Premarket: U.S. futures rise as chip stocks rally after TSMC results; economic data in focus

U.S. stock index futures gained on Thursday, with an upbeat forecast from TSMC lifting semiconductor stocks, while investors awaited key economic data for clues on the financial health of the U.S. consumer.

Megacap stocks rose after broad declines in the previous session, with Apple up 0.7% and Alphabet rising 0.6%. Another busy day of corporate earnings lies ahead, with streaming giant Netflix scheduled to report third-quarter earnings after the bell. Its shares rose 0.5% in premarket trading. Federal Reserve Bank of Chicago President Austan Goolsbee is also scheduled to speak later in the day.

“Lagarde is a poor leading indicator – at the last meeting she nearly made me give up on the idea of a cut at this meeting until we got those PMIs,” said Jordan Rochester head of fixed income and currency strategy at Mizuho EMEA. He said he thought the euro would likely grind lower to $1.08 into the U.S. election given the build-up of Trump hedges.

Chinese real estate stocks fell 7%, reversing two days of gains. Hong Kong’s Hang Seng was last up 0.5% but sitting 12% below its most recent peak, as investors move aside to wait for more Chinese government spending and signs it is helping the economy.

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