Chipmakers Rally, Nvidia Smashes Records On TSMC Blowout Earnings, Gold Hit All-Time Highs: What's Driving Market Thursday?

A semiconductor rally pushed the S&P 500 to new all-time highs on Thursday, with strong earnings from Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) boosting tech sentiment after a weak report from ASML Holding N.V. (NASDAQ:ASML) earlier in the week.

The iShares Semiconductor ETF (NASDAQ:SOXX) jumped 2.3%, leading sector gains. NVIDIA Corp. (NASDAQ:NVDA) hit fresh record highs, reaching $141 per share during the morning session.

The Nasdaq 100 outperformed major indices, while small caps underperformed as the Russell 2000 faced resistance at a key technical level. The Dow briefly touched a record high of 43,289 points before pulling back slightly.

On the macro front, September retail sales exceeded expectations, and jobless claims fell last week, reinforcing views of strong economic resilience. However, this also slightly hit hopes for Fed rate cuts as economists voiced doubts about the need for further easing in November.

The U.S. dollar strengthened, with the dollar index (DXY) climbing to levels last seen in early August. The euro fell 0.4% as the European Central ...