🌅 Today's Morning Call
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S&P Futures
7,634.75
▼ -21.00 (-0.27%)
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Nasdaq Futures
29,276.25
▼ -148.25 (-0.50%)
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Dow Futures
52,470.00
▼ -125.00 (-0.24%)
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10Y Treasury
4.84%
▲ +0.03%
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US Dollar
98.97
▲ +0.24 (+0.24%)
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Bitcoin
$77,710
▼ -$581 (-0.74%)
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Data as of 8:09 AM ET
Good morning! Happy Thursday. Futures are leaning red across the board, but the real story this morning is a split screen: semiconductors are flexing while biotech takes a beating. TSMC just posted its biggest month ever, and that number is worth talking about. Here's your morning rundown.
👀 What to Watch Today
TSMC headlines the day after reporting August revenue surged more than 53% year over year to a record high, with sales up over 10% from July. That's a loud signal on AI chip demand, so keep TSM and the broader semi complex (NVDA, AMD, AVGO) front and center.Biotech is the other side of the coin. Biohaven (BHVN) is reeling after the FDA placed a partial clinical hold on its experimental epilepsy drug following rodent findings, pausing new trial enrollment. Novartis (NVS) is also in focus as a major shareholder pushes for a board shake-up after back-to-back trial setbacks.
With the 10-year yield ticking up to 4.84% and the dollar firming at 98.97 on the DXY, watch how rate-sensitive corners of the market react into the open.
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Text Me the Alerts🌏 Overnight Recap
Overnight, TSMC's record August print set the tone across Asian tech, reinforcing that the AI buildout still has legs. Taiwan and broader chip supply names drew attention as the 53% jump landed well above expectations.In Europe, Novartis remained under a spotlight after a major shareholder called for governance changes following a record share drop earlier this week tied to trial failures. Associated British Foods (ASBFY) added a UK retail angle, saying its Primark unit, set to spin off next year, will roll out home delivery.
Geopolitics stayed on the radar too, with Trump warning Iran over activity at the suspected Pickaxe Mountain nuclear site as the US and Iran exchanged ship attacks near the Strait of Hormuz. Bitcoin slipped 0.74% to $77,710.
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📊 Pre-Market Movers
Biohaven (BHVN) is the pain trade this morning, sliding after the FDA slapped a partial clinical hold on its experimental epilepsy program, halting new patient enrollment on the back of rodent findings. Clinical holds tend to sting first and ask questions later.Macy's (M) is moving the other way, catching a bid after strong second-quarter results and a raised full-year outlook for net sales and comparable sales. The turnaround story is getting harder to ignore.
Chemours (CC), DuPont (DD) and Corteva (CTVA) are in play after agreeing to a $455 million settlement with North Carolina over PFAS contamination claims, a headline that removes some overhang for the group. TSM should also draw pre-market interest on its record revenue.
🔍 Today's Watchlist
- TSM and the semiconductor complex after TSMC's record 53% August revenue jump
- BHVN reaction to the FDA partial clinical hold on its epilepsy drug
- Chemicals trio CC, CTVA and DD after the $455M PFAS settlement in North Carolina
- 10-year Treasury yield at 4.84% and a firming dollar near 98.97 on the DXY
- Energy and oil sensitivity as US-Iran tensions flare near the Strait of Hormuz
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🎯 The Morning Playbook
The tape is telling a clear story: AI demand is real and TSMC's record month is the receipt. If you're leaning into strength, the semiconductor complex (TSM, NVDA, AVGO) is where the momentum lives, but respect that futures are pointing lower into the open.On the defensive side, biotech headline risk is live with BHVN and NVS both under pressure, and rising yields plus a stronger dollar can cap enthusiasm. Watch oil and energy names if Hormuz tensions escalate.
Stay selective, let the first hour set the range, and don't chase gaps. The best setups usually come to those who wait. Make it a sharp one.
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