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

The iShares Semiconductor ETF SOXX jumped 2.3%, leading sector gains. NVIDIA Corp. 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 Bank cut interest rates amid weak economic data and ongoing disinflation.

Gold prices, tracked by the SPDR Gold Trust GLD, rose 0.5%, setting new records despite rising Treasury yields. The 10-year Treasury yield gained 8 basis points to 4.10%, while the iShares 20+ Year Treasury Bond ETF TLT slid 1.6%, marking its worst session since early August.

Bitcoin BTC/USD eased 0.4%, taking a breather after four consecutive sessions of gains.

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust SPY rose 0.4% to $584.45.
• The SPDR Dow Jones Industrial Average DIA inched 0.4% higher to $432.52.
• The tech-heavy Invesco QQQ Trust Series QQQ soared 0.7% to $494.15.
• The iShares Russell 2000 ETF IWM fell 0.4% to $226.02.
• The Technology Select Sector SPDR Fund XLK outperformed, up 1%. The Consumer Staples Select Sector SPDR Fund XLP lagged, down 0.5%.

• Semiconductor stocks rallying Thursday on the heels of strong TSM earnings were Broadcom Inc. AVGO, up 4%; Lattice Semiconductor Corp. LSCC, up 4%; Micron Technology Inc. MU, up 3.6% and Arm Holdings plc ARM, up 3.1%.
• Blackstone Inc. BX soared over 7% to fresh record highs after a strong quarterly report.
• Other stocks reacting to company earnings included CSX Corp. CSX, down 6%; Kinder Morgan Inc. KMI, up 0.1%; Discover Financial Services DFS, up 2%; Equifax Inc. EFX, down 2.5%; Steel Dynamics Inc. STLD, up 6%; Alcoa Corp. AA, down 3%; Marsh & McLennan Companies Inc. MMC, up 0.1%; Elevance Health Inc. ELV, down 12%; Travelers Companies Inc. TRV, up 8%; Truist Financial Corp. TFC, down 1.2%; M&T Bank Corp. MTB, up 5%; Huntington Bancshares Inc. HBAN, down 1.8% and KeyCorp KEY, down 1.5%.
• Companies slated to report their earnings after the close include Netflix Inc. NFLX, Intuitive Surgical Inc. ISRG, Crown Holdings Inc. CCK and Western Alliance Bancorporation WAL.

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