Beat the street: US tech stocks indicated higher; US-listed chip stocks get a lift from TSMC; IEA and OPEC oil outlook
US tech stocks lift after chip stocks like Intel and NVIDIA rise after TSMC’s upbeat outlook. Investors digest the latest housing and labour market data. The IEA raises its 2024 oil demand forecast, but lags OPEC’s view.
(Partial Video Transcript)
Is the US labour market resilient enough?
Hello, I’m Angeline Ong and welcome to beat the street, the show that gives you all the tradeable news and data you need ahead of the Wall Street Open.
We are waiting on data coming out any moment now. We are looking out for the housing and labour data after that stronger-than-expected retail sales figure. And also signs that the US labour market still remains resilient.
Chip stocks on the move after bouyant TSMC outlook
Chips also in focus. Stocks are on the move in that space after a solid outlook from TSMC. And oil prices eyed as the International Energy Agency (IEA) raised its 2024 oil demand forecast by lags OPEC’s view.
A very good afternoon to you and welcome to this edition of beat the street. Let’s get straight to the breaking news that we’ve been watching for you.
First up, the building permits number: we were expecting 1.48; we got 1.495 so slightly higher than expected. In terms of the month-on-month change for building permits for December, it is 1.9%.Initial jobless claims for the week ending 13 January 2024, looking out for 207,000; we got slightly less than that at 187,000.
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