Stock Market Today: Nasdaq to lead Dow and S&P 500 higher after Taiwan Semi results; Bank of America and Morgan Stanley earnings on tap.
How are stock-index futures trading:
S&P 500 futures are flat.
Dow Jones Industrial Average futures are up 0.2%.
Nasdaq 100 futures are gaining 0.3%.
On Wednesday, the Dow Jones Industrial Average rose 703 points, or 1.65%, to 43,222, the S&P 500 increased 107 points, or 1.83%, to 5,950, and the Nasdaq Composite gained 467 points, or 2.45%, to 19,511.
“The market continues to expect one rate cut from the Fed this year, but they expect U.S. interest rates to end the year below the 4% handle, which is also boosting risk sentiment in the second half of this week,” said Kathleen Brooks, research director at XTB.
Now tech stocks are looking to lead the charge afresh after earnings from Taiwan Semiconductor Manufacturing early Thursday were well received by traders, pushing the shares up 4%.
“The artificial intelligence theme looks to be alive and kicking based on chip maker TSMC’s latest record quarterly numbers,” said Russ Mould, investment director at AJ Bell.
Brooks at XTB said: “TSMC’ s update has boosted sentiment towards AI stocks, and Nvidia’s stock price is higher by more than 1% in the pre-market, which should support the overall index.”
However, early gains for U.S. index futures were pared after Bloomberg reported that China will start an investigation into the potentially illegal dumping of mature or legacy chips by U.S. firms.