Stock market today: US futures slip as bleak Intel outlook chills techs

US stock futures retreated Friday after a gloomy outlook from Intel, as investors awaited a key inflation reading seen as influential in the timing of an interest rate cut.

S&P 500 (^GSPC) futures dropped below the flatline after a winning Thursday saw the benchmark close at another record high. Dow Jones Industrial Average (^DJI) futures also hovered below the line, while those on the tech-heavy Nasdaq 100 (^NDX) lost nearly 0.3%.

Techs led the way lower after Intel’s (INTC) first-quarter outlook fell well short of Wall Street expectations, somewhat denting the AI-fueled hopes that have helped lift stocks to record highs. Intel shares fell over 10% in premarket trading, with peers AMD (AMD) and Nvidia (NVDA) also taking a slight knock.

The release of the PCE index for December later will draw sharp attention, given a preliminary reading on fourth-quarter economic growth came in hotter than expected. That could support an argument for the Federal Reserve to push rate cuts beyond March, as policymakers try to nail a “soft landing” for the economy.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

In addition, the GDP report’s reading on quarterly PCE signaled that inflation is headed in the right direction for the Fed. Friday’s monthly update is expected to show annual “core” PCE — which excludes food and energy — stood at 3%.

At the same time, investors will watch for the next batch of earnings for more insight into the health of Corporate America and the economy. Colgate-Palmolive (CL) is a highlight Friday, as is American Express (AXP), especially after payment card rival Visa (V) gave a tepid revenue-growth forecast.

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