US STOCKS-Futures back off on U.S.-China frictions; Intel sinks


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* Futures down: Dow 0.10%, S&P 0.15%, Nasdaq 0.67%

By Medha Singh

July 24 (Reuters) - U.S. stock index futures fell on Friday following heightened tensions between the United States and China, and as Intel's shares slumped after reporting a delay in a developing new chip technology.

World stocks also took a hit after Beijing ordered the Washington to close its consulate in the city of Chengdu, responding to a U.S. demand this week that China close its Houston consulate.

Intel Corp fell 12% premarket after the company said it was six months behind schedule in developing 7-nanometer chip technology and it would consider farming out more work to outside semiconductor foundries.

Rival Advanced Micro Devices Inc gained 6%.

The S&P 500 pulled back from a five-month high on Thursday, weighed down by losses in technology stocks, a surprise increase in U.S. jobless claims and Washington's tug-of-war over stimulus measures.

U.S. Senate Republicans will unveil their proposal next week for a fresh round of coronavirus aid, including more direct payments to Americans and a partial extension of enhanced unemployment benefits, Senate Majority Leader Mitch McConnell said on Thursday.

At 6:31 a.m. ET, Dow e-minis were down 27 points, or 0.1%, S&P 500 e-minis were down 4.75 points, or 0.15% and Nasdaq 100 e-minis were down 70.5 points, or 0.67%.

FAANG group of stocks — Facebook Inc , Inc , Apple Inc , Netflix Inc and Google-parent Alphabet Inc — which were pivotal in driving the stock market's recovery in recent months, slipped between 1.0% and 1.4% on Friday.

Of the 113 S&P 500 companies that have reported quarterly results, 77% of them have beaten dramatically lowered profit estimates, according to IBES Refinitiv data.

Investors will be keeping an eye on earnings reports from oilfield services provider Schlumberger NV , credit card issuer American Express Co and wireless carrier Verizon Communications .

On theeconomic calendar Markit manufacturing and services PMI surveys are due at 9:45 a.m. ET, while new home sales data is expected at 10 a.m. ET. (Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Shounak Dasgupta) ((; within U.S. +1646 223 8780, outside U.S. +91 80 6749 1130; Twitter: Keywords: USA STOCKS/

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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