Stock futures shifted sharply higher Thursday, boosted by earnings reports and by a notable improvement in weekly jobless claims. Taiwan Semiconductor (TSM) and Bank of America (BAC) were early leaders on earnings news. On the Dow Jones today, UnitedHealth Group (UNH) led after reporting positive third-quarter results.
Dow Jones futures rumbled 0.9% higher, while S&P 500 futures also swung 0.9% above fair value. Nasdaq 100 futures racked up a 1.1% gain on today’s stock market, enough to push the index into positive territory for the week.
Chip equipment makers led the Nasdaq 100, boosted by strong third-quarter results from Taiwan Semiconductor. ASML Holdings (ASML) ran at the top of the list with a 3.1% gain. Applied Materials (AMAT) and KLA (KLAC) gained more than 2%, Lam Research (LRCX) gained 1.9%. The VanEck Semiconductor ETF (SMH) climbed 1.7% in premarket trade.
Taiwan Semi jumped 3.9% following its third-quarter earnings report in which it raised guidance for the current quarter. The stock is looking to snap a five-week decline.
Vaccine maker Moderna (MRNA) ran strong, up 2.2%, ahead of a vote among advisors to the Food And Drug Administration regarding approval of a third shot of the company’s Covid-19 vaccine. Moderna shares are struggling to climb off the bottom of a nine-week correction.
Also receiving an FDA boost, biotech Regeneron Pharmaceuticals (REGN) jumped 2.7%, after the agency reportedly accepted the company’s application for its monoclonal antibody treatment for non-hospitalized Covid-19 patients. Regeneron shares are testing 200-day support after a steep, four-week breakdown.
United Parcel Service (UPS) powered up 2.7%. Stifel upgraded the stock to buy, from hold, and raised its price target to 224, from 210.
Dow Jones Today: Walgreens, UnitedHealth Earnings
UnitedHealth Group and Walgreens Boots Alliance (WBA) topped the Dow Jones today, running strong on quarterly earnings news.
UnitedHealth added 2.6%, positioning the stock for a possible test of resistance at its 50-day moving average. The managed-care giant cleared analysts’ third-quarter revenue and earnings targets by narrow margins, and boosted its full-year earnings guidance in line with Wall Street expectations.
UnitedHealth stock is rebounding from a test of support at its 200-day line. It faces potential resistance at its 50-day moving average as it attempts to move up the right side of what IBD MarketSmith analysis plots as a flat base.
Walgreens rallied 2.2%, after reporting that fiscal fourth-quarter earnings and revenue cleared estimates. U.S. sales rose 6.6% to $28.8 billion. International sales soared 62%, to $5.5 billion.
Walgreens stock is locked in a six-month consolidation,…