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U.S. stocks are slightly up amid an uptick for the major indexes, with a key earnings report from Taiwan Semiconductor Manufacturing Company boosting investor sentiment.
Summary
- Dow, S&P 500 and Nasdaq rose amid market boost from TSMC.
- Gold continued to rally as investor jitters pushed capital into safe haven assets.
- Bitcoin remained near $111,000 after last week’s sell-off.
The Dow Jones Industrial Average rose 100 points, and the S&P 500 gained 0.4% as upbeat investors rode corporate earnings, an AI-trade flip, and interest rate bets to add to the gains seen on Wednesday. The Nasdaq Composite also moved up, adding about 0.6% during the early session on Oct. 16.
TSMC earnings boosts U.S. stocks
U.S. stocks moved higher as investors continued to react positively to the latest corporate earnings reports. Notably, major banks have reported earnings beats this week, lifting the stock market.
After JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and Bank of America reported positive results, earnings from Charles Schwab, BNY, and U.S. Bancorp added to the bullish outlook.
Taiwan Semiconductor Manufacturing Company, the world’s largest chipmaker, said that its profits surged 39% year over year in Q3. TSMC also raised its 2025 revenue outlook, noting annual sales growth above 30%. Nvidia and Broadcom’s shares rose amid TSMC’s 2025 revenue guidance to bolster the Nasdaq, while Salesforce’s shares gained 6% to boost the blue-chip Dow Jones index.
Gold hits new highs, Bitcoin little changed
President Donald Trump confirmed on Wednesday that the U.S.-China trade war remained alive, stoking fresh jitters.
Trump also commented on the continuing government shutdown, with no reopening in sight. Investors are likely viewing this as a potential headwind in coming weeks, although anticipation around interest rate cuts keeps overall sentiment bullish.
As U.S. stocks looked to strengthen further, gold gained 1.3% to reach $4,260 per ounce.
As U.S. stocks looked to strengthen further, gold gained 1.3% to reach $4,260 per ounce.
Meanwhile, Bitcoin (BTC) is holding near $111,000 after bouncing off last week’s plunge to under $105,000. However, sell-off pressure across crypto remains and a dip under $110,000 is likely.
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