U.S. equity futures pointed to early gains on Thursday, signaling a positive start on Wall Street following Wednesday’s volatile but largely constructive session.
Investor sentiment is being boosted by strength in the artificial intelligence space. Taiwan Semiconductor (NYSE:TSM) jumped 2.3% in pre-market trading after delivering third-quarter earnings that topped expectations, fueled by accelerating demand for AI chips.
The company, a key supplier for Nvidia (NASDAQ:NVDA), also raised its full-year revenue guidance and reaffirmed plans to allocate up to $42 billion toward capital spending this year. The announcement triggered pre-market gains in other AI-related names, including Nvidia and Broadcom (NASDAQ:AVGO).
Salesforce (NYSE:CRM) was another early mover, surging 6.5% before the opening bell after the software company projected more than $60 billion in revenue by 2030, surpassing analyst estimates and fueling optimism for long-term growth.
Wednesday’s trading session was marked by pronounced intraday volatility, echoing the swings seen earlier in the week. The major averages seesawed around the flat line for much of the day before closing mixed. The Dow Jones Industrial Average slipped 17.15 points, or less than 0.1%, to 46,253.31. The S&P 500 advanced 26.75 points, or 0.4%, to 6,671.06, while the Nasdaq Composite climbed 148.38 points, or 0.7%, to 22,679.08.
The choppy action reflected a market balancing solid earnings reports against concerns about U.S.–China trade tensions and elevated stock valuations.
Financial stocks helped support the broader market. Morgan Stanley (NYSE:MS) rallied 4.7% to a record close after reporting stronger-than-expected third-quarter results. Bank of America (NYSE:BAS) gained 4.4% after its earnings and revenue came in ahead of forecasts.
Chip equipment maker ASML (NASDAQ:ASML) also posted gains, as investors looked past mixed quarterly numbers and focused on the company’s upbeat outlook for 2026 sales, which it expects to surpass 2025 levels.
Traders were also watching for potential comments from Donald Trump regarding U.S.–China trade policy — a key factor behind recent market sentiment shifts.
On the economic front, the Federal Reserve Bank of New York reported a sharp turnaround in manufacturing activity this month. Its general business conditions index rose to 10.7 in October from -8.7 in September, far above economists’ expectations of -1.8.
Separately, the Federal Reserve’s Beige Book indicated that overall economic activity in the U.S. has remained largely unchanged since early September, with three districts reporting modest growth, five unchanged conditions, and four showing slight softening.
Commodity and tech stocks led sector gains. Gold miners rallied as the precious metal reached new highs, pushing the NYSE Arca Gold Bugs Index up 4.1% to a record close. Tech shares also moved higher, with the NYSE Arca Computer Hardware Index climbing 4.0% and the Philadelphia Semiconductor Index advancing 3.0%.
Strength also extended across commercial real estate, oil services, and biotechnology, highlighting broad-based buying momentum heading into the trading day.
Taiwan Semiconductor stock price
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