TSM, Nvidia, Tesla Climb Thursday Morning | Herd on Wall Street

Kevin Travers joined discussion · Jul 18 22:34

Morning traders, happy Thursday, July 18th we celebrated the grand opening of the moomoo JC office today! My name is Kevin Travers, and here are stories from the moomoo herd on Wall Street today.

$Taiwan Semiconductor (TSM.US)$ raised its sales outlook after better-than-expected quarterly profit, as demand for its advanced chips continued to surge amid enthusiasm over artificial intelligence. The world's largest contract chip maker said Thursday that its second-quarter net profit rose 36% from a year earlier to 247.85 billion New Taiwan dollars (US$7.61 billion). That exceeded the NT$235.12 billion estimate of analysts polled by FactSet.

The entire semiconductor industry climbed back up about 2% on average, exemplified by $NVIDIA (NVDA.US)$ +1.8% after its largest pullback for the year Wednesday.

$D.R. Horton (DHI.US)$ climbed 10%, the highest gainer on the S&P 500 after the homebuilder reported better-than-expected second-quarter earnings on Thursday of $4.10 per share, beating the analyst consensus estimate of $3.78 per share. Still, new home orders were low, and the firm trimmed its full-year revenue outlook.

$Domino's Pizza (DPZ.US)$ fell 11%, the lowest on the S&P 500 after the firm said it would focus on closing unprofitable stores worldwide in its Thursday morning earnings report that fell below expectations.

Investors are waiting for $Netflix (NFLX.US)$ earnings later today, going public after the market closes at 4 pm ET.

Crude oil futures sagged Thursday by 0.50%. Bitcoin traded flat at $64k/coin. Gold prices climbed, silver fell, while the U.S. 2-year fell back and the U.S. 10 years climbed.

TSM, Nvidia, Tesla Climb Thursday Morning | Herd on Wall Street

The overall market advanced Thursday after a semiconductor sell-off Wednesday. After 10:30 am EST, the $S&P 500 Index (.SPX.US)$ climbed 0.22%, the $Dow Jones Industrial Average (.DJI.US)$ was climbing 0.39%, and the $Nasdaq Composite Index (.IXIC.US)$ traded flat. Overall 6400 equities climbed, while 3400 fell.

Thursday, initial jobless claim numbers came in higher for the week, ay 240k vs 220k expected.

Federal Reserve Gov. Christopher Waller said Wednesday that the central bank is "getting closer to the time when a cut," in interest rates is warranted. However, he still wants more evidence that inflation is slowing before he's ready to move.

"I believe current data are consistent with achieving a soft landing, and I will be looking for data over the next couple months to buttress this view," Wall said in a speech in Kansas City. " So, while I don't believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted."

Federal Reserve Governor Adriana D. Kugler said Tuesday she anticipates "it will be appropriate to begin easing monetary policy later this year" if economic conditions continue to evolve in a favorable manner with more rapid disinflation and employment softens while remaining resilient. She addressed the National Association for Business Economics Foundation in Washington.

"If the labor market cools too much and unemployment continues to increase and is driven by layoffs, I would see it as appropriate to cut rates sooner rather than later," Kugler said.

Yesterday, a user said they felt that either presidential candidate would hurt semiconductor companies after both candidates made comments that sent stock prices reeling lower.

Mooers, what are you watching today?

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