Stock Futures Slip as Wall Street Takes a Breath After Two-Day Rally

CNBC, Investor’s Business Daily, Market Watch, Bloomberg, the Wall Street Journal, and Reuters contributed to this report.

After a two-day rebound, US stock futures cooled off Friday as traders paused to digest a fresh mix of disappointing corporate news and lingering geopolitical risk. The overnight action had Dow E-minis down about 0.22%, S&P 500 futures off roughly 0.14%, and Nasdaq 100 contracts down near 0.16% – a modest pullback that left markets set for a second straight weekly loss.

The headline culprit: Intel. The chipmaker warned that it’s struggling to meet demand for server chips used in AI data centers, and its stock plunged around 13% in premarket trading – a hit that dulled enthusiasm for tech names and the market’s momentum this week.

Investors were also still dealing with the fallout from midweek headlines: stocks had rallied over the past two sessions after Tuesday’s sharp selloff sparked by tariff threats tied to remarks about Greenland, but momentum looks fragile while geopolitical chatter and headline risk hang around. Safe-haven flows helped push gold toward record territory, underscoring the caution.

On the policy front, traders aren’t expecting fireworks from the Fed next week – the central bank is widely expected to hold rates at 3.5%–3.75%, and markets are eyeing Fed language and Chair Jerome Powell’s comments for hints about when rate cuts might actually arrive (the first cut is currently penciled in for June). That backdrop is keeping people tentative ahead of a busy earnings stretch for big tech.

A few other pockets of the market painted a mixed picture: smaller-cap and transport indexes have shown strength recently, while safe-haven assets and some commodity plays drew interest as investors trimmed risk. Traders will be watching a slate of economic data and corporate reports next week to see whether this pause turns into a deeper wobble or just a normal breather.

Bottom line: nothing dramatic yet – just a market taking a breath. With heavyweight tech names set to report soon and geopolitical headlines still popping up, investors are taking profits in spots and waiting for clearer signals before committing new money.