Strong open expected on Wall Street due to positive retail sales data and chip stocks surge

From Investing.com: 2024-10-17 09:20:51

U.S. stock indexes poised to rise with TSMC’s positive forecast boosting semiconductor stocks, while retail sales in September exceeded expectations. TSMC’s profits beat estimates, leading to an 8.8% surge in U.S.-listed shares, with chip stocks also rising. Weekly jobless claims lower than expected at 241,000, maintaining optimism in the economy.

Market remains positive as U.S. consumer resilience is evident in retail sales data. Potential rate cut from Federal Reserve at 92%, despite healthy economic growth. Small-cap Russell 2000 at highest level in three years, megacap tech stocks rebound after previous session declines. Third-quarter earnings season off to a good start.

Dow E-minis up 0.16%, S&P 500 E-minis up 0.45%, and Nasdaq E-minis up 0.85%. Elevance Health drops 13% after profit forecast cut, while UnitedHealth and Humana slip. Travelers Companies up 5% as third-quarter profit beats expectations. Netflix set to report earnings, shares up 0.4%.

Federal Reserve speech by Austan Goolsbee and September industrial production figures expected. EV-maker Lucid down 18.6% after projecting larger Q3 loss and announcing a public offering of over 262 million shares.



Read more at Investing.com: Wall Street set for strong open after retail sales data, chip stocks boost By Reuters