US STOCKS-Futures down as IBM, Intel fall after results

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Futures down: Dow 0.87%, S&P 0.78%, Nasdaq 0.64%

By Devik Jain and Medha Singh
Jan 22 (Reuters) - U.S. stock index futures slid from record
levels on Friday as shares of blue-chip technology companies
Intel and IBM tumbled following their quarterly results.
IBM Corp IBM.N slumped 7.4% and was the biggest loser
among Dow components trading premarket after it missed estimates
for quarterly revenue, hurt by a rare sales decline in its
software unit. Intel Corp INTC.O dropped about 4% as new Chief Executive
Officer Pat Gelsinger signaled the lack of a strong embrace of
outsourcing. The S&P 500 and the Nasdaq ended at record levels on
Thursday on optimism about further pandemic aid under the Biden
administration to help the economy recover from a steep
downturn.
The Senate Finance Committee will vote on Friday on Janet
Yellen's nomination for Treasury secretary, an early litmus test
of bipartisan support for President Joe Biden's ambitious plans
for coronavirus relief, infrastructure investment and tax hikes.
Biden has proposed a $1.9 trillion coronavirus relief plan
and has pledged to invest $2 trillion in infrastructure, green
energy projects, education and research. Some Republicans have
expressed concerns over its price tag. At 06:44 a.m. ET, Dow E-minis 1YMcv1 were down 269 points,
or 0.87%, and S&P 500 E-minis EScv1 were down 30 points, or
0.78%. Nasdaq 100 E-minis NQcv1 were down 85.25 points, or
0.64%.
Breakthroughs in COVID-19 vaccines have propelled the three
main U.S. stock indexes to record levels. The S&P 500 has
climbed more than 14% since the Nov. 3 elections led by gains in
cyclicals such as energy and banks as well as small-cap stocks.
However, with valuations approaching levels last seen in the
Dotcom era, many investors are hedging against possible market
turbulence that could erupt if surprise glitches hit the U.S.
rollout of COVID-19 vaccines.
Investors will also keep a watch on IHS Markit's flash
readings on manufacturing and service sector PMIs for January.
Both are expected to slip due to pandemic-related restrictions
across the country.