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Nasdaq futures climb as TSMC forecast steers chip stocks recovery

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July 18 - Nasdaq futures rose on Thursday, thanks to an upbeat forecast from Taiwan Semiconductor Manufacturing that lifted chip stocks and a rebound in megacaps following a sharp sell-off in the previous session.

The Philadelphia SE Semiconductor index , opens new tab logged its worst day in four years on Wednesday. The rout in chip stocks also pressured megacap shares. "Beating on profit may no longer be enough to propel strong rallies, given the high bar set for the tech sector, which already has rich valuations."

On the earnings front, Domino's Pizza , opens new tab slumped 13.1% after falling short of estimates for quarterly same-store sales, while D.R. Horton , opens new tab dropped 1.7% after the homebuilder tightened its annual forecast for home sales.

 

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