By Shreyashi Sanyal

(Reuters) –The Nasdaq opened lower on Friday, after Intel, a chipmaker warned that profit margins would be lower. Snap Inc Following the privacy change by Apple that led to a decline in social media advertising, (NYSE) saw one of the largest falls among all social media platforms.

Intel Corp Premarket trading fell 9.5% for (NASDAQ:). The company missed its third quarter sales forecasts. Its chief executive blamed a shortage of chips that was limiting sales of its flagship processors.

Supply chain worries, inflationary pressures and labor shortages have been at the center of third-quarter earnings season, with analysts expecting S&P 500 earnings to rise 33.7% year-on-year, according to data from Refinitiv.

However, analysts believe such fears will not have an immediate impact on earnings for mega-cap communications and technology companies in this reporting period.

Intel’s results were not stellar. “Shorting big tech has been a way to lose money the past two year, and I believe this will be a temporary aberration,” said Jeffrey Halley (senior market analyst Asia Pacific at OANDA) in a client letter.

On Thursday, the closing price reached a new record and will see weekly gains of 1.8%. This is to continue a bullish streak for the third week.

“The S&P is making new highs while we’re in the middle of the supply chain issue so the market is telling you ‘I know about this and I’m not worried’,” said Eric Diton, president and managing director of the Wealth Alliance in New York.

“We are in a low-interest rate environment and there is a worldwide economic recovery. This is not conducive to major bear markets.

American Express Company (NYSE:) saw a 2.1% increase, which will boost the open. This is due to Wall Street topping profit estimates for the fourth quarter.

Facebook Inc (NASDAQ:) dropped 4.2% Twitter Inc Snap Inc’s privacy concerns regarding iOS devices by Apple Inc (NASDAQ) caused a 3.2% drop in (NYSE:). This was after the Snap Inc statement that it had made to hurt its ability to measure and target digital advertising.

Snap fell 20.0% after the news. It also cast doubts about quarterly reports coming from Twitter and Facebook next week, which are social media platforms that heavily rely on advertising revenue.

Apple grew 0.2%. Others growth stocks include Tesla (NASDAQ) Inc. Microsoft Corp (NASDAQ 🙂 and Netflix Inc.

It was 8:26 am. ET were up 62 point, or 0.1%. ET were also up 3 points or 0.07%. E-minis fell 29.75 percent, or 0.1%.

Mattel Inc (NASDAQ): The stock price of (NASDAQ) rose 7.7% on Thursday after the company raised its 2021 sales forecast. It stated that it was able to overcome all industry shipping disruptions.