TSMC Said Semiconductor Sales are Strong | Moovin Stonks
Good morning, traders. Happy Thursday, October 17th. The market is climbing on news that Taiwan Semi-Conductor said demand for chips was still strong.
My name is Kevin Travers; here are stories you must know about from Wall Street today.
$Taiwan Semiconductor (TSM.US)$ climbed 12% after opening, bringing the Taiwan giant to a valuation of over $1T after the firm reported earnings above estimates and a 54% climb in net profit on semiconductor chip sales to $325.26B Tawain dollars, or $10B.
On the news, the semiconductor stocks were climbing, especially after ASML showed that not all chip-related companies were flourishing. $Arm Holdings (ARM.US)$ climbed 2%, $NVIDIA (NVDA.US)$ climbed 2%, while software company $Broadcom (AVGO.US)$ climbed 3% and led the Nasdaq 100 higher.
$The Travelers Companies (TRV.US)$ jumped 8% after the insurer reported net income more than tripled Thursday, to $1.26 billion, or $5.42 a share, from $404 million, or $1.74 a share in the same period a year ago. It was the highest-gaining stock on the S&P 500
$Netflix (NFLX.US)$ is due to report earnings Thursday night, estimated at $5.06 per share in the third quarter of 2024, which represents a year-over-year change of 36.44%. Revenues are expected to be $9.76 billion, up 14.32% from the year-ago quarter. Keep watch for updates today on earnings estimates and watch for the news as it comes live tonight on moomoo.
Within industries tracked by moomoo, semis were climbing again, up nearly 4%.
$Crude Oil Futures(JAN5) (CLmain.US)$ climbed a little, but remained at $70/barrel. $Bitcoin (BTC.CC)$ fell to $67k. Gold and silver climbed, gold hitting an all-time high. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
The market measured by indices was on the rise Thursday, but overall there were more equities falling in the U.S. despite TSMC's earnings beat.
Just past 11 am ET the $S&P 500 Index (.SPX.US)$ traded +0.12% the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.22%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 0.22%.
In macro, core retail sales grew month over month, initial jobless claims lowered from their hot 260k pace last week, and manufacturing in Philidelphia grew over the past month.
Mary Daly, president of the SF Fed, told reporters Tuesday that strong economic data does not mean inflation is on its way back. Speaking to a New York University crowd, Daly said she would support taking a break from cuts for a meeting or two.
Minneapolis Fed President Neel Kashkari said at a Tuesday bank conference that the neutral rate must be higher after aggressive rate cuts failed to cause a recession in 2022 and 2023. Seeking Alpha reported he was unsure of the way forward besides gradually lowering rates over the next few quarters.
Monday, Fed Gov. Chris Waller said the economy is much stronger than previously thought, and the labor market remains quite healthy, speaking at Stanford University in California. Waller noted that the Fed and Wall Street had been fooled by reports over the summer that indicated the economy was slowing, according to MarketWatch.
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Yesterday, a user named said I can t spel gud, so I decided to get bedder at it.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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Stock_Drift : $Taiwan Semiconductor (TSM.US)$
I think they’ll be enough to go around for a while. It’s busy!! Like Detroit post WW2 but chips.
101775147 AL alfijai : wang Dole
LittleSoldier : So Taiwan is being surrounded by China from
What I’m seeing on the news?
Bullish Law : good news
Kevin Travers OP LittleSoldier : looks like during 'training war games' yeah,
101550592 :
LittleSoldier Kevin Travers OP : Yup that’s what they’re calling it now? I would choose to call it practice or pre empt.
Kevin Travers OP LittleSoldier : Anyone can safely call it practice, but to guess what it is practice for is only known by the Chinese military I guess
LittleSoldier Kevin Travers OP : I would only assume they call it war games because they don’t want interference from us and other allies, leaving Twain in a very uncomfortable position! To where does that leave export or import during the so called games. I’m sure they have ports?
Kevin Travers OP LittleSoldier : No it is literally practice manuvers and training, but not a blockade, ships can enter and exit as far as I know, Taiwan is just worried their airspace / waters are being encroached in a way that maeks them uncomforatble
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