Futures are under pressure this morning after the three benchmarks moved lower last week. The S&P 500 posted a weekly loss of 0.53%, the Dow dropped 0.95% and the Nasdaq slipped 1.06% for the week. With the election just two weeks away, stimulus talks are still stalled. We’ll see what, if any progress will be made in the week ahead.
Nearly 900 companies are scheduled to report earnings this week. Including Facebook (FB), Amazon (AMZN), Apple (AAPL) and Google (GOOG), which will all post numbers Thursday after market close. Investors will be watching closely as these names tend to inspire movement elsewhere in the market.
In the current environment, with the stock market rally pulling back and some recent breakouts fizzling, leading stocks holding tightly around buy areas is a bullish sign. Continue to the article to find out which stock is looking primed for its next leg up.
Taiwan Semiconductor (TSM) is at the top of the list when it comes to the semiconductor manufacturing group. The company makes chips for the likes of Apple (AAPL), AMD (AMD), Nvidia (NVDA), Qualcomm (QCOM) and more.
The world’s largest chip foundry on Oct. 15 reported that third-quarter earnings rose 46% per ADR while revenue swelled 30% to $12.14 billion. Since reporting strong earnings, TSM stock has consolidated tightly. A pullback this week may bring shares into the $84.10 – $86.89 entry range, it’s breakout point and record high from Sept. 15th.
