The Nasdaq Composite rose 1.11% on Oct. 19, closing at 26,430.89. The Philadelphia Semiconductor Index gained 1.6% to 2%, recovering from a historic 15.7% drop over eight consecutive trading days, its longest losing streak since October 2008. Taiwan Semiconductor Manufacturing Co. reported quarterly revenue of $46.7 billion, beating forecasts and representing 41% year-over-year growth. Investors remain cautious about the sustainability of massive AI investments and rising interest rates. Upcoming earnings from major tech companies will determine whether last week’s plunge was a temporary panic or the beginning of a deeper correction.
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