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Chipmaker Earnings Fuel Tech Sector Recovery as US Equity Futures Turn Mixed Pre-Bell
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Chipmaker Earnings Fuel Tech Sector Recovery as US Equity Futures Turn Mixed Pre-Bell
Jul 18, 2024 6:40 AM

09:01 AM EDT, 07/18/2024 (MT Newswires) -- US equity futures were mixed ahead of Thursday's opening bell with futures of the technology-heavy Nasdaq Composite higher amid a recovery in the sector.

Dow Jones Industrial Average futures fell 0.2%, S&P 500 futures gained 0.3%, and Nasdaq futures were up 0.6%.

Technology stocks were buoyed by upbeat Q2 financial results from chipmaker Taiwan Semiconductor Manufacturing Company ( TSM ) , which posted higher Q2 earnings and sales that topped analysts' estimates.

Oil prices slipped, with front-month global benchmark North Sea Brent crude down 0.4% at $84.74 per barrel and US West Texas Intermediate crude down 0.4% at $81.09 per barrel.

New unemployment claims, released at 8:30 am ET, rose to 243,000 in the week ended July 13 from 223,000 in the prior week, compared with estimates compiled by Bloomberg for a smaller increase to 229,000. The Philadelphia Fed Manufacturing Index edged higher to 13.9 in July from June's 1.3 versus estimates for a rise to 2.9.

The index of leading economic indicators, due at 10 am ET, is seen dropping by 0.3% in June following a 0.5% decline in May.

In other world markets, Japan's Nikkei closed 2.4% lower, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 0.5% higher. Meanwhile, UK's FTSE 100 rose 0.8% and Germany's DAX index increased 0.3% in Europe's early afternoon session.

In equities, shares of Taiwan Semiconductor were 3.4% higher pre-bell. Chuy's Holdings (CHUY) shares rose 47% after the company agreed to be acquired by Darden Restaurants ( DRI ) for $37.50 per share.

On the losing side, Leslie's (LESL) shares slumped 21% after the company issued preliminary fiscal Q3 results that trailed analysts' projections and cut its full-year guidance. Beyond Meat ( BYND ) shares were down 13% following a media report that it has engaged a group of bondholders to discuss the restructuring of its balance sheet.

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