US STOCKS-Wall St dwelling to drop amid rising virus cases, U.S.-China friction –

(For a are residing blog on the U.S. stock market, click or form LIVE/ in a data window)

* Intel dwelling to hit four-month low

* Disney falls after suspending “Mulan” free up indefinitely

* Goldman Sachs up after $3.9 bln settlement for 1MDB dispute

* Futures down: Dow 0.35%, S&P 0.37%, Nasdaq 1.01% (Provides quote, information; Updates costs)

By Medha Singh

July 24 (Reuters) – Sino-U.S. tensions and fears over mounting COVID-19 cases had been dwelling to weigh on Wall Road’s valuable indexes at the open on Friday, whereas shares in Intel slumped after it flagged delays in rising current chip expertise.

For the third straight day United States recorded more than 1,100 deaths linked to the radical coronavirus, which has infected about 4 million Americans.

Walt Disney Co postponed the debut of its movie “Mulan” indefinitely, sending its shares down 2.3% premarket.

Leading declines amongst components of the Dow index procuring and selling premarket, Intel Corp fell 13.8% after the corporate stated it was six months in the serve of agenda in rising subsequent-generation, vitality-efficient chip expertise and it would withhold in mind farming out more work to open air semiconductor foundries.

Rival Evolved Micro Devices Inc received 7%.

The S&P 500 pulled serve from a 5-month excessive on Thursday, weighed down by losses in expertise shares, a shock elevate in U.S. jobless claims and Washington’s tug-of-struggle over stimulus measures.

“The day earlier than this present day we seen a slowdown in the labor market recovery … if that invent of data begins to relate itself in manufacturing and services numbers, equivalent to the PMIs, then that can cause more teach of a extra downdraft,” stated Keith Buchanan, portfolio supervisor at GLOBALT Investments in Atlanta.

“Confirmation that the financial system is getting itself out of this deep hole would withhold the momentum greater, however something less, even a stagnation would perchance no longer be nicely received at all.”

Optimism a pair of doable coronavirus vaccine and monetary stimulus equipment has helped the benchmark S&P 500 recoup all of its losses for the one year and upward thrust 0.1%.

On the financial calendar, Markit alternate surveys for June are due at 9: 45 a.m. ET, whereas current home gross sales data is expected at 10 a.m. ET.

Sentiment took a success earlier in the day after Beijing ordered Washington to cease its consulate in the metropolis of Chengdu, days after U.S. ordered the closure of the Chinese consulate in Houston.

At 8: 37 a.m. ET, Dow e-minis had been down 93 facets, or 0.35%, and S&P 500 e-minis had been down 12 facets, or 0.37%.

Futures tracking the Nasdaq 100 index had been down 106.5 facets, or 1.01%, as excessive-flying corporations equivalent to Inc, Apple Inc and Microsoft Corp , which had been pivotal in using the stock market’s recovery in present months, slipped between 1.0% and 1.6%.

Of the 113 S&P 500 corporations that beget reported quarterly results, 77% of them beget beaten dramatically lowered income estimates, in step with IBES Refinitiv data.

Bank card issuer American Converse Co slipped 1.2% after it reported an 85% trot in quarterly income.

U.S. funding monetary institution Goldman Sachs Community Inc rose 0.6% after reaching a $3.9 billion settlement with the Malaysian executive over the multi-billion-dollar 1MDB scandal. (Reporting by Medha Singh and Shreyashi Sanyal in Bengaluru; Enhancing by Shounak Dasgupta)

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