Wall St futures rise as chip stocks surge on TSMC outlook
U.S. stock index futures climbed Thursday as stronger-than-expected results from Taiwan Semiconductor Manufacturing Co. sparked a rally in semiconductor shares ahead of major bank earnings.
TSMC projected robust annual growth and signaled further U.S. manufacturing capacity, boosting U.S. chip equipment makers. Applied Materials jumped more than 6% in premarket trade, while Lam Research and KLA also advanced, News.Az reports, citing Reuters.
Financial stocks were mixed before results from BlackRock, Goldman Sachs and Morgan Stanley. Investors are rotating out of expensive tech and toward sectors seen as undervalued, with materials, industrials, real estate and energy hitting fresh highs.
At 5:03 a.m. ET, S&P 500, Nasdaq 100 and Dow futures were all higher. Traders are now focused on fourth-quarter earnings to gauge whether the market’s rally can continue. Weekly jobless claims data is due later in the morning.
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