(Reuters) -Wall Street braced for a mixed start on Thursday, as investors mulled over fresh economic data and upbeat results from Taiwan's TSMC that energized U.S. chipmakers.

Retail sales jumped 0.6% in June - topping expectations for a modest 0.1% gain - while sales excluding autos also beat forecasts, rising 0.5%. Meanwhile, initial jobless claims for the week of July 12 came in at 221,000, below the anticipated 235,000.

"The fact that consumers are still buying is a strong vote of confidence for earnings going forward," said Adam Sarhan, chief executive of 50 Park Investments.

"However, things can change if the tariff situation comes in starting August 1. But for now, a stronger consumer is good for the market."

Investors already navigated a whirlwind of inflation signals this week - producer prices flatlined in June - but a jump in consumer inflation had already dashed hopes for more aggressive Fed rate cuts.

At 8:45 a.m. ET, S&P 500 E-minis were up 5.75 points, or 0.1%, Nasdaq 100 E-minis were up 47.5 points, or 0.21%, and Dow E-minis were down 29 points, or 0.07%.

U.S. chipmakers edged up in premarket trading after TSMC, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger.

U.S.-listed shares of TSMC gained 3.2%, Advanced Micro Devices added 0.5%, Marvell inched up 0.2% and Nvidia added 0.8%.

Netflix edged 0.6% higher ahead of its quarterly results after the markets close.

In contrast, PepsiCo climbed 3.3% as upbeat forecasts - fueled by strong demand for energy drinks and healthier sodas - helped offset concerns about a dip in annual core profit.

Wall Street ended the previous session with modest gains, with the Nasdaq soaring to yet another record high.

Markets briefly tumbled in the previous session - dropping as much as 1% - after reports surfaced that President Donald Trump was considering firing Federal Reserve Chair Jerome Powell. Although Trump swiftly denied the reports, his ongoing criticism of the central bank and hints at possible action kept investors on edge about the Fed's independence.

Fed officials have resisted cutting rates until there is clarity on whether Trump's tariffs on U.S. trading partners reignite inflation.

The media reports on Wednesday sent odds of a September rate cut soaring to 66%, up from 54% earlier in the day.

Currently, traders see a 52.4% chance of cutting in September, while a July move is almost completely off the table, according to CME's FedWatch tool.

Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many U.S. trading partners.

Trump told Real America's Voice on Wednesday that the U.S. is closing in on a deal with India and may soon reach an agreement with Europe as well.

At least four Fed officials, including Board Governors Adriana Kugler and Lisa Cook, are slated to speak.