Mixed Performance in US Stocks; Intel Shares Tumble, American Express and Microsoft Shine

Tech sector sees job cuts as Salesforce announces layoffs; Microsoft reaches $3 trillion market valuation amid AI optimism.

US stocks traded mixed with the Dow Jones index gaining over 100 points on Friday. The S&P 500 slipped less than 0.1% Friday, ending its streak of record-high closes that extended back to the end of last week. The Dow Jones Industrial Average rose 0.2%, while the weakness for tech stocks dragged the Nasdaq composite down 0.4%.
Intel shares tumbled after the chipmaker's first-quarter earnings guidance disappointed. The company projects first-quarter adjusted earnings to come in at 13 cents per share on revenue of between $12.2 billion and $13.2 billion, falling well short of Wall Street’s expectations.
American Express shares climbed about 1% after the credit card company’s 2024 earnings forecast came in ahead of Wall Street estimates. The company's net income climbed 23% to $1.93 billion last quarter, or $2.62 a share, while revenue rose 11% to $15.8 billion and provisions for loan losses were up 40% to $1.44 billion.
Microsoft reached a $3 trillion market valuation, driven by artificial intelligence optimism and strong financial performance. This milestone challenges Apple's position as the world's most valuable company.
Salesforce is reportedly laying off around 700 employees across the company in the latest round of layoffs to hit the tech industry. The layoffs, the latest for Salesforce after a 10% reduction in workers last year, comprise around 1% of the roughly 70,000-person company that makes cloud-based customer relationship management software.