Stock market today: Dow, S&P 500, Nasdaq jump as TSMC outlook prompts chip stock rally
Published On Oct 17, 2024, 9:35 AM
The stock market saw significant gains today, led by strong performances from technology stocks after Taiwan Semiconductor Manufacturing Company (TSMC) reported a 54% increase in quarterly profits and raised its revenue outlook for 2024 amid growing AI demand. This positive outlook has rejuvenated investor confidence in semiconductor stocks, benefiting major companies such as Nvidia and Advanced Micro Devices. In addition, retail sales data surpassed expectations, further supporting market upticks.
Stock Forecasts
NVDA
Positive
With TSMC raising its revenue forecast and a strong performance indicated in retail sales, tech stocks, particularly in the semiconductor sector, are expected to continue gaining momentum. This could drive additional investor interest in major chip makers leading to higher stock prices across the sector.
AMD
Positive
As the semiconductor market rebounds based on TSMC's positive outlook, other leading firms like AMD are poised to benefit as well. Overall investor confidence in tech stocks is likely to rise, pushing their shares higher in the near term.
AVGO
Positive
TSMC’s forecast boost has potential ripple effects that may lead to increased stock valuations for firms heavily tied to AI and chip technology, suggesting ongoing positive traction in the semiconductor segment.
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