US equity futures posted gains ahead of Thursday's opening bell, with futures of technology-heavy Nasdaq Composite outperforming other major benchmarks following an upbeat Q3 results and forecast from Taiwan Semiconductor Manufacturing. The Dow Jones Industrial Average futures gained 0.2%, S&P 500 futures rose 0.5%, and Nasdaq futures were up 0.9%. Taiwan Semiconductor reported early Thursday Q3 earnings and revenue that topped analysts' estimates and issued Q4 revenue guidance that was also above Street projections.
This announcement has significantly boosted investor sentiment towards tech stocks, and it highlights the robust performance of the semiconductor industry, which continues to be a cornerstone of the global economy. Oil prices turned higher, with front-month global benchmark North Sea Brent crude up 0.4% at $74.53 per barrel and US West Texas Intermediate crude 0.6% higher at $70.83 per barrel.
The increase in oil prices reflects a tightening supply chain and escalating geopolitical tensions that could impact future production. New unemployment claims, released at 8:30 am ET, dropped to 241,000 in the week ended Oct. 12 from 260,000 claims in the preceding week, compared with estimates compiled by Bloomberg for a smaller drop to 258,000.
Retail sales rose by 0.4% in September after the prior month's 0.1% uptick, compared with estimates for a 0.3% increase. This data signals a resilient consumer sector, which is critical for ongoing economic recovery in the post-pandemic landscape. Industrial production, due at 9:15 am ET, are seen dropping by 0.1% in September versus a 0.8% increase in August.
Meanwhile, business inventories, slated for 10 am ET, are seen rising 0.3% in August versus July's 0.4% increase. Forecasters see the US housing market index increasing to 43 in October from 41 in September, indicating a cautious optimism within the housing sector. In other world markets, Japan's Nikkei closed 0.7% lower, while Hong Kong's Hang Seng and China's Shanghai Composite ended 1% and 1.1% lower, respectively.
In contrast, UK's FTSE 100 and Germany's DAX index gained 0.5% and 0.6% in Europe's early afternoon session, showcasing a mixed global market response. In equities, Taiwan Semiconductor shares surged 9%. Alcoa shares rose 1% after the company reported it swung to a net profit in Q1 on higher sales, demonstrating the company's recovery trajectory.
ShiftPixy shares soared 210% on the announcement of a planned $150 million acquisition of TurboScale, indicating strong growth potential in the gig economy. On the losing side, Capricor Therapeutics shares fell 8% after the company priced a $75 million common stock offering, which has raised concerns regarding potential dilution of existing shareholder value..