Nasdaq rises on back of Intel surge boosts tech sentiment, but Dow drops

It’s been an uneven start on Wall Street, with the Dow Jones down 0.4%, the S&P 500 up 0.2% and the Nasdaq climbing 0.5%.

Lifting the Nasdaq, Intel shares have soared 25%, AMD 13%, ARM Holdings 11% and Qualcomm 10.3%.

Intel’s earnings, reported yesterday evening, came in ahead of analyst expectations, with guidance also better than expected for the current quarter.

The Dow is in the red, as more than two-thirds of its 30 constituents are down, led by Merck & Co, IBM, Chevron and Honeywell.

US futures point to a positive start on Friday, with tech set to outperform as oil consolidates above $100 a barrel after President Donald Trump extended the Israel-Lebanon ceasefire by three weeks and said he would not rush negotiations with Iran.

Nasdaq futures are up 1.5%, while those for the S&P 500 have gained 0.6%, and Dow Jones futures are 0.1% firmer.

Wall Street ended Thursday on a softer footing as geopolitical tension and rising oil prices weighed on sentiment ahead of Intel’s earnings. The Dow Jones fell 0.4%, the S&P 500 lost 0.4%, while the Nasdaq underperformed, down 0.9% as software and growth names came under pressure.

“Geopolitical tensions remain elevated — the ceasefire is holding, but remains fragile,” said Swissquote senior analyst Ipek Ozkardeskaya, citing continued friction around Iranian oil flows and shipping risks in the Strait of Hormuz.

Providing a boost for tech sentiment, Intel shares surged 27% in pre-market trading after first-quarter earnings beat expectations and guidance topped forecasts, putting the chipmaker firmly in focus at the open.

With today’s earnings calendar relatively light, attention is already turning to next week’s heavyweight reports from Microsoft, Alphabet, Amazon, Meta Platforms, Apple and Exxon Mobil. On the economics calendar, the University of Michigan’s final consumer sentiment index for April is due out today.

European markets are mixed heading into the US open. London’s FTSE 100 is down 0.3%, Frankfurt’s DAX is up 0.3%, while Paris’s CAC 40 has slipped 0.4%.

Adding a note of caution, Bank of England deputy governor Sarah Breeden warned that global equity valuations may not fully reflect mounting economic risks, in unusually direct comments that have caught investors’ attention.

AJ Bell’s Russ Mould said the remarks may have contributed to some early weakness in London, noting concerns around private credit, elevated valuations and AI-related risks.