U.S. index futures fell sharply on Friday following downbeat forecasts from Amazon and Intel, with investors awaiting a crucial jobs report for further clues on the labor market amid lingering concerns over an economic slowdown.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were down 332 points, or 0.82%, S&P 500 e-minis were down 65.25 points, or 1.19%, and Nasdaq 100 e-minis were down 347.5 points, or 1.83%.

Pre-Market Movers

Intel - Chip maker Intel was sinking 23% after announcing it would becutting 15,000 jobs and suspending its dividend. The company said it planned to reduce costs by more than $10 billion next year. Intel ’ s announcement came as it reported weaker-than-expected second-quarter adjusted earnings and issued disappointing third-quarter guidance. Intel expects third-quarter revenue in the range of $12.5 billion to $13.5 billion, below estimates of $14.4 billion.

Nvidia - Nvidia shares dropped another 4.9% in premarket trading Friday. The U.S. Department of Justice ( DOJ ) has launched an investigation into Nvidia after complaints from competitors that it may have abused its market dominance in selling chips that power artificial intelligence, The Information reported on Thursday.

Amazon - Amazon was down 8.5% after saying it expects third-quarter revenue of between $154 billion and $158.5 billion, compared with Wall Street estimates of $158.22 billion. The tech giant and online retailer postedsecond-quarter earningsof $1.26 a share on revenue of $148 billion. Analysts had been expecting profit of $1.03 a share on revenue of $148.7 billion. The company ’ s AWS cloud computing business had revenue of $26.3 billion in revenue in the period, up from $22.1 billion a year earlier and better than estimates of $26 billion.

Apple - Apple, the iPhone maker, reported fiscal third-quarter earnings of $1.40 a share that beat estimates on a revenue jump of 5% to $85.8 billion. But sales of the iPhone fell from a year earlier, down 0.9% to $39.3 billion. Apple shares waved in premarket trading.

Snap - Snap, the parent company of Snapchat, was falling 18.5% after the social-media company reported second-quarter revenue that was short of analysts ’ estimates and said it expected third-quarter revenue of $1.34 billion to $1.38 billion, compared to analysts ’ estimates of $1.36 billion.

Coinbase - Second-quarter revenue at Coinbase Global was better than expected but earnings missed analysts ’ estimates. Shares of the trading platform were up 1.6%.

Block - Block was rising 3.5% after the payments company reported a jump of 20% in second-quarter gross profit to $2.23 billion and the parent of the Square merchant business raised its fiscal-year outlook.

DoorDash - DoorDash, the food-delivery company, was rising 9.6% after reporting a narrower loss in the second quarter and as revenue jumped 23% to $2.63 billion.

Marathon Digital - United States-listed Bitcoin miner Marathon Digital shares fell 3.2% after filing its second quarter earnings, which fell short of Wall Street expectations.

Exxon Mobil - Exxon Mobil rose 1.5% in premarket trading after the energy giant reportedsecond-quarter earningsof $2.14 a share, better than expectations of $2.02.

Chevron - Chevron stock was flat after second-quarter adjusted earnings of $2.55 a share missed Wall Street estimates of $2.93. The company also announced it would relocate its headquarters to Houston from San Ramon, California.

Booking Holdings - Booking Holdings was declining 6.3%. The online travel company said gross travel bookings in the second quarter rose 4.4% to $41.4 billion but missed analysts ’ estimates of $41.77.

Atlassian - Atlassian was tumbling 11.4% after the software company issued disappointing fiscal first-quarter revenue guidance.

Twilio - Twilio Inc. ’ s stock rose 6% in premarket trading, after the company beat earnings estimates for the second quarter and offered upbeat guidance.

Microchip Technology - Chipmaker Microchip Technology forecast second-quarter net sales below Wall Street estimates, anticipating weak demand from customers yet to clear excess inventory stockpiled during the pandemic. The shares fell 6.7% in premarket trading.

Roku - Roku beat Wall Street estimates for second-quarter revenue and posted smaller-than-expected loss, benefiting from strong ad sales and the ongoing shift from cable TV to streaming platforms. Shares of the firm rose 2.1% in premarket trading.

Cloudflare - Software company Cloudflare raised its annual revenue and profit forecast after a strong quarter, sending its shares up 6.9% in premarket trading.

MercadoLibre - MercadoLibre Inc., the giant Latin American e-commerce and payments firm, blew past analyst estimates in the second quarter while posting a record number of users for its fintech platform in a sign that its geographic and product expansion is picking up speed. Shares jumped as much as 8.4% in premarket trading.

Market News

Apple Predicts Boost From AI Features After Uneven Third Quarter

Apple Inc. predicted that its new artificial intelligence features will spur iPhone upgrades in coming months, helping the company reemerge from a sales slowdown that has hit its China business especially hard.

The remarks followed generally upbeat third-quarter results that were marred by sluggish sales in China. Apple returned to revenue growth in the period, which ended June 29, with an increase of 5% to $85.8 billion. That beat the $84.5 billion analyst estimate.

But sales from China fell 6.5% to $14.7 billion, missing the $15.3 billion projection from Wall Street.

Amazon Says Consumers Cautious, Forecasts Revenue Below Wall Street Targets

Amazon.com reported slowing online sales growth in the second quarter and said cautious consumers were seeking out cheaper options for purchases, sending shares down.

The company expects revenue of $154.0 billion to $158.5 billion for the third quarter, compared with analysts' average estimate of $158.24 billion, according to LSEG data.

Amazon also missed estimates for advertising sales, a closely watched metric, as it ramps up competition with rivals Meta Platforms ( META.O ) , opens new tab and Google. Sales of $12.8 billion in the quarter compare with the average estimate of $13 billion, according to LSEG data. The company earlier this year began placing ads in its Prime Video offering for the first time.