NEW YORK, Jan 27 ― US stock index futures slipped today ahead of inflation data, with the tech-heavy Nasdaq set to lead losses at open after Intel's bleak outlook dragged chipmakers lower.
Shares of Intel tumbled 9.2 per cent in premarket trading after the company reported its worst revenue slump in at least two decades and warned of additional losses amid weak demand for personal computers.
Rival Advanced Micro Devices Inc eased 2.4 per cent, while Nvidia Corp and Applied Materials Inc fell 1.9 per cent and 3.3 per cent, respectively.
Investors also await personal consumption expenditures (PCE) data, the Federal Reserve's preferred inflation gauge, due at 8.30am EST, ahead of the central bank's meeting next week.
The core PCE price index is expected to rise 0.3 per cent in December, according to Reuters poll of economists.
At 05.25am ET, Dow e-minis were down 26 points, or 0.08 per cent, S&P 500 e-minis were down 11 points, or 0.27 per cent, and Nasdaq 100 e-minis were down 57.75 points, or 0.48 per cent.
Wall Street ended the last session higher, with Tesla's earnings supporting gains on Nasdaq amid mixed economic data that showed the US economy fared better than expected in the fourth quarter, but the labour market remained tight, despite some signs of weakening demand.
Nearly a quarter of S&P 500 companies have reported earnings so far, of which 69 per cent have beaten analysts' estimates, according to Refinitiv data as of yesterday.
Chevron Corp, which this week announced it would dedicate more money towards share buybacks, dividends, and new investments in oil and gas projects, is expected to report an increase in fourth-quarter revenue later in the day. Shares of the energy major edged 0.5 per cent higher.
American Express Co is also set to report results, with analysts expecting the credit card company to report a rise in fourth-quarter profit, helped by sustained consumer spending through the holiday season. ― Reuters
