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Happy Thursday everyone.
Looks like Semiconductor stocks are powering the S&P 500 to new heights today, with $TSMC's blowout earnings igniting the sector. Meanwhile, strong retail sales data is painting a solid economic picture.
Before we dig in...
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Executive Summary
S&P 500 hits new intraday record, led by semiconductor stocks
September retail sales beat expectations at 0.4% growth
TSMC’s strong earnings boost tech sector, $NVDA reaches all-time high
Mixed earnings reports across sectors
Market Overview
All major indices are showing green across the board.
S&P 500 |  | +0.46% |
Nasdaq | | +0.28% |
Dow Jones | | +0.80% |
The S&P 500 hit a new intraday record today, driven by a surge in semiconductor stocks following TSMC's strong earnings report.
Positive retail sales data and lower-than-expected jobless claims further boosted market sentiment, despite mixed earnings results across sectors.
Key Market Drivers
Semiconductor Rally: $TSMC’s Q3 results drive chip stock surge
Strong Retail Data: September sales up 0.4%, beating forecasts
Mixed Earnings: $BLK exceeds expectations, $CSX falls short
Labor Market: Jobless claims lower than expected for week ended October 12
Stock Spotlight
• $NVDA: ▲ 3% to $140.89 (all-time high)
• $TSM: ▲ 12%, Q3 net income $10.1B, raises Q4 forecast
• $BLK: ▲ 7%, Q3 EPS $1.01 vs $0.92 expected
• $CSX: ▼ 5.7%, Q3 EPS $0.46 vs $0.48 expected
• $WBA: ▼ 5%, plans to close 1,200 stores over 3 years
Big Name Updates
• $META: Small layoffs across divisions. TD Cowen raises PT to $675
• $AAPL: Chief People Officer exits after <2 years
• $TSLA: Omead Afshar to oversee North America and Europe operations
• $AMZN: 5-year deal with Databricks for AI chips
Other Notable Company News
• $HOOD: Launches new desktop platform, plans index options trading
• $FSLR: JPMorgan places on positive catalyst watch, PT $282
• $LAC: GM invests $625M in Thacker Pass Lithium Project JV
• $LCID: ▼ 15%, announces 262.5M share offering, Q3 loss $765-$790M
Sector Watch
Sector | Symbol | % Change |
|---|---|---|
Consumer Discretionary | XLY | ▲0.37% |
Consumer Staples | XLP | ▼0.11% |
Energy | XLE | ▲0.59% |
Financials | XLF | ▲1.27% |
Healthcare | XLV | ▲0.46% |
Industrials | XLI | ▲0.83% |
Materials | XLB | ▲0.92% |
Real Estate | XLRE | ▲1.11% |
Technology | XLK | ▲0.23% |
Communication Services | XLC | ▼0.40% |
Utilities | XLU | ▲2.04% |
Bond Market
Treasury yields stable amid potential Fed rate cut expectations.
Policy Watch
ECB cuts key rate by 25bps to 3.25%. Goldman Sachs predicts Fed cuts from Nov 2024 to June 2025, terminal rate 3.25-3.5%.
What to Watch
Tech Earnings: Impact of $TSMC’s performance on sector
Holiday Shopping Forecasts: Following strong September sales
Fed Communications: Hints on 2024 rate cut timing
Global Economic Indicators: Upcoming PMI data releases
Geopolitical Developments: Potential market impacts on defense, energy, tech sectors
P.S.
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