Wall Street Today: GIC warns lower returns are coming

Equity futures dipped in Australia and Hong Kong. Japan is closed for a holiday. The S&P 500's biggest three-day advance since April took it nearer a new peak, while the Nasdaq 100 closed at a record. Technology firms like Microsoft Corp. rallied and cyclical stocks lagged. Twitter Inc. jumped on an upbeat outlook, but Intel Corp. fell on a lackluster sales forecast. U.S. stock futures rose.

GIC Pte reported an annualized real return of 4.3% for the 20 years ending March 31, its best performance since 2015, and a jump from the 2.7% gain reported last year. The five-year nominal return rose to 8.8%, the highest since 2014. The fund doesn't publish one-year results or its assets under management.

Intel Corp. Chief Executive Pat Gelsinger sees the global semiconductor shortage potentially stretching into 2023, adding a leading industry voice to the growing view that the chip-supply disruptions hitting companies and consumers won't wane soon.

The world-wide shortage has fueled rising prices for some consumer gadgets. Meanwhile, the auto industry has been particularly hard-hit as the lack of a key component causes production delays. German car maker Volkswagen AG this month warned the global shortage could worsen over the next six months. Others have said they were bracing for problems through next year.

Throngs of vacation travelers and an infusion of government aid have restored Southwest Airlines Co. LUV and American Airlines Group Inc. to profitability. Delta Air Lines Inc. also reported its first pandemic-era profit last week.