HomeFinancial MarketsGlobal Stocks Stumble Following Gloomy Intel Earnings Outlook

Global Stocks Stumble Following Gloomy Intel Earnings Outlook

Global stocks slumped on Friday morning after chipmaker Intel produced a grim quarterly forecast that raised investors’ concerns over company earnings going forward.

Futures on the S&P 500 fell 0.3%, while futures on the Nasdaq 100 declined by 0.5%. Futures on the Dow Jones Industrial Average remained relatively unchanged.

Across the pond, the Stoxx Europe 600 Index was unable to build on its 0.4% gain from the previous day, while MSCI Emerging Markets Index remained mostly unchanged. In contrast, the MSCI Asia Pacific Index advanced by 0.4%.

“You are seeing more and more companies turn cautious about the earnings outlook,” chief investment officer at BRI Wealth Management Dan Boardman-Weston said. “If there is a recession, earnings will have to decline and price-to-earnings ratios have to come down.”

Despite growing concerns of a impending recession, U.S. investor confidence was partially restored when economic data on Thursday indicated that U.S. gross domestic product expanded at a rate that was faster than expected.

Following this development, the U.S. dollar remained relatively unchanged, strengthening against the pound and the yuan while slipping against the yen. The euro, too, remained mostly unchanged.

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