Intel Corp (INTC  ) stock is trending higher on Friday, rebounding after a sharp sector-wide sell-off the previous day. Investors are stepping back in ahead of the company's upcoming earnings report, recovering from heavy losses suffered earlier in the week due to broader artificial intelligence spending anxieties and macroeconomic pressures.

The Nasdaq has gained 0.45%, while the S&P 500 has shed 0.20%. Technology is leading the trading day with a 0.82% gain, even as most sectors trade in the red.

Pre-Earnings Optimism Builds

Optimism is building ahead of Intel's third-quarter earnings release on Oct. 29. Consensus estimates project earnings per share of 39 cents, up from 23 cents in the year-ago period. Revenue is projected at $16.45 billion, reflecting an increase from $13.65 billion year-over-year.

FCC Grants Regulatory WaiverOn Thursday, the Federal Communications Commission granted a waiver to Intel from its ban on some foreign-made advanced robotics. The FCC said it would grant a one-year waiver of its rules in order to prevent "potential disruptions in the availability of domestic semiconductor manufacturing services for Intel's customers."

Wall Street Analyst ViewsThe Benzinga Analyst Consensus tracks 32 analysts, reflecting a Neutral rating with 11 Buys, 20 Holds, and 1 Sell. The average consensus price forecast stands at $101, implying a 15.6% upside.

Among recent actions, Susquehanna maintained a Neutral rating while lowering its forecast to $105 on Wednesday. TD Cowen maintained a Hold rating and lowered its forecast to $95, while JP Morgan upgraded the stock to Neutral with an $85 forecast on Monday.

Technical Analysis

Intel is trying to stabilize after a sharp pullback, and the moving-average picture shows why the bounce matters: the stock is trading 16.7% below its 20-day SMA, 15% below its 50-day SMA, and 18.1% below its 100-day SMA. At the same time, it's just 1.1% above its 200-day SMA, putting the long-term trend line right in play as a "make-or-break" area.

The longer-term trend signals are still constructive on paper - 20-day SMA above the 50-day SMA and the 50-day SMA above the 200-day SMA - but price is currently trading well under the faster averages, so bulls need follow-through to prove this is more than a dead-cat bounce.

INTC Stock Price Activity: Intel shares were up 1.96% at $87.16 at the time of publication on Friday, according to Benzinga Pro data.