Techs led US stock futures higher on Thursday as TSMC’s (TSM) upbeat outlook eased worries about AI chip demand, with the next batch of earnings and retail sales data on deck.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.8%, while S&P 500 futures (ES=F) added 0.4%. Dow Jones Industrial Average futures (YM=F) held near a record high logged as the major gauges rebounded to close with gains.
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 (NVDA) reassured a market spooked by ASML’s (ASML) downbeat sales forecast, reviving hopes for an AI boom.
TSMC’s US-listed shares climbed 8% in premarket trading, helping spur a rally chip stocks including Arm (ARM), up 3.6%, Nvidia, and Broadcom (AVGO).
On the data front, a monthly report on retail sales due…
