Dow Futures Rise 130 Points as Chip Stocks Retreat

Dow futures rose roughly 130 points in early trading as investors digested strong corporate earnings while semiconductor shares weakened. S&P 500 futures edged down about 0.1% and Nasdaq 100 contracts fell about 0.45%.

Attention was on chipmakers after Taiwan Semiconductor Manufacturing Co. reported a record quarter. TSMC posted net profit of NT$706.6 billion, up 77% year over year, and revenue of NT$1.27 trillion, a 36% increase. The company raised its 2026 revenue-growth outlook to slightly above 40%, increased planned capital spending to $60 billion-$64 billion and announced an additional $100 billion commitment to U.S. manufacturing. TSMC shares declined in premarket trading.

The retreat in semiconductors was broad. Memory and hardware stocks fell, with Western Digital and Seagate down more than 3% in premarket trading. The Philadelphia Semiconductor Index traded about 16% below its June 22 record. The pullback coincided with gains in large-cap platform names and some financial stocks.

Economic data due at 8:30 a.m. in Washington include June retail sales and weekly unemployment claims. Retail spending rose 0.9% in May. The releases follow a 0.3% decline in June producer prices and signs of softer consumer inflation, which have led markets to scale back expectations for a near-term Federal Reserve rate increase.

Earnings will add to the market picture. UnitedHealth reports before the opening bell, with investors focused on medical costs and reimbursement trends. Netflix reports after the close, with attention on user engagement, advertising revenue growth and margins. UBS investment chief Mark Haefele expects profits to remain the main driver for equities despite geopolitical setbacks.

United Airlines slipped after warning that 2026 fuel expenses could be almost $6 billion higher than it expected at the start of the year. The carrier beat quarterly estimates and raised its adjusted earnings outlook. Oil prices remain a key uncertainty; a sustained rise in fuel costs could increase transport expenses and squeeze carrier margins.