Investing.com-- U.S. stock index futures mostly rose Thursday, rebounding after the previous session's rout in chipmaking stocks, ahead of earnings from streaming giant Netflix.
At 06:50 ET (10:50 GMT), Dow Jones Futures fell 45 points, or 0.1%, while S&P 500 Futures rose 8 points, or 0.2%, and Nasdaq 100 Futures rose 75 points, or 0.4%.
Growing bets on early interest rate cuts by the Federal Reserve also spurred a broader pivot away from technology stocks and into more growth-sensitive sectors. This saw the Dow Jones Industrial Average surge to record highs,gaining 0.6%, while the S&P 500 fell 1.4% and the NASDAQ Composite dropped 2.8%, its worst session since 2022.
Chip stocks bounce after selloff
Tech sentiment has been boosted Thursday after Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker, posted second-quarter profit above expectations and forecast strong third-quarter revenue.
The sector suffered a sharp selloff in the previous session, following reports that the Biden administration was considering more export curbs on China, particularly in chipmaking technology. This battered the sector, given that it could herald lower sales in China, which is a major consumer of chips.
Concerns over heightened geopolitical tensions between China and Taiwan also dented chip stocks, after Republican Presidential candidate Donald Trump said Taiwan should pay the U.S. for defense supplies.
Netflix earnings awaited
Focus remained on the second quarter earnings season, with entertainment giant Netflix (NASDAQ:NFLX) set to report earnings after the close Thursday.
Netflix has already guided for lower net subscriber additions in the second quarter than in the first three months of the year.
LSEG forecasts that it will have added an estimated 4.82 million subscribers in the second quarter, which would be the lowest additions since the first quarter of 2023 and about half the 9.3 million it added in the previous three months.
Earnings from Blackstone (NYSE:BX), Alaska Air (NYSE:ALK) and Intuitive Surgical (NASDAQ:ISRG) are also due on Thursday.
Jobless claims due
On the economic data front, weekly jobless claims data as well as the Philadelphia Federal Reserve's business index are on the schedule, while comments from Fed officials Lorie Logan, Mary Daly and Michelle Bowman are also expected later in the day.
Investors are still pricing in a more than 91% chance of a 25-basis point interest rate cut from the Fed by its September meeting, according to CME's FedWatch.
(Ambar Warrick contributed to this article.)
This content was originally published on Investing.com
