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Tech led US stocks to record highs Thursday as TSMC’s (TSM) upbeat outlook eased worries about artificial intelligence chip demand, helping lift shares of chip heavyweight Nvidia (NVDA) to an intraday all-time high. Strong retail sales data also reinforced overall strength in the US economy.
The tech-heavy Nasdaq Composite (^IXIC) rose more than 0.5%, while the S&P 500 (^GSPC) added 0.3% after touching an intraday record. The Dow Jones Industrial Average (^DJI) also rose 0.4% to hover near all-time highs.
Contract chipmaker TSMC posted a 54% jump in quarterly profit to beat Wall Street estimates and raised its forecast for 2024 revenue growth amid surging AI demand. The outlook boost from the main chipmaker for Apple (AAPL) and Nvidia reassured a market spooked by ASML’s (ASML) downbeat sales forecast, reviving hopes for an AI boom.
TSMC’s US-listed shares climbed as much as 12.5%, poised to cross a $1 trillion market valuation if the gains hold in the regular session. Its forecast helped spur a rally in chip stocks, including Arm (ARM), Broadcom (AVGO), and Nvidia, which all were up more than 2%.
On the data front, retail sales jumped 0.4%, more than the 0.3% rise expected, giving credence to the argument the economy could be reaccelerating following a surprisingly strong September jobs report. Weekly jobless claims came in at 241,000, far below expectations, and a drop from the prior week’s upwardly revised 260,000. The data released Thursday morning was watched by investors debating whether the Federal Reserve will hold off from cutting interest rates in November.
After a stellar showing by big banks, the focus is now on Big Tech earnings to wipe away the disappointments of the last quarter. After the bell, Netflix (NFLX) becomes the first megacap to report, with Wall Street on watch for price-hike news to potentially lift the stock.
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