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

Published On Oct 17, 2024, 11:08 AM

On Thursday, U.S. stocks, especially in the tech sector, saw gains led by Taiwan Semiconductor Manufacturing Company (TSMC), which reported a remarkable 54% increase in quarterly profit and raised its 2024 revenue forecast. This news boosted major chip manufacturers like Nvidia and AMD. Strong retail sales data and falling jobless claims further supported market optimism about a resilient U.S. economy. The Nasdaq Composite rose 0.9%, the S&P 500 increased by 0.6%, and the Dow Jones climbed 0.3%, reaching record intraday highs.

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Stock Forecasts

NVDAView NVDA chart on TradingView

Positive

Investors should consider positioning in semiconductor stocks, particularly Nvidia and TSMC, as the optimistic outlook on AI demand and TSMC’s earnings can drive growth in these companies.

XLKView XLK chart on TradingView

Positive

Given the strong economic indicators and tech sector performance, investing in the Technology Select Sector SPDR Fund (XLK) could capitalize on the continuing strength in technology stocks.

ITBView ITB chart on TradingView

Negative

With rising mortgage rates and builders expressing confidence despite this, building and construction ETFs like iShares U.S. Home Construction ETF (ITB) might present risks, especially if the housing market softens.

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