As investors review Amazon and Intel’s profits before publishing important inflation data, U.S. stocks are expected to open lower on Friday, giving up some of the significant gains made in the previous session.

The Dow Futures contract was down 130 points, or 0.4%, the S&P 500 Futures were down 16 points, or 0.4%, and the Nasdaq 100 Futures were down 40 points, or 0.3%, as of 06:45 ET (10:45 GMT).

The major indices closed considerably higher on Thursday due to several businesses, including Meta Platforms (NASDAQ:META), reporting solid earnings.

The tech-heavy Nasdaq Composite rose 2.4%, while the broad-based S&P 500 gained 2%. The blue-chip Dow Jones Industrial Average closed almost 500 points, or 1.6%, higher.

The tech giant Amazon (NASDAQ:AMZN), however, warned of a slowdown at its crucial cloud-computing division after the market closed, despite first-quarter figures showing that revenue at Amazon Web Services which is a key driver of the group’s overall profit, had grown by more than expected.

Amazon stock fell 1% premarket.

Additionally, the premarket decline in Snap’s (NYSE:SNAP) stock was 18%, as the maker of the photo-messaging app Snapchat missed revenue projections for the quarter, and the decline in Pinterest’s (NYSE:PINS) stock was 12%, reflecting a drop in ad spending on the image-sharing social media platform.

On the other hand, Intel (NASDAQ:INTC) shares increased 5% before the market opened as the chip manufacturer pointed to brighter times to come and said that the year’s slumping gross margins would rebound in the second half.

The earnings flood continues on Friday with reports from Colgate-Palmolive (NYSE:CL), Exxon Mobil (NYSE:XOM), and Chevron (NYSE:CVX), all big producers of consumer goods.

Approximately 79% of the 235 S&P 500 companies that have reported earnings have experienced favourable surprises, according to data from FactSet.

The core personal consumption expenditure index, which eliminates erratic items like food and energy and is largely regarded as the Federal Reserve’s preferred, will be the focus of Friday’s crucial economic inflation data.

According to projections, it grew by 0.3% in March, consistent with the previous month. The reading is anticipated to drop from 4.6% in February to 4.5% annually.

Rates are expected to rise by another 25 basis points from the Federal Reserve next week, but the direction of its monetary policy is still very unclear.

Oil prices increased slightly on Friday, but they appear to be headed for a second weekly decline as concerns about a worldwide recession were heightened by the Eurozone’s sluggish economic expansion and the weak first-quarter GDP in the United States.

By 06:45 ET, Brent crude futures were up 0.5% to $78.61 a barrel, while U.S. crude futures were up 0.3% at $75.01 a barrel.

Both benchmarks are set to decline over 3% this week, taking their drops close to 10% over the past two weeks. 

Furthermore, the price of gold futures decreased by 0.4% to $1,991.65/oz, and the EUR/USD traded 0.3% lower at 1.0989.