U.S. Futures Slip as Intel Sinks, Geopolitical Risks Keep Markets on Edge

U.S. stock futures pointed lower on Friday, putting both the S&P 500 and Nasdaq on track for a second straight weekly decline, as a sharp drop in Intel shares and lingering geopolitical uncertainty weighed on risk appetite.

By 8:35 a.m. ET, S&P 500 E-minis were down 0.2%, Nasdaq 100 futures fell 0.3%, and Dow futures slid 0.45%.

Markets had rebounded over the past two sessions after Tuesday’s sharp selloff, which was triggered by President Donald Trump’s threats to impose tariffs on European allies over Greenland. Although Trump later softened his tone and ruled out using force, investors remained cautious. Safe-haven demand persisted, pushing gold to a fresh record high.

The biggest drag on sentiment Friday came from Intel, whose shares plunged nearly 13% in premarket trading after the chipmaker issued a downbeat outlook. The company warned that it was struggling to meet demand for AI-focused server chips, forecasting revenue and profit below expectations—an abrupt setback after the stock’s 50% rally since the start of the year.

“Earnings have been solid overall, but guidance is now more critical than ever,” said Peter Cardillo, chief market economist at Spartan Capital Securities. “Investors are cautious with both earnings and the Federal Reserve in focus.”

Attention is now turning to next week’s Federal Reserve meeting. While rates are widely expected to remain unchanged, investors will scrutinize Chair Jerome Powell’s remarks for clues on the timing of the first rate cut, currently priced for June.

Later Friday, markets will digest S&P Global’s January business surveys and the University of Michigan’s consumer sentiment data. Looking ahead, earnings from heavyweights such as Apple, Microsoft, and Tesla next week will test whether the growth narrative behind mega-cap stocks still holds.

Elsewhere, Nvidia edged higher after reports that Chinese tech giants may prepare orders for its H200 AI chips. Intuitive Surgical jumped after beating earnings estimates, while U.S.-listed silver miners advanced as silver prices surged toward the $100-per-ounce mark.

Despite pockets of strength, Wall Street remained cautious, with investors balancing strong economic signals against earnings risks, Federal Reserve uncertainty, and unresolved geopolitical tensions.