US Market: Market pressure due to sharp decline in Intel, big tech stocks took charge of Nasdaq:Intel shares fell sharply on a weak outlook and continued geopolitical tensions put pressure on some market segments.

News Topical, Digital Desk : The Nasdaq gained more than half a percent, while the S&P 500 oscillated between green and red. However, the Dow fell more than half a percent. Buying in mega-cap tech stocks led to gains in the Nasdaq. However, a sharp decline in Intel's stock due to its weak outlook and ongoing geopolitical tensions clearly put pressure on some market segments.

How was the market performing?

On a weekly basis, the S&P 500 and Dow Jones are trending toward a slight decline, while the Nasdaq was on track for a modest gain. Meanwhile, gold reached a record high, and silver surpassed $100 per ounce for the first time, driven by continued safe-haven demand. Chipmaker Intel's shares fell 15.6% on Friday, falling short of market expectations. The company reported quarterly revenue and profit forecasts below market expectations and said it was struggling to meet demand for server chips used in AI data centers. Intel's stock had risen nearly 25% since the start of the year. The semiconductor stock index slipped 1%, falling below its previous session's record high. Meanwhile, Wall Street's fear-mongering index (VIX) rose slightly today after two sessions of decline. New buying in some large tech stocks supported the major indexes. Microsoft and Netflix shares rose nearly 3%, while Metaverse and Amazon gained 2.3%. Nvidia shares rose 1.6% after Bloomberg News reported that Chinese authorities have allowed Alibaba, Tencent, and ByteDance to prepare orders for Nvidia's H200 AI chips. Experts, according to a Reuters report, said that some AI-related stocks have become overpriced, and investors now need to see concrete plans and results, not just expectations.

Major Results Next Week : Several 'Magnificent Seven' companies, including Apple, Tesla, and Microsoft, are scheduled to report their quarterly results next week. Traders will be closely watching management's outlook to understand how much potential remains in the rapid growth story that has supported these stocks' high valuations. Experts noted that the S&P 500, led by the Magnificent Seven, is currently at a very expensive valuation. Therefore, it will not be enough for companies to simply meet estimates, but also to provide strong results and strong future guidance.