Market Update: Tech Stocks Shine Amid Mixed Futures
The Dow Jones Industrial Average and other major indexes were mixed on Thursday, as investors digested retail sales data and weekly unemployment claims. Meanwhile, tech stocks were on the rise, led by Taiwan Semiconductor and Nvidia.
Retail Sales Data: A Mixed Bag
The Commerce Department’s December retail sales data showed a 0.4% increase, below the 0.5% estimate. Excluding vehicles, sales rose 0.4%, in line with estimates. However, excluding vehicles and gas, sales climbed 0.3%, just below the 0.4% estimate.
Jobless Claims Rise More Than Expected
The Labor Department’s weekly jobless claims rose to 217,000, above the expected 212,000. This increase may have contributed to the mixed futures market.
Earnings Movers: Taiwan Semiconductor, UnitedHealth, and More
Taiwan Semiconductor surged over 4% after reporting strong fourth-quarter earnings and sales results, driven by surging demand for artificial intelligence chips. UnitedHealth, on the other hand, tumbled nearly 4% in early morning trading. Bank of America and Morgan Stanley were also among the key earnings movers.
Stock Market Today: Apple, Meta, and More
Apple shares rebounded sharply on Wednesday, just shy of recovering above their 50-day moving average. Meta Platforms regained its 602.95 buy point during Wednesday’s rally, but slipped 1.5% in Thursday’s premarket trading. Other notable stocks include Burlington Stores, Interactive Brokers, and Intuitive Surgical, which are all close to or have broken out above their buy points.
Growth Stocks to Watch
Investors should keep an eye on Nvidia, which rebounded another 1.2% on Thursday morning. Electric-vehicle giant Tesla, which raced more than 8% higher on Wednesday, threatened to give up some of those gains in premarket trading. Microsoft shares gained 0.2% Thursday morning, as they continue to consolidate below their 50-day line.
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