TSMC leads tech growth amid mixed corporate earnings

Nasdaq and S&P 500 futures were set to open higher on Thursday, helped by an upbeat outlook from Taiwan Semiconductor Manufacturing (TSMC), which lifted chip shares after a sharp sell-off in the previous session. TSMC shares rose 2.4% in premarket trading on a surge in demand for AI chips.

That positive momentum has spread to chipmakers like Advanced Micro Devices, Intel and Nvidia, which have all posted significant gains. But the tech sector still faces risks, especially due to trade tensions between the U.S. and China. Paul Nolte, senior wealth advisor at Murphy & Sylvest, noted the volatility in the sector.

Domino’s Pizza and homebuilder DR Horton fell on weak quarterly reports. The Labor Department reported an unexpected rise in jobless claims, suggesting a cooling labor market and potential rate cuts from the Federal Reserve. In other news, Warner Bros. Discovery surged on speculation about a potential split.

(Based on information from the agency.)