October 17, 2024

Stock Market Today: Dow futures lag as tech sector rises on Taiwan Semiconductor earnings

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How are stock-index futures trading:

S&P 500 futures are up 0.3%.

Dow Jones Industrial Average futures are barely changed%.

Nasdaq 100 futures are adding 0.6%.

On Wednesday, the Dow Jones Industrial Average rose 337 points, or 0.79%, to 43,078, the S&P 500 increased 27 points, or 0.47%, to 5,842, and the Nasdaq Composite gained 51 points, or 0.28%, to 18,367.

Nasdaq futures are leading an early rally on Thursday as tech investors rejoice in a better-than-expected earnings report and forecast from chipmaker Taiwan Semiconductor Manufacturing.

“Chip manufacturing giant TSMC has delivered a confident tone as guidance for the fourth quarter comes in well ahead of expectations, in stark contrast to what markets saw from ASML earlier in the week,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown

“Despite ASML being adamant that AI demand was still strong, some in the market were having trouble believing it and the big AI plays saw weakness as a result. TSMC’s confidence should be taken as a positive read for the entire AI trade, especially Nvidia,” Britzman added.

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