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.

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