S&P 500 top movers: AMD surges after Intel announces delay in next chip technology

• Wall Street's main indexes suffer heavy losses on Friday.
• AMD shares rise sharply after competitor Intel announced delay in next chip.
• Intel shares lose more than 16% as the biggest loser.

Major equity indexes started the day deep in the red and continued to edge lower as investors seek refuge amid heightened US-China tensions. As of writing, the S&P 500 Index was down 0.92% on a daily basis at 3,206 points.

Apple Inc, Amazon, Google Alphabet, Facebook, Visa Inc, MasterCard Inc, Samsung, Pfizer Inc, Paypal Inc will be reporting second-quarter earnings next week.

S&P 500 top movers

Earlier in the day, Intel Corp (INTC) announced that its new 7-nanometer chip technology was expected to be delayed by six months. Pressured by this announcement, INTC fell sharply on Friday and was last seen losing 16.35% on a daily basis at $50.25.

Among the other top technology shares, Western Digital Corp (WDC), Xerox Holdings Corp (XRX), Micron Technology Inc (MU) and Seagate Technology PLC (STX) shares are down between 6.5% and 4.4%.

On the other hand, competitor Advanced Micro Devices Inc (AMD) capitalized on this headline and became the biggest gainer of the day. As of writing, AMD was up 14.35% on the day at $68.11.