Wall Street futures rise on tech stocks rally, Nasdaq gains up to 1%

Wall Street futures rise as TSMC sparks semiconductor rally.

Wall Street futures rose on Thursday, led by gains in technology stocks after strong quarterly results from Taiwan Semiconductor Manufacturing Co boosted sentiment around chipmakers, while easing geopolitical concerns also supported risk appetite.

At around 5:25 pm IST, Nasdaq 100 futures were up about 0.84 percent, S&P 500 futures gained roughly 0.4 percent and Dow Jones Industrial Average futures were also trading higher, signalling a positive start for U.S. equities.

TSMC, the world's largest producer of advanced artificial intelligence chips, reported a 35 percent jump in fourth-quarter profit and forecast strong annual growth, while also indicating plans to expand manufacturing capacity in the United States.

The outlook lifted shares of U.S. semiconductor equipment makers in premarket trade. Applied Materials rose 7.89 percent, Lam Research advanced 8.53 percent and KLA gained 6.38 percent as of 5:25 pm IST.

Among financial stocks, BlackRock was up 1.66 percent ahead of its earnings, while Goldman Sachs slipped 0.5 percent and Morgan Stanley fell 1.08 percent before their quarterly results, which are expected to conclude earnings from major Wall Street lenders.

Financial shares have been under pressure this week amid concerns over the impact of a proposed one-year cap on credit card interest rates at 10 percent, despite strong profit growth reported by other large banks.

Market sentiment was also supported after U.S. President Donald Trump appeared to step back from threats of possible U.S. military action against Iran, reported Reuters.

(With Inputs from Reuters)

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