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NEW YORK – Stocks had a mixed picture on Thursday, falling 0.3% but rising 1%, showing varying investor sentiment across sectors. The technology sector, particularly semiconductor companies, experienced a notable rally fueled by strong demand for artificial intelligence (AI) chips.
Shares of Taiwan Semiconductor Manufacturing Company (TSMC) rose 6.46% after the company predicted significant revenue growth and gave a bullish outlook for the semiconductor industry. Nvidia (NASDAQ:), another major player in the semiconductor industry, also enjoyed a rise in its stock price, further energizing the tech sector. This uptrend extended to other tech giants like Apple (NASDAQ:) and Microsoft (NASDAQ:), whose shares rose 3.26% and 1.13%, respectively, in a broader tech rally.
In economic news, U.S. jobless claims fell, hitting their lowest level in a year, demonstrating the resilience of the job market. The positive labor data came amid comments from Federal Reserve officials, including Rafael Bostic, who suggested rate cuts may not come as quickly as some investors had expected. Expectations that interest rate easing will be delayed have pushed U.S. Treasury yields higher, especially short-term interest rates, which have reached new highs.
Investors are weighing these developments as they navigate a complex economic landscape, balancing strong sector-specific performance with broader monetary policy expectations.
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