Morning Report 18 Oct 24: Dow ends at another record high as chip stocks, US retail data support.

US sharemarkets were mixed on Thursday. Chip stocks surged on Taiwan Semiconductor Manufacturing Company's (TSMC) upbeat forecast and stronger-than-expected monthly retail sales indicated a robust US consumer. TSMC, the world's largest contract chipmaker, beat market estimates for profit and forecast a jump in fourth quarter revenue, driven by demand for artificial intelligence chips. The chipmaker's US-listed shares soared 9.8%, while AI-trade favourite and TSMC customer Nvidia gained 0.9%, touching a record high. The Dow Jones index was lifted by a 9% rise in insurer Travelers Companies, after its third quarter profit beat market expectations. Declines in healthcare stocks, however, limited gains as insurer Elevance Health dropped 10.6% after slashing its full-year profit forecast. Unitedhealth Group fell 0.9%. The Dow Jones index and the Nasdaq index rose but the S&P 500 index fell.

[terryhill]

Great insights Tom, I had no idea that's how chip manufacturers business works.
You pay them money for chips that you need, and then they go and make and give you the chips that you paid for.
My mind is blown 😲

[jackburton]

Incredible, and after Trump said Biden was doing such a bad job. This just keeps happening. If only the rest of the people in our country would understand.