STOCK MARKET NEWS: Dow jumps as Apple, Intel rise, Elon Musk shakes up Twitter, inflation hot

U.S. equity futures traded lower after a mixed session on Wall Street, where tech sector losses offset gains in other parts of the market.

The major futures indexes suggest a loss of more than 1% for the tech heavy Nasdaq as Amazon shares tumbled. The Dow is looking at a decline of 0.5%.

Oil prices traded lower on Friday after China widened its COVID-19 curbs.

The oil contracts were still poised for a weekly gain on supply concerns.

U.S. West Texas Intermediate (WTI) crude futures were around $87.00 a barrel.

Brent crude futures traded around $95.00 a barrel.

Amazon shares traded 13% lower in the premarket after the ecommerce giant reported weaker-than-expected revenue and disappointing projections for the current quarter.

The company did return to profitability over the summer after two consecutive quarters of losses.

Intel shares were trading more than 4% higher in the premarket after reporting full-year profit forecast cut and revenue forecast and has a cost cutting plan, according to Reuters.

Stronger-than-expected performance at its personal computers segment helped send shares higher.

Friday’s economic reports include income & spending, pending home sales and consumer sentiment.

The yield on the 10-year Treasury, which influences mortgage rates, was at 3.98%.

In Asia, the Nikkei 225 index in Japan lost 0.9%, the Hang Seng in Hong Kong sank 3.7% and China’s Shanghai Composite index shed 2.2%.

Thursday on Wall Street, the S&P 500 fell 0.6%, closing at 3,807.30.

The tech-heavy Nasdaq fell 1.6% to 10,792.67, while the Dow Jones Industrial Average rose 0.6% to 32,033.28.