U.S. stock futures ticked higher early Thursday as investors assessed stellar earnings from Taiwan Semiconductor Manufacturing Company (NYSE:TSM), upcoming updates from Oracle Corporation (NYSE:ORCL), and a fresh surge in gold prices to record levels. Renewed U.S.-China tensions also hovered in the background, adding to market caution.
Wall Street Futures Inch Up
At 02:51 ET, Dow futures gained 58 points (0.1%), S&P 500 futures rose 12 points (0.2%), and Nasdaq 100 futures advanced 88 points (0.4%).
Major U.S. indexes closed mixed on Wednesday: the S&P 500 and Nasdaq Composite posted modest gains, while the Dow Jones Industrial Average edged lower. Earlier optimism faded later in the session as investors absorbed earnings from ASML Holding N.V., Bank of America, and Morgan Stanley.
Trade tensions remained a key market theme. A The Wall Street Journal article suggested that Beijing is “willing to hold a firmer line” with Washington, expecting market turmoil could pressure President Donald Trump into talks.
U.S. Treasury Secretary Scott Bessent stated that “equity volatility would not alter the Trump administration’s stance,” adding that the White House does not want the conflict to intensify. He confirmed that Trump remains ready to meet Xi Jinping in South Korea later this month.
TSMC Delivers Record Q3 Profit
Fueled by skyrocketing AI demand, TSMC reported its best-ever quarterly earnings.
The world’s leading chip manufacturer — supplier to Nvidia Corporation (NASDAQ:NVDA) and Apple Inc. (NASDAQ:AAPL) — posted a net profit of T$452.30 billion ($14.75 billion) for Q3, surpassing the T$417.7 billion forecast by Reuters/LSEG. Revenue jumped 30% year-on-year to T$989.92 billion ($32.30 billion), with a gross margin of 59.5%.
TSMC said demand for AI infrastructure is set to accelerate, forecasting revenue growth of up to 24% in the fourth quarter. It reaffirmed capital spending plans of up to $42 billion for the year, even as U.S. tariffs and currency swings pose potential headwinds.
Oracle’s Big AI Moment
Oracle Corporation will host a meeting with analysts Thursday in Las Vegas at the close of its AI-themed conference.
Vital Knowledge analysts expect the company to offer new financial guidance, noting that “the real focus will be on margins and cash flow.” Oracle’s co-CEOs earlier told the Wall Street Journal that “large investments in data centers” are essential to expanding AI capabilities for businesses.
The company also announced it will provide cloud services powered by Advanced Micro Devices (NASDAQ:AMD) MI450 chips. In September, Oracle’s shares spiked after it revealed $317 billion in additional contract revenue, much of it tied to OpenAI.
Economic Data Spotlight
Traders are awaiting the Federal Reserve Bank of Philadelphia manufacturing index, expected to register 8.6 in October, down from 23.2 in September. A positive reading still points to expansion.
With the ongoing government shutdown delaying official reports, the Fed is relying more on alternative indicators. Its “Beige Book” this week signaled stable economic activity and employment but noted “increased layoffs and a pullback in spending by lower- and middle-class households.”
Gold Extends Record-Breaking Run
Gold prices hit another record high Thursday, extending a four-day rally. Spot gold climbed 0.5% to $4,230.48 per ounce at 03:48 ET, after reaching $4,241.99 earlier. U.S. gold futures added 1.0% to $4,244.71. The metal has soared more than 6% in the past week.
Traders are betting on at least two interest rate cuts by the Federal Reserve System this year, after Chair Jerome Powell adopted a more dovish tone. Lower rates typically enhance the appeal of non-yielding assets like gold, which has benefited further from U.S.-China trade tensions.
Taiwan Semiconductor stock price
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