U.S. stock futures pointed to a higher open on Thursday, indicating Wall Street may extend its gains from Wednesday’s volatile but mostly upbeat session.
A renewed wave of enthusiasm around artificial intelligence is driving early momentum. Taiwan Semiconductor (NYSE:TSM) climbed 2.3% in pre-market trading after reporting stronger-than-expected third-quarter earnings, powered by robust demand for AI chips.
The company, a key supplier to Nvidia (NASDAQ:NVDA), also lifted its full-year revenue outlook and reaffirmed plans to invest up to $42 billion in capital expenditures by year-end. The upbeat outlook sent shares of Nvidia and Broadcom (NASDAQ:AVGO) higher in pre-market trading as well.
Another notable gainer was Salesforce (NYSE:CRM), a component of the Dow. Shares jumped 6.5% before the opening bell after the cloud software company forecast more than $60 billion in revenue by 2030, beating Wall Street expectations.
Wednesday’s trading session saw large swings, continuing the heightened volatility from earlier in the week. The major indexes fluctuated around the flat line throughout the day before finishing mixed. The Dow Jones Industrial Average fell 17.15 points, or less than 0.1%, to 46,253.31. The S&P 500 advanced 26.75 points, or 0.4%, to 6,671.06, while the Nasdaq Composite gained 148.38 points, or 0.7%, to 22,679.08.
This volatility reflected investors balancing upbeat earnings reports with concerns over U.S.–China trade tensions and stretched equity valuations.
Financial stocks helped support the broader market. Morgan Stanley (NYSE:MS) rose 4.7% to a record close after beating third-quarter earnings estimates. Bank of America (NYSE:BAS) added 4.4% after reporting results that topped analyst forecasts on both revenue and profit.
Chip equipment maker ASML (NASDAQ:ASML) also traded higher. Although its quarterly results were mixed, the company said it expects 2026 sales to surpass 2025 levels, lifting sentiment across the semiconductor sector.
Investors also remained attentive to any remarks from Donald Trump regarding U.S.–China trade relations, a key driver of recent market moves.
On the economic front, the Federal Reserve Bank of New York reported a sharp rebound in regional manufacturing activity in October. Its general business conditions index jumped to 10.7 from -8.7 in September, well above the forecast of -1.8. A reading above zero signals growth.
Meanwhile, the Federal Reserve’s Beige Book indicated that overall U.S. economic activity has remained mostly unchanged since early September. Three districts reported slight to modest growth, five saw no change, and four noted a slight softening.
Gold and tech stocks added strength to the market. Gold miners rallied as the precious metal hit record highs, sending the NYSE Arca Gold Bugs Index up 4.1% to an all-time closing high. Hardware and semiconductor shares also advanced, with the NYSE Arca Computer Hardware Index and Philadelphia Semiconductor Index climbing 4.0% and 3.0%, respectively.
Additional gains were seen across commercial real estate, oil services, and biotechnology, underscoring broad-based market strength ahead of the opening bell.
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