The Nasdaq and the S&P 500 rebounded on Thursday, as megacap and chip stocks regained ground.
At 9:39 a.m. ET, the Dow Jones Industrial Average was up 13.09 points, or 0.03 per cent, at 41,211.17, the S&P 500 was up 18.07 points, or 0.32 per cent, at 5,606.34, and the Nasdaq Composite was up 102.41 points, or 0.57 per cent, at 18,099.33.
At the opening bell, the Dow Jones Industrial Average fell 41.52 points, or 0.10 per cent, to 41,156.56. The S&P 500 was higher by 20.29 points, or 0.36 per cent, at 5,608.56, while the Nasdaq Composite gained 122.23 points, or 0.68 per cent, to 18,119.15.
Megacap and chip stocks bounced back after world’s largest contract chipmaker Taiwan Semiconductor Manufacturing Company raised its full year revenue forecast on rising demand for AI chips.
TSMC’s US-listed shares surged 2.1 per cent after the forecast.
Shares of Apple and Nvidia rose 0.5 per cent and 2.4 per cent, respectively.
Chipmakers Advanced Micro Devices, Intel and Marvell Technology rose between 0.4 per cent and 2 per cent.
On Wednesday, megacap and chip stocks had plunged on worries about US sanctions on companies giving China access to advanced semiconductor technology.
Domino’s Pizza stock declined 12.7 per cent after
falling short of sales estimates.
Warner Bros Discovery jumped 3.7 per cent after a report that the company had discussed a plan to split its digital streaming and studio businesses from TV networks.
The yield on the 10-year Treasury ticked up to 4.17 per cent from 4.16 per cent late on Wednesday.
Bullion
Gold prices rose on Thursday on hopes of an earlier start to interest rate cuts by the US Federal Reserve.
Spot gold was up 0.3 per cent at $2,464.90 per ounce as of 1155 GMT. US gold futures also climbed 0.3 per cent to $2,468.20.
Spot silver rose 0.3 per cent to $30.39 per ounce.
Crude oilOil was steady on Thursday after a larger than expected decline in US crude stocks.
Brent futures were unchanged at $85.08 a barrel by 1337 GMT. US West Texas Intermediate (WTI) crude was up 6 cents, or 0.1 per cent, at $82.91.
