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Headlines
- Wall Street gains on upbeat retail sales and strong performance in chip stocks
- TSMC's positive forecast boosts semiconductor stocks, lifting market sentiment
- U.S. consumer resilience and jobless claim data fuel optimism about economic growth
Wall Street saw gains on Thursday as the S&P 500 and Dow reached intraday record highs. This rise was mainly driven by Taiwan Semiconductor Manufacturing Co. (NYSE:TSM), whose positive forecast and performance exceeded expectations, leading to a surge in demand for artificial intelligence chips. TSMC's U.S.-listed shares increased significantly, with Nvidia (NASDAQ:NVDA) also showing notable gains.
The momentum from TSMC’s performance extended to other chip stocks, including Broadcom and Intel, contributing to a 2.7% rise in the Philadelphia SE Semiconductor index. As a result, the Information Technology sector led the day with a 1.3% rise, while Financials also posted gains. However, the healthcare sector saw declines, mainly due to a significant drop in Elevance Health, which negatively impacted other health insurers like UnitedHealth and Centene.
On the economic front, U.S. retail sales showed a stronger-than-expected increase, reinforcing the view that the U.S. economy continues to grow at a healthy pace. Additionally, jobless claims fell unexpectedly, further supporting positive market sentiment.
Overall, the positive retail data and strong consumer resilience have reassured investors about the state of the U.S. economy, contributing to the market's upbeat performance. The focus now shifts to upcoming Federal Reserve decisions, with market expectations indicating a potential interest rate adjustment.
