US shares were set to fall at the open on Thursday, heading for a fourth day of declines, with tech stocks likely to slide after a warning on revenue from chip giant Intel. At 1109 GMT, futures for the Dow Jones and S&P 500 were down 0.5 percent and 0.6 percent respectively, with futures for the tech-packed Nasdaq down 1.2 percent.

The Dow Jones industrial average slid 4.7 percent on Wednesday, while the Standard & Poor’s 500 Index and Nasdaq Composite Index both shed 5.2 percent, after the United States backed away from using its $700 billion bailout to mop up sour mortgages and added to uncertainty about how the government plans to revive bank lending.

Intel fell 7.2 percent after the bell after the tech bellwether warned its revenue would be about 14 percent below its previous forecast due to weak demand around the globe.

Shares of Applied Materials Inc jumped 5.5 percent to $10.50 in extended trading on Wednesday after the company’s earnings beat Wall Street estimates. Shares of NetApp Inc leapt 3.5 percent to $10.75 in after-hours after the company posted second-quarter earnings that beat Wall Street estimates by a penny.

Five of the world’s richest and most powerful hedge fund managers will face a U.S. Congressional panel that wants to know if the secretive industry poses risks to the financial system. Companies reporting later include Wal-Mart Stores , Kohls Corporation, Nordstrom and Dr Pepper Snapple Group. On the economic front, weekly jobless numbers, and mortgage data, are due.

source: Economictimes

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