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Nasdaq, S&P futures lifted by chip stocks after wild session
(Reuters) -Futures tracking the Nasdaq and the S&P 500 rose on Thursday, as strong results from Taiwan's TSMC boosted chipmakers after a rollercoaster session marked by concerns about the Federal Reserve's independence. At 5:45 a.m. ET, Dow E-minis were down 24 points, or 0.05%, S&P 500 E-minis were up 5.75 points, or 0.1%, and Nasdaq 100 E-minis were up 41.25 points, or 0.18%. U.S. chipmakers rose in premarket trading after TSMC, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger. U.S.-listed shares of TSMC gained 4% and Advanced Micro Devices rose 1.2%. Marvell inched up 0.7%, while Nvidia and Super Mirco Computers gained 0.7% and 1.3%, respectively. Netflix edged 0.5% higher ahead of its quarterly results after markets close. "The market is underestimating the potential for a big U.S. earnings beat in the second quarter. Recent data on economic activity shows few signs of troubling weakness," HSBC analysts said. Wall Street ended the previous session with modest gains, with the Nasdaq soaring to yet another record high. Markets briefly tumbled in the previous session - dropping as much as 1% - after reports surfaced that President Donald Trump was considering firing Federal Reserve Chair Jerome Powell. Although Trump swiftly denied the reports, his ongoing criticism of the central bank and hints at possible action kept investors on edge about the Fed's independence. Fed officials have resisted cutting rates until there is clarity on whether Trump's tariffs on U.S. trading partners reignite inflation. The media reports on Wednesday sent odds of a September rate cut soaring to 66%, up from 54% earlier in the day. Currently, traders see a 55% chance of cutting in September, while a July move is almost completely off the table, according to CME's FedWatch tool. Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many U.S. trading partners. Trump told Real America's Voice on Wednesday that the U.S. is closing in on a deal with India and may soon reach an agreement with Europe as well. Investors will also be eyeing June retail sales data, set for release at 8:30 a.m. ET, for fresh insight into consumer spending. At least four Fed officials, including Board Governors Adriana Kugler and Lisa Cook, are slated to speak. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
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US stock futures little changed as investors await earnings reports
U.S. stock futures are little changed as investors waited to see more earnings reports. Some of the major companies slated to report before the opening bell include Taiwan Semiconductor Manufacturing, Travelers, GE Aerospace, Abbott Laboratories, PepsiCo, U.S. Bancorp and Citizens Financial Group. Streaming company Netflix is due after the close. At 6 a.m. ET, futures tied to the blue-chip Dow slipped -0.08%; while broad S&P 500 futures added 0.06% and tech-laden Nasdaq futures rose 0.15%. Investors will also see June retail sales data and weekly jobless claims to get a sense of whether the economy is showing cracks. In May, retail sales fell more than expected and weekly jobless claims have not yet shown signs that the labor market is faltering. However, continuing claims have shown people without jobs are out of work longer. Corporate news United Airlines missed second-quarter revenue estimates and lowered its annual earnings per share forecast. Sarepta Therapeutics announced a 'strategic restructuring' plan that includes a 36% workforce reduction, or around 500 employees. Monarch Casino & Resort reported an increase in second-quarter earnings from a year ago. Walmart is cutting hundreds of store-support and training jobs at Walmart Academy, according Bloomberg, citing a memo. Cryptocurrency Coinbase unveiled "Base App," or an 'everything app' that combines social networking, mini-apps, chat, payments, and trading. It all runs on the company's public blockchain network Base. Separately, a trio of crypto bills failed again to jump a procedural hurdle in Congress despite President Donald Trump's earlier assurance that holdouts would vote yes. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: US stock futures little changed as investors await earnings reports Sign in to access your portfolio


USA Today
2 minutes ago
- USA Today
Hundreds of anti-Trump protests are scheduled nationwide over civil rights and GOP bill
Anti-Trump protests, channeling the legacy of Rep. John Lewis, are calling for 'good trouble.' Civil rights activist and Georgia Congressman John Lewis was known for saying he got into "good trouble" by using peaceful, non-violent action to challenge injustice. Now, in 1,600 cities and towns across the country, protesters are planning to make similar "good trouble" on July 17, the fifth anniversary of Lewis' death. 'What we want the nation to know is that his legacy lives on, that the good trouble that he got into and that he fought for is not over," said Barbara Arnwine, co-leader of the Transformative Justice Coalition. "We are absolutely focused on making sure that our voices throughout the country are raised.' Protesters are expected to turn out for a variety of reasons, including their opposition to the recently passed budget bill, attacks on womens rights and diversity, and immigration enforcement, such as President Donald Trump's decision to call out the California National Guard to quell pro-immigrant protests in Los Angeles. If you want to go: 'Good Trouble' protest locations: See where demonstrations are planned 'We have a president that is deploying (the) National Guard to actually stop peaceful protests, and it's making things more dangerous for people, and making things harder for people who just want to stand up, protect their neighbors and speak out, which is something that we're allowed to do," said Allison Pulliam, co-director of Declaration for American Democracy Coalition. A White House spokesperson said this week that President Donald Trump is doing what he promised to do on the campaign trail. 'Nearly 80 million Americans gave President Trump a historic mandate to Make America Great Again and he is delivering on that promise in record time,' said White House spokesperson Liz Huston. When do they start? Because they take place on a Thursday, many of the protests are scheduled to occur after the workday ends. Many of the morning events are organized as honk-and-wave protests at overpasses during rush hour. Organizers said they aren't worried the weekday timing will affect the number of protesters. Over 231,000 people were registered to attend by the afternoon of July 15. For previous demonstrations, signups have totaled only a fraction of those who actually turned up to protest. The Good Trouble protests follow the No Kings protests on June 14, which drew millions of Americans at more than 2,000 locations across the country. Why now? Leslie Proll, senior director, of the Voting Rights Program at the Leadership Conference on Civil and Human Rights, pointed out that the protests are happening just weeks before the 60th anniversary of President Lyndon Johnson's signing the Voting Rights Act, on Aug. 6, 1965. 'In this moment, more than ever, we need to lift up our affirmative vision for a multiracial democracy in which everyone can participate,' she said. More: Why 'Good Trouble' protesters chose Thursday, July 17 to rally against Trump April Albright, legal director and chief of staff of Black Voters Matter, said Americans need to come out to defend one another once again. 'We need to march, yes. We should protest, yes. We should do our local elections, because power is birthed from the ground up," she said. "But we need every single facet of our communities actively engaging.'