The U.S. will get a $250 billion investment from Taiwan
Stocks charged higher on Thursday, with strong results from Taiwan Semiconductor Manufacturing (TSM) and Morgan Stanley (MS) driving gains in the semiconductor and bank sectors. Plus, the Department of Commerce announced a $250 billion investment from Taiwan to build chips and chip factories in the U.S. as part of a new trade deal. The Dow rose triple digits, while the Nasdaq and S&P 500 finished firmly higher as well. Also contributing to today's optimism was jobs data, which pointed to a resilient labor market.
Continue reading for more on today's market, including:
- RBC initiated coverage of Nvidia stock.
- Pairs trading can protect you from unexpected headwinds.
- Plus, satellite stock slides; more on TSM's blowout results; and DKNG upgraded.
5 Things to Know Today
- U.S. officials pressure Mexico to allow American force assistance to aid in the country's fentanyl crisis. (Reuters)
- President Donald Trump threatened to enact the Insurrection Act in response to Minneapolis protests. (New York Times)
- Satellite stock burdened with downgrade.
- Blowout earnings report boosted this chip stock.
- DraftKings stock looking good after bull note.
Gold, Oil Prices in Retreat Mode
Oil prices slipped on Thursday, as a potential U.S. attack on Iran seemed less likely. Front-month West Texas Intermediate (WTI) crude fell to $2.83, or 4.6%, to settle at $59.19 per barrel.
Gold prices cooled off as well, as investors unpacked jobs data, a stronger U.S. dollar, and geopolitical tensions. February-dated gold futures shed 0.3% to settle at $4,623.70.