 9% on the announcement of a multi-year strategic alliance with Nvidia (NVDA), designed to strengthen domestic AI chip manufacturing capacity.