Stock market today: Dow, S&P 500, Nasdaq jump as TSMC outlook prompts chip stock rally

Techs led US stocks to record high levels on Thursday as

's upbeat outlook eased worries about AI chip demand, with the next batch of earnings on deck. Strong retail sales data also helped lift the major averages. The tech-heavy Nasdaq Composite rose more than 0.9%, while the S&P 500 added 0.6% to touch an intraday record. The Dow Jones Industrial Average also rose above the flatline to hold near all-time highs after the major averages rebounded to close with gains.

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 and Nvidia reassured a market spooked by ASML's downbeat sales forecast, reviving hopes for an AI boom. 's US-listed shares climbed 8%, poised to cross a $1 trillion market valuation if the gains hold in the regular session. Its forecast helped spur a rally chip stocks including Arm , Broadcom , and Nvidia. On the data front, retail sales jumped 0.4%, more than the 0.3% rise expected, giving credence to the argument the economy could be reaccelerating following a surprisingly strong September jobs report.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Dow, S&P 500, Nasdaq slip after hotter-than-expected inflation printInvestors are looking to the latest reading on CPI consumer inflation to set expectations for the path of interest rates.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Dow, S&P 500, Nasdaq futures stall with Fed and Google breakup in focusInvestors are locked in debate over a 'no landing' for the economy, with Fed minutes on deck.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Dow, S&P 500, Nasdaq surge as Fed fires up rallyWall Street has absorbed the Fed's message that a deep cut will prove positive for the economy.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Dow, S&P 500, Nasdaq futures tread water with bank earnings on deckJP Morgan and Wells Fargo get earnings season going in earnest, while a wholesale inflation print is in focus after the CPI surprise.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Dow, S&P 500 head for record high, Nasdaq jumps as Nvidia surgesStocks are upbeat as Nvidia heads for a fresh record high, with the next batch of big bank earnings in focus.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Dow, S&P 500 close at record highs, Nasdaq surges amid rate cut euphoriaWall Street has absorbed the Fed's message that a deep cut will prove positive for the economy.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »