Stock market today: Dow, Nasdaq rise as Nvidia and chip stocks jump

Published On Oct 17, 2024, 4:02 PM

The U.S. stock market saw gains largely driven by technology stocks on Thursday, bolstered by TSMC's strong quarterly earnings and optimistic outlook regarding AI chip demand. TSMC reported a 54% increase in profit, exceeding estimates, and raised their revenue growth forecast for 2024, which positively impacted shares of Nvidia, among other chip stocks. The retail sector also fared well with retail sales rising more than anticipated, further supporting a robust economic outlook. Despite some minor pullbacks, indexes like the Dow Jones reached all-time highs.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

With TSMC's strong performance and outlook fueling optimism in the semiconductor sector, Nvidia is well-positioned for growth. Its shares have recently achieved record highs, and with continued AI demand, a positive trend is expected to continue.

AVGOView AVGO chart on TradingView

Positive

As TSMC's results shocked the market positively, broader impacts on semiconductor stocks suggest continued growth in firms like Broadcom and AMD. Overall, the solid economic indicators could also bolster this upward trajectory in related stocks.

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