17/10/2024 Evening Reports
U.S. stock index futures rose Thursday, driven by Taiwan Semiconductor Manufacturing Co’s strong earnings and positive Q4 revenue forecast due to AI chip demand. TSMC’s U.S. shares surged 8%, with Nvidia gaining 2.6% and other chip stocks also up.
On Wednesday, the Dow Jones had its third record close in four sessions, supported by small-cap and financial shares. Futures for the small-cap Russell 2000 dipped 0.1% after a nearly three-year high. Investors are now awaiting key economic data, including September retail sales and jobless claims, for insights into U.S. consumer health.
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ECB Slashes Rates Again as Inflation Drops Below 2%, More Cuts Likely!
The European Central Bank (ECB) has just delivered its third rate cut this year, lowering the deposit rate by 25 basis points to 3.25%! As inflation cools to 1.7%, its lowest level in three years, the ECB is signaling confidence in its efforts to tame price pressures and boost sluggish economic growth.
Markets are expecting even more cuts in the months ahead as the ECB battles weak consumer spending and an industrial recession across the eurozone. With inflation now well on track to hit the 2% target, all eyes are on ECB President Christine Lagarde’s press conference for hints on the next moves.
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Chip Stocks Rally on Strong TSMC Earnings as Markets Eye Retail Data and Central Bank Moves
Chip stocks led a market recovery after Taiwan Semiconductor Manufacturing Co. (TSMC) posted a robust 54% earnings jump, boosting Nasdaq 100 futures by 0.9%. This rally helped offset earlier concerns sparked by ASML’s lowered 2025 outlook.
Analysts see strong chip earnings as positive, particularly with easing policies from central banks. Investors are now focusing on US retail sales and jobless figures for further confirmation of economic resilience, as the European Central Bank is expected to cut rates. Meanwhile, Netflix and other tech giants are due to report earnings soon. Oil steadied after declines, while gold surged on US election uncertainty.
