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* Futures up: Dow 0.24%, S&P 0.19%, Nasdaq 0.28%
By Sruthi Shankar
Jan 24 (Reuters) - U.S. stock index futures edged higher on
Friday, as a strong forecast from chipmaker Intel and
encouraging business activity data out of Europe lifted the mood
as investors tracked latest developments related to the
coronavirus outbreak.
Intel Corp INTC.O jumped 5.2% in premarket trading, on
course to open at a 19-year high, after it forecast
better-than-expected 2020 earnings, joining many of its peers to
signal a recovery in chip demand. Advanced Micro Devices AMD.O rose 1.5%, while Broadcom Inc
AVGO.O gained 3.5% after entering an agreement with Apple Inc
AAPL.O for the supply of wireless components used in its
products. While China ramped up measures to contain a virus that has
killed 26 people and infected more than 800 in the past week,
investors took relief from the World Health Organisation
declaring the new coronavirus an emergency just for China and
stopping short of declaring the epidemic of international
concern. Concerns about infections spreading as many Chinese travel
for the Lunar New Year have taken a toll on risky assets this
week, particularly travel, hotel and airline stocks.
"While the severity of the economic impact is unknown, it is
likely to be short-lived should it follow the pattern of
historical cases," said Aneeka Gupta, associate director of
research at WisdomTree.
Walt Disney Co DIS.N slipped 0.5% after the company said
its Shanghai Disney Resort will be closed until further notice
in the wake of the virus outbreak. The risk-on mood was supported by a slew of PMI data that
signaled some recovery in eurozone growth this year.
A report from Markit Economics is expected to show an index
of U.S. manufacturing activity inched up to 52.5 in January from
52.4 in the previous month, while the services sector index
likely rose to 52.9 in January from 52.8 in December.
At 7:28 a.m. ET, Dow e-minis 1YMcv1 were up 70 points, or
0.24%. S&P 500 e-minis EScv1 were up 6.25 points, or 0.19% and
Nasdaq 100 e-minis NQcv1 were up 25.5 points, or 0.28%.
In other movers, credit card issuer American Express Co
AXP.N rose 2.5% after reporting a better-than-expected
quarterly profit as more people used its cards for shopping and
paying bills.