Intel shares fell about 3% on Friday as investors pulled back from semiconductor stocks in a wider technology selloff. The drop reversed a chip rally from the day before and came just weeks ahead of Intel's second-quarter report on July 23.
Intel shares fell about 3% on Friday as investors trimmed their exposure to semiconductor stocks during a broad pullback across the technology sector. The move followed a chip rally the day before, when reports of increased AI infrastructure spending by Meta and Micron's expanded long-term U.S. investment plans had lifted sentiment.
Friday's weakness appeared to reflect broader risk reduction as Nasdaq futures traded lower ahead of the open. Because of that shift, the previous session's gains across the chip sector faded rather than carried through.
Intel is scheduled to report second-quarter results on July 23, and analysts currently expect earnings of $0.19 per share on revenue of about $14.4 billion for the quarter.
Despite the pullback, Intel shares remain sharply higher over the past year. The stock has retreated from recent highs but still trades well above its 100-day and 200-day moving averages, which the report suggests leaves the longer-term trend intact.
Source: TradingView
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