Investing.com News Summary

S&P 500 and Nasdaq 100 futures rose slightly on Thursday as markets anticipated retail sales data and corporate earnings.

1. Futures Muted

US stock futures showed little movement on Thursday, with investors eyeing economic data and earnings reports. As of 03:33 ET (07:33 GMT), Dow futures were mostly unchanged, S&P 500 futures gained 6 points (0.1%), and Nasdaq 100 futures rose 70 points (0.3%). The Dow Jones Industrial Average achieved its third record close in four sessions on Wednesday, and both the S&P 500 and Nasdaq Composite also climbed. Morgan Stanley's shares soared 6.5% to an all-time high after reporting solid profits driven by stronger investment banking revenue. Smaller regional banks saw gains too, while the Russell 2000 index and S&P Small Cap 600 recorded their highest finishing levels since 2021, indicating possible rotations from tech stocks to cheaper segments.

2. TSMC Profit Surges Amid Strong AI Demand

Taiwan Semiconductor Manufacturing Co (TSMC), the largest contract chipmaker globally, reported a stronger-than-expected Q3 profit, primarily due to robust demand from the AI sector. The company announced a net profit of T$325.26 billion ($10.1 billion), exceeding Reuters' estimates of T$300.2 billion. TSMC's CEO, C.C. Wei, noted extremely strong AI-related demand in a recent earnings webcast.

3. Retail Sales Ahead

Fresh US retail sales data is expected on Thursday, providing insights into the economy as the Federal Reserve may consider interest rate cuts. Economists project a 0.3% rise in retail sales for September, an increase from 0.1% in the previous month. Increased consumer spending could support the Fed's vision of a "soft landing" to manage inflation without triggering a downturn.

4. Chinese Stocks Edge Lower as Property Briefing Underwhelms

Chinese stocks declined on Thursday after a government briefing regarding the property sector's support failed to impress investors. The housing ministry announced increased aid for real estate, including expanded access for developers to government funding as part of efforts to meet the annual growth target for the economy.

5. Meta Cuts Jobs at WhatsApp, Instagram

Meta Platforms Inc has started layoffs in various departments, most notably WhatsApp and Instagram. While this appears to be part of an internal reorganization and not a widespread reduction, it follows previous cuts of over 20,000 roles in the past two years. Posts from employees on social media confirm the layoffs amidst ongoing efforts to scale back post-COVID growth expectations.