U.S. stocks set to open lower after chipmaker's disappointing report and outlook.
July 14, 2004: 5:34 AM EDT
NEW YORK (CNN/Money) - A selloff, particularly in the tech sector, loomed for U.S. stocks Wednesday amid disappointment about Intel's quarterly report.
Early Wednesday , Nasdaq futures were sharply lower. S&P futures also declined, though not as steeply.
Among U.S. stocks trading in Europe, Intel (INTC: Research, Estimates) fell nearly 5 percent. The world's largest chip maker posted higher second-quarter income in line with expectations, but disappointed analysts with sales figures and its gross margin forecast.
Stocks were mixed in advance of the Intel report. The Dow Jones industrial average gained 0.1 percent, but the Nasdaq composite index was down 0.3 percent.
Asian-Pacific stocks reacted sourly to the Intel report, with Tokyo's Nikkei index down 2.3 percent. European markets retreated in morning trading. (Check the latest on world markets)
Treasury prices fell, sending the 10-year note yield up to 4.48 percent from 4.46 percent late Tuesday. The dollar gained against the yen, but was lower versus the euro. Gold rose.
As new violence erupted in Iraq, U.S. crude futures rose 17 cents to $39.61 a barrel in electronic trading, while Brent oil futures added 7 cents to $36.73 a barrel in London.
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