US STOCKS-Futures back off on U.S.-China frictions; Intel sinks

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* Futures down: Dow 0.10%, S&P 0.15%, Nasdaq 0.67%

By Medha Singh
July 24 (Reuters) - U.S. stock index futures fell on Friday
following heightened tensions between the United States and
China, and as Intel's shares slumped after reporting a delay in
a developing new chip technology.
World stocks .WORLD also took a hit after Beijing ordered
the Washington to close its consulate in the city of Chengdu,
responding to a U.S. demand this week that China close its
Houston consulate. Intel Corp INTC.O fell 12% premarket after the company
said it was six months behind schedule in developing 7-nanometer
chip technology and it would consider farming out more work to
outside semiconductor foundries. Rival Advanced Micro Devices Inc AMD.O gained 6%.
The S&P 500 pulled back from a five-month high on Thursday,
weighed down by losses in technology stocks, a surprise increase
in U.S. jobless claims and Washington's tug-of-war over stimulus
measures.
U.S. Senate Republicans will unveil their proposal next week
for a fresh round of coronavirus aid, including more direct
payments to Americans and a partial extension of enhanced
unemployment benefits, Senate Majority Leader Mitch McConnell
said on Thursday. At 6:31 a.m. ET, Dow e-minis 1YMcv1 were down 27 points,
or 0.1%, S&P 500 e-minis EScv1 were down 4.75 points, or 0.15%
and Nasdaq 100 e-minis NQcv1 were down 70.5 points, or 0.67%.
FAANG group of stocks — Facebook Inc FB.O , Amazon.com Inc
AMZN.O , Apple Inc AAPL.O , Netflix Inc NFLX.O and
Google-parent Alphabet Inc GOOGL.O — which were pivotal in
driving the stock market's recovery in recent months, slipped
between 1.0% and 1.4% on Friday.
Of the 113 S&P 500 companies that have reported quarterly
results, 77% of them have beaten dramatically lowered profit
estimates, according to IBES Refinitiv data.
Investors will be keeping an eye on earnings reports from
oilfield services provider Schlumberger NV SLB.N , credit card
issuer American Express Co AXP.N and wireless carrier Verizon
Communications VZ.N .
On the economic calendar, Markit manufacturing and services
PMI surveys are due at 9:45 a.m. ET, while new home sales data
is expected at 10 a.m. ET.