Morning Minutes

Intel’s Struggles Knock Down NASDAQ




Intel (INTC) rocked the markets last night after it missed on earnings ($0.10 vs street $0.20), missed on sales ($14.0B vs street $14.5B), and forecast a $0.15 per share loss for Q1. Management blamed its struggles on customers reducing demand while they deal with high inventories at their level. Intel shares have been hammered down 10.75% in premarket trading and some of its semiconductor competitors have been struggling in premarket action as well with AMD down 3.1% and Nvidia down 1.9%. Intel’s news has also weighed on NASDAQ futures which are down 0.5% this morning.

Dow futures are flat and S&P futures are down 0.3%, as investors digest a mixed round of earnings overnight and this morning. Credit card providers Visa ($2.18 vs street $2.01) and Mastercard ($2.65 vs street $2.57) both beat the street although American Express missed ($2.07 vs street $2.23). Chevron also came in short of expectations ($4.09 vs street $4.33).

In economic news, US Core PCE inflation, the Fed’s preferred measure, declined to 4.4% in December from 4.7% the previous month, the first notable inflation measure to fall back under the Fed Funds rate this monetary cycle. The Fed’s next meeting is on Wednesday with investors looking for another rate hike and also for hints as to when the Fed could pause its rate hike program like the Bank of Canada did earlier this week. The US 10-year treasury note yield is steady and the US Dollar is down marginally on this news. Commodity markets are mixed today with WTI Crude Oil up 1.1%, Natural Gas down 1.9%, and Copper down 0.3%.   

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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