Tech Stocks Rally on TSMC Earnings Beat and Apple Upgrade; Mortgage Rates Drop to Boost Housing Market
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US stocks rose on Thursday, led by tech stocks, after earnings from chipmaker TSMC beat estimates and projected 20% revenue growth in 2024 driven by AI demand. Apple stock also rose nearly 3% after an upgrade.
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Atlanta Fed President said he doesn't expect rate cuts until Q3 at the earliest, dashing hopes for cuts in March. Markets took a hit after the comments.
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OpenAI CEO said future AI models may use less but higher quality training data to avoid copyright issues. He wants new models where content creators get paid.
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Mortgage rates fell to lowest level since May 2023, reaching 6.6% and helping homebuyers return to the market amid uptick in listings.
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Housing starts fell 4.3% in December but permits rose 1.9%, signaling continued recovery in housing market. Builders pulled back less than expected.