S&P 500, Nasdaq climb as chips, megacaps jump

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By Johann M Cherian and Ankika Biswas (Reuters) – The benchmark S&P 500 and the Nasdaq jumped on Thursday after recent losses, boosted by chip and megacap stocks, with investors scouting for clues on whether U.S. rate cuts were imminent and assessing a mixed bag of corporate earnings. U.S.-listed shares of Taiwan Semiconductor Manufacturing (TSMC) jumped 8.2%, after the World’s largest contract semiconductor maker projected a more-than 20% growth in 2024 revenue, on booming demand for high-end chips used in artificial intelligence applications. Nvidia, Microchip Technology, Marvell Technology …

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