The S&P 500 and Nasdaq Composite rose Thursday, as Wall Street tried to recover from back-to-back losing sessions.
The broad market index climbed 0.6%, and the Nasdaq advanced 0.9%. The Dow added 165 points, or 0.3%.
ASML up 7%; TSMC up 4%; AMD up 3%; AGQ down 9%
Chip stocks led the way after Taiwan Semiconductor delivered another record quarter, reporting a 35% jump in profit that revived investor confidence in artificial intelligence.
Taiwan Semi jumped 6%, while Micron Technology popped 3%. Nvidia and AMD gained more than 1% each.
The moves also come after President Donald Trump on Wednesday signed a proclamation that imposes a 25% tariff on certain semiconductors. However, the levy won’t apply to chips that are imported to contribute to the buildout of the U.S.’s technology supply chain.
Morgan Stanley shares gained by more than 1% after the bank reported fourth-quarter results that exceeded expectations. Goldman Sachs dipped slightly, even after topping profit estimates in its most recent quarter.
A pullback in oil prices was also supportive of the market, with Brent crude oil futures and front-end West Texas Intermediate crude sliding nearly 3%, each.
The latest economic data also pointed to a solid jobs market. Jobless claims data for the week ending Jan. 10 came in at 198,000, lower than the 215,000 expected by economists polled by Dow Jones.
Wall Street is coming off a losing session Wednesday, as declines in tech and geopolitical risks weighed on investor sentiment this week. Nvidia is lower this week after Reuters reported, citing individuals briefed on the matter, that Chinese customs authorities advised customs agents this week that the chipmaker’s H200 chips are not allowed to enter the country.
Oil prices were higher earlier this week as mounting tensions between the U.S. and top OPEC member Iran added to fears of supply disruptions. They’ve since slid after Trump signaled he might not attack Iran.
Trump administration officials also met with Danish and Greenlandic foreign ministers on Wednesday as Trump continues to push for U.S. control of Greenland. Denmark and Trump have a “fundamental disagreement” over the kingdom’s ownership of Greenland, which wasn’t resolved during the meeting, a Danish official said.
