TSM - Nasdaq Futures Surge As TSMC Sets Positive Tone To Tech Earnings Season: Analyst Cautions New Bull Market Needs 'Heavier Lifting' | Benzinga
U.S. stocks may open Thursday’s session mostly higher, attempting to break out of the current lackluster phase. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) provided a much-needed boost for tech stocks with its optimistic first-quarter forecast, just in time for the tech earnings season. The pullback in bond yields could serve as an upside catalyst.
As traders enter the session, reactions to economic data on jobless claims, regional manufacturing activity, and housing starts are anticipated.
Cues From Wednesday's Trading:
- Rate concerns subdued sentiment on Wednesday as major averages opened lower after U.S. retail sales exceeded expectations in December. Analysts began reducing their rate-cut bets after the data release, causing bond yields to rise.
- Other economic data revealed an unexpected increase in industrial production and higher-than-expected homebuilder confidence. The Beige Book indicated little change in economic activity across most Federal Reserve districts, with resilient consumers and a cooling labor market.
- Although the averages recovered from their initial losses during the session, they ultimately closed lower. The 30-stock Dow Industrials experienced a three-day losing streak, while the Nasdaq Composite and the S&P 500 Index fell for a second consecutive session.
- The selling was broad-based, with stocks across sectors closing in the red. Utility and real estate stocks faced significant pressure, while consumer discretionary, energy, and material stocks also experienced sharp pullbacks.
US Index Performance On Wednesday
Index Performance (+/-) Value
Nasdaq Composite -0.59% 14,855.62
S&P 500 Index -0.56% 4,739.21
Dow Industrials -0.25% 37,266.67
Russell 2000 -0.73% 1,913.17
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