TSM - Wall Street Gearing Up For Tech-Led Rebound Ahead Of Netflix Earnings: Economist Expects Soft Landing But Says Brace For Bigger Fed Rate Cuts If This Happens | Benzinga
Beaten-down stocks could make a comeback on Thursday, with Taiwan Semiconductor Manufacturing Company Ltd.’s (NYSE:TSM) strong quarterly report lifting sentiment toward tech stocks. The major U.S. index futures were mixed ahead of the trading session.
A few Fed speeches scheduled for the day, and key economic data, including jobless claims, the results of a regional manufacturing survey, and leading economic index may influence trading direction. Traders may also pay attention to the European Central Bank’s rate decision and its monetary policy outlook.
Futures Performance (+/-)
Nasdaq 100 +0.40%
S&P 500 +0.15%
Dow -0.13%
R2K -0.03%
In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.18% to $557.94 and the Invesco QQQ ETF (NASDAQ:QQQ) added 0.41% to $483.74, according to Benzinga Pro data.
Cues From Last Session:
Geopolitical concerns and apprehensions around the health of the tech reporting season weighed down on the market on Wednesday. The Nasdaq Composite and the S&P 500 Index languished deep in the red throughout the session and ended notably lower, snapping a three-session winning streak. The former had its worst one-day performance since December 2022 and settled below the psychological 18,000 barrier for the first time since July 1.
Among S&P 500 sectors, IT stocks fell the most, while communication services and consumer discretionary stocks also came under significant selling pressure. On the other hand, strength in healthcare, financial, energy, and consumer staple stocks mitigated some of the weaknesses.
The 30-stock Dow Industrials Average ...