Stock index futures were lower Friday after chipmaker Intel posted disappointed guidance after the bell on Thursday.

Nasdaq futures (NDX:IND) -0.6%, S&P futures (SPX) -0.3% and Dow futures (INDU) -0.2% were lower.

“Markets deciphered a lot of mixed clues yesterday and, after some cause for concerns, decided that it was easier to shrug it all off and drive equities to fresh 2023 highs,” Deutsche Bank’s Jim Reid said.

“We still think we are in a positive sweet spot but there was certainly stuff to worry about in the US data yesterday. It depends on whether you saw the glass half full or half empty element of it.”

Going into Friday’s trading, the S&P 500 (SP500) is up 2.2% for the week, with the Nasdaq Composite (COMP.IND) gaining 3.3% and the Dow (DJI) up 1.7%.

Yields are higher at the end of a week that his seen very strong demand in Treasury auctions.

The 10-year Treasury (US10Y) rose 5 basis points to 3.54%. The 2-year yield (US2Y) rose 3 basis points 3 basis points to 4.31%.

“The big question … is whether the Fed could consider outright selling some bonds off its books, and thereby engage in a harder version of quantitative tightening,” ING said. “It would be huge if it did. There is certainly an appetite for bonds in the market if the recent Treasury auctions are anything to go by.”

Before the open, December personal income and spending numbers arrive. Economists expect spending to dip 0.1% for the month, with income up 0.2%.

The numbers also include the Fed’s favorite inflation gauge. The core PCE price index forecast is for a rise of 0.3% on the month to an annual rate of 4.4%. That would be within the current fed funds rate range.

“Slowing inflation should minimize the drop in real spending, and income growth seems likely to be consistent with the Fed’s inflation target looking at the monthly change,” UBS’ Paul Donovan wrote.

After the open, December pending home sales figures are due. Sales are seen falling 0.9%. The final measure of Michigan sentiment for December also hits, likely to stay around its preliminary measure of 64.6.

Among other active stocks, L3Harris is rallying post-earnings.