From Nasdaq:

Nasdaq and S&P 500 recover on chip and megacap boost. TSMC predicts 20% growth in 2024 revenue due to high AI chip demand. Apple stock rises after BofA Global Research upgrade. KeyCorp sees profit shrink from FDIC charge. US weekly jobless claims fall to 2022 level. Indexes: Dow down 0.05%, S&P up 0.48%, Nasdaq up 1.19%.

Chip stocks see gains as TSMC predicts 20% growth in 2024. TSMC’s bullish outlook drives surge in AMD, Nvidia, Microchip, and Marvell stocks. Apple climbs 3.2% on BofA upgrade. Dow falls by 0.05%, S&P rises by 0.48%, and Nasdaq climbs by 1.19% as of 11:24 a.m. ET.

Market uptick led by chip and megacap stocks. Apple up 3.2%, index .SPLRCT jumps 2.0%, real estate and utilities sectors decline. Healthcare index down 0.8%. US weekly jobless claims hit late-2022 low. Humana’s 11.4% drop pulls down healthcare sector. UnitedHealth also down 2.9%, impacting the blue-chip Dow.

Uncertainty impacts rates and equity markets. Investors await clues on inflation and Fed rate cuts. Data suggests solid job growth in January. Atlanta Fed President Raphael Bostic’s comments to be analyzed. CME Group’s FedWatch Tool shows 56% chance for 25-basis-point rate cut in March.

Dow falls by 0.05%, S&P rises by 0.48%, and Nasdaq climbs by 1.19% as of 11:24 a.m. ET. KeyCorp profit shrinks by 5.1% after a fourth-quarter drop. Birkenstock sinks 8.2% after profit miss. Spirit Airlines falls 12.1% after Citigroup downgrade. Advancers outnumber decliners on NYSE and Nasdaq.



Read more: US STOCKS-Chip, megacap stocks power gains on Nasdaq, S&P 500