Stock market today: Nasdaq 100 leads US futures in gains after AI chipmaker reports strong earnings overnight
Strong earnings results from leading chipmaker, Taiwan Semiconductor Manufacturing Co., looked set to end the week's downward streak for the Nasdaq 100.
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- US futures made steady gains ahead of the bell Thursday.
- The Nasdaq 100 led with gains of around 0.4% after chipmaker TSMC reported strong earnings overnight.
- Netflix will release Q1 earnings later, kicking off the mega tech reporting season.
US stocks were set to open higher on Thursday morning thanks partly to chipmaker TSMC's strong overnight earnings report.
S&P 500 futures gained 0.23% shortly before 5 a.m., but the American benchmark was still hovering at a low point in its now four-day slump. Dow Jones Industrial Average futures were up by 0.14%, while Nasdaq 100 futures were up 0.37%.
On Wednesday, tech stocks shed more than 1% as titans like Nvidia, Meta, Apple, and Microsoft all ticked lower. However, the overnight release of strong earnings results from chipmaker Taiwan Semiconductor Manufacturing Co.(TSMC) has helped reverse the slump in pre-market trading. TSMC reported a 9% rise in net income, beating estimates, which may help drive up market optimism surrounding the question of how long AI demand will hold up.
The US Dollar Index, which measures the strength of the greenback against six other currencies, fell by 0.11%. While yields on 10-year Treasury bonds hovered just under the red line, level with the decline of two basis points made yesterday.
Blackstone is set to report earnings today, and later Netflix will kick off earnings season for mega tech companies with its quarterly results.
Financial authority officials scheduled to make comments Thursday include Fed Governor Michelle Bowman and New York Fed President John Williams. Also Thursday, the US Conference Board-leading index, existing home sales, and initial jobless claims for March will be released.
Elsewhere, the IMF and World Bank Spring meetings will take place in Washington, providing insights on the world economic outlook for traders.