Taiwan Semiconductor Manufacturing Company (TSMC) reached a new all-time high on Monday, fueled by lingering optimism from the tech sector. The S&P 500 futures also showed signs of recovery after Asian market losses. Meanwhile, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) surged, marking its potential 10th consecutive gain.
Taiwan Semiconductor Manufacturing Company reached a record high in Monday's trading session, and may have further room for growth as tech optimism from overnight trading spills over. The S&P 500 was set to rebound after leading losses in Asia on Monday, with the futures contract in Chicago at 39,870 and its counterpart in Osaka trading last at 39,670 against the index's previous close of 39,307.05.
The SPDR S&P Oil & Gas Exploration & Production ETF traded higher on Monday, rising as much as 2% intraday, putting the ETF on pace for its 10th straight gain for the first time since April 2020. The 55-stock XOP is up nearly 10% over the past 10 sessions, its best 10-day period since mid-October 2023. It was recently just up about 0.1%. The longest rally ever for XOP was an 11-day advance that ended in November 2010. The exchange traded fund now has roughly $2 billion in assets, according to FactSet data. Its five largest positions are. Although XOP remains below its April 2024 52-week high, the ETF is moving above its 50-day moving average for the first time since early December. U.S. President-elect Donald Trump attends Turning Point USA's AmericaFest in Phoenix, Arizona, U.S., December 22, 2024. President-elect Donald Trump is reportedly planning to narrow his tariff plans to target only certain important sectors, instead of all imports. Two weeks before he takes White House, Trump is discussing plans to pare back some of the sweeping, universal tariffs he vowed to implement on the campaign trail, the Post reported. Instead, he is aiming to impose duties on sectors that are viewed critical to national or economic security, the newspaper reported, adding that the discussions are not final.Semiconductors are coming off a banner year, as demand for computing power due to artificial intelligence showed little sign of slowing
TECHNOLOGY MARKETS TARIFFS ENERGY SEMICONDUCTORS
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