Stocks opened Thursday’s session on a positive note, with the Dow trading 0.3% higher shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite also added around 0.2% each, indicating a strong start to the trading day.
In premarket trading, some notable companies were making headlines. Taiwan Semiconductor Manufacturing saw its U.S.-traded shares fall 2.4% despite beating revenue and profit expectations in the first quarter. The company reported no structural damage from the earthquake in Taiwan but noted some production losses that will be recovered in the second quarter.
Tesla’s shares were down more than 2% after a Deutsche Bank downgrade, citing risks related to delays in new vehicle launches. On the other hand, D.R. Horton’s shares jumped 3.3% after the homebuilder topped expectations in its fiscal second quarter.
Meanwhile, the Philadelphia Fed manufacturing index posted a sharp gain in April, surpassing expectations. The index rose to 15.5, driven by increases in prices paid, new orders, and shipments, indicating positive momentum in the manufacturing sector.
In other news, initial filings for unemployment claims remained unchanged at 212,000 for the week ended April 13, reflecting a tight labor market. Continuing claims also saw little change, meeting estimates.
Looking ahead, Wolfe Research remains bullish on equities, expecting robust stock returns in the intermediate term. Despite recent market fluctuations, the firm believes that the market cycle will drive overall equity market performance.
Overall, the market outlook remains positive, with stocks showing resilience in the face of various challenges. Investors will be closely watching earnings reports and economic indicators for further insights into market trends.
