Overview

• Nasdaq and S&P 500 futures edged higher in premarket trading as TSMC’s AI-driven chip profit jumped 60% and the company raised its full-year revenue forecast to about 30%.
• U.S.-listed shares of TSMC climbed 4%, while Advanced Micro Devices, Nvidia, Marvell and Super Micro Computers all posted modest gains.
• President Trump’s swift denial of reports that he planned to oust Fed Chair Jerome Powell has not fully quelled market worries over central bank independence and has kept rate-cut expectations elevated.
• United Airlines shares fell after reporting second-quarter revenue below forecasts, and MP Materials dropped nearly 6% on plans to raise $650 million in a stock offering.
• Traders are also eyeing Netflix and PepsiCo results later today alongside U.S. June retail sales data to gauge consumer spending and corporate momentum.