Stocks Rise as Oil Prices Cool, Intel Beats Earnings Estimates
The stock market is set to open on Friday after a punishing sell-off sparked by AI spending fears and soaring oil prices. The Dow Jones Industrial Average is on track to finish lower for the third straight week, but stock futures are higher this morning as investors look to recover.
Intel stock rose 3% after the chipmaker's earnings blew past estimates, with adjusted earnings of 42 cents per share nearly double analyst estimates. Sales grew 25%, their fastest pace since 2011, to $16.1 billion, exceeding estimates by nearly $2 billion.
However, SpaceX shares fell 1% in premarket trading after it delayed the thirteenth test flight of its Starship rocket for the second time in a week. The mega-cap tech stocks stabilized after suffering one of their worst days in more than a year on Thursday, with Microsoft and Tesla both up 1% in early trading.
American Express shares slid over 3% after the credit card provider reported mixed quarterly results, but raised its full-year revenue growth guidance to 10% from a range of between 9% and 10%. Oil prices cooled on Friday morning, with Brent sliding nearly 3% to less than $98 a barrel.