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Intel, Amazon, Nvidia, Snap fell premarket; Apple, Exxon rise

Investing.comAug 2, 2024 12:31 PM

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Investing.com -- U.S. stock futures fell sharply Friday ahead of the release of the key nonfarm payrolls number, while tech earnings dominated sentiment.

Here are some of the biggest premarket U.S. stock movers today

Intel (NASDAQ:INTC) stock slumped 21% after the chipmaker suspended its dividend and slashed its workforce to fund a costly turnaround for its chip-making business.

Amazon (NASDAQ:AMZN) stock fell 8.3% after the online retail giant reported slowing online sales growth in the second quarter and said cautious consumers were seeking out cheaper options for purchases.

Apple (NASDAQ:AAPL) stock rose 0.6% after the iPhone maker posted better-than-expected third-quarter iPhone sales and forecast more gains betting on AI to attract buyers.

Nvidia (NASDAQ:NVDA) stock fell 3.6% following a report that the chipmaker is facing a probe from the U.S. Department of Justice over complaints from it is abusing its market dominance in developing advanced chips for artificial intelligence.

Exxon Mobil (NYSE:XOM) stock rose 0.7% after the oil major posted a better-than-expected second-quarter profit based on rising output from its purchase of shale oil firm Pioneer Natural Resources (NYSE:PXD).

Chevron (NYSE:CVX) stock fell 0.5% after the oil company reported second-quarter earnings that missed expectations due to industry-wide pressure from lower refining margins and natural gas prices.

Snap (NYSE:SNAP) stock fell 17% after the Snapchat owner forecast current-quarter results below expectations as it grapples with stiff competition from larger rivals for advertising dollars in an uncertain economy.

Block (NYSE:SQ) stock rose 3.5% after the payments firm raised its forecast for annual adjusted core earnings on Thursday and unveiled a $3 billion buyback plan, betting on resilient consumer spending.

Cloudflare (NYSE:NET) stock rose 6.2% after the software company raised its annual revenue and profit forecasts after a strong quarter.

Reviewed byTony

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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