19% Intel pop signals major semiconductor shift ahead

Pre-Market Brief | Friday, April 24, 2026

Where Futures Sit

Split tape before the bell. Nasdaq 100 futures are up roughly 172 points, lifted by Intel's blowout after-hours move. S&P 500 futures are modestly higher by about 10 points. Dow futures are lower by 58 points as crude continues to pressure economically sensitive names. Thursday closed red across the board, with the S&P 500 off 0.41 percent, the Nasdaq down 0.89 percent, and the Dow lower by 0.36 percent. Software took the heaviest damage, with the S&P 500 software and services index shedding 5.09 percent, its worst single-day drop since late January.

Macro Pulse

Oil is still doing the talking. Brent crude traded above $105 per barrel overnight. WTI is hovering near $96. The Strait of Hormuz remains effectively closed, and US-Iran peace talks have not reconvened. The data point of the day is the final University of Michigan consumer sentiment reading at 10 AM ET. The preliminary print came in at 47.6, down sharply from 53.3 in March. Year-ahead inflation expectations jumped to 4.8 percent from 3.8 percent. Major central banks including the Fed meet next week, and this reading feeds directly into the rate path conversation. Earnings season remains broadly strong, with 82 percent of the 123 S&P 500 companies reported so far topping estimates.

Tickers To Watch

INTC: Up roughly 19 percent in after-hours trading Thursday. Q1 EPS blew past the $0.01 consensus at $0.29. Q2 revenue guide of $13.8 to $14.8 billion topped the $13.07 billion Street view. Tesla confirmed as a 14A foundry customer.

TXN: Texas Instruments ripped 19.43 percent higher Thursday on a stronger outlook. Largest single-day gain since October 2000. Watch for follow-through.

PG: Procter & Gamble reports before the bell. Staples bellwether with direct read on the squeezed consumer.

CHTR: Charter Communications reports this morning. Broadband subscriber trends are the focus.

HCA: Hospital operator reports. Watch for commentary on labor costs and Medicare Advantage mix.

NSC: Norfolk Southern delivers rail volumes that double as an industrial economy proxy.

SLB: Oilfield services giant reports into a $100 plus Brent backdrop. Capex commentary will move energy names.

IBM, NOW: Watch for stabilization or further selling after Thursday's rout.

Bottom Line

Intel says AI hardware demand is accelerating. Michigan sentiment may say the consumer is cracking. Oil above $105 says the inflation fight is not over. For investors, this is the kind of market that punishes concentration and rewards patience. A single chipmaker carrying the tape is not leadership. It is fragility. Let the sentiment print hit before drawing conclusions.

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