Dow Jones Today: Stocks Slide, Giving Back Earlier Gains, as Tech Selloff Resumes

Infosys Soars as Guidance Raised Amid AI Spending Boom

18 minutes ago

Infosys (INFY) lifted its revenue guidance, signaling increased spending from the information technology services provider’s customers on artificial intelligence.

The company said Thursday it expects full-year revenue growth for fiscal 2025 to be in the range of 3% and 4% in constant currency, up from its earlier outlook of a rise between 1% and 3%.

Infosys ADRs were up about 8% in midday trading, bucking a broader market downturn. The stock has gained 23% so far this year.

–Naomi Buchanan

SOXX Semiconductor ETF Levels to Watch

2 hr 26 min ago

The iShares Semiconductor ETF (SOXX) was up about 1% early Thursday after plunging 7% the previous session amid growing concerns that chipmakers will face heightened U.S. trade restrictions and geopolitical tensions.

Looking at the ETF’s chart, SOXX remains in a long-term uptrend, but more recent technicals points to weakening buying momentum.

During retracements, the fund may encounter support at key chart levels including $230, $180, and $148.

A bars pattern, which takes the fund’s impulsive move higher from October 2023 to March this year and applies it to April’s swing low, projects a price target of around $292.

Read the full technical analysis here.

–Timothy Smith

TSMC Rises as Earnings Show Strong Demand for AI Chips

3 hr 1 min ago

Taiwan Semiconductor Manufacturing Company (TSM) shares rose in early trading after the chipmaker reported second-quarter results that beat analysts’ estimates amid surging demand for artificial intelligence (AI) chips.

TSMC’s revenue jumped 40% from the year-earlier period, while profit increased 36%.

“Moving into third quarter 2024, we expect our business to be supported by strong smartphone and AI-related demand for our leading-edge process technologies,” TSMC CFO Wendell Huang said.

TSM ADRs were up about 1% in early trading, after falling 8% on Wednesday amid a broader selloff for chip stocks.

–Aaron McDade

Stock Futures Point to Mixed Open for Major Indexes

4 hr 6 min ago

Futures tied to the Dow Jones Industrial Average were down 0.2%.

S&P 500 futures were up 0.2%.

Nasdaq 100 futures were up 0.6%.