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US STOCKS-Nasdaq futures climb as TSMC forecast steers chip stocks recovery
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US STOCKS-Nasdaq futures climb as TSMC forecast steers chip stocks recovery
Jul 18, 2024 5:19 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Futures: Dow down 0.15%, S&P 500 up 0.13%, Nasdaq up 0.39%

(Updated at 6:56 a.m. ET/1056 GMT)

By Lisa Pauline Mattackal and Ankika Biswas

July 18 (Reuters) -

Nasdaq futures rose on Thursday, thanks to an upbeat

forecast from Taiwan Semiconductor Manufacturing that lifted

chip stocks and a rebound in megacaps following a sharp sell-off

in the previous session.

U.S.-listed shares of TSMC rose 1.5% in premarket

trading after the world's largest contract chipmaker raised its

full-year revenue forecast on surging demand for AI chips.

Apple ( AAPL ) and Nvidia ( NVDA ), both TSMC customers,

climbed 0.6% and 2.5%, respectively. Other chipmakers including

Advanced Micro Devices ( AMD ), Intel ( INTC ), Marvell

Technology and Arm Holdings rose over 1% each.

Barring Intel ( INTC ), chip stocks lost over $500 billion in market

value in Wednesday's session following a report that the U.S.

was mulling tighter curbs on exports of advanced semiconductor

technology to China. Comments on Taiwan from Republican

presidential candidate Donald Trump also drove losses.

The Philadelphia SE Semiconductor index logged its

worst day in four years on Wednesday. The rout in chip stocks

also pressured megacap shares.

The group of so-called "Magnificent 7" stocks rose, with

Meta Platforms ( META ), Tesla and Amazon.com

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