US stocks climb as strong chipmaker earnings boost tech sector

• US stocks rose Thursday as strong chipmaker earnings lifted the tech sector.
• Taiwan Semiconductors' quarterly report beat expectations, with the stock popping 9%.
• Atlanta Fed President Raphael Bostic said he expects rate cuts to arrive in the third quarter of 2024.

US stocks rose Thursday as chipmakers led a rally in the tech sector, which also got a boost from an uptick in Apple shares.

Taiwan Semiconductor beat earnings and revenue forecasts, sending the stock up 9%. Other chip stocks like Nvidia, AMD and Intel also climbed. Apple was higher too after shares got an upgrade from Bank of America, which said AI will drive a major iPhone upgrade cycle.

Those gains came despite Atlanta Fed President Raphael Bostic saying he expects rate cuts to arrive in the third quarter of 2024, later than market bets for earlier this year.

"I want us to be absolutely certain that inflation is where we need it to be before we move too dramatically," he said at an event hosted by the Atlanta Business Chronicle.

Yields on the 10-year Treasury climbed to 4.14%.

Here's where US indexes stood at the 4 p.m. closing bell on Thursday: 

• S&P 500: 4,780.94, up 0.88%
• Dow Jones Industrial Average: 37,468.61, up 0.54% (201.94 points)
• Nasdaq Composite: 15,055.65, up 1.35%

Here's what else is going on:

• Whiskey, Rolexes, and trading cards are in a spiraling crash as "the bubbles have popped" in collectibles.
• The Magnificent Seven mega-cap firms should continue to outperform the bottom 493 stocks in the S&P 500.
• Reddit, the hotbed of the meme stock craze, is reportedly aiming to IPO in March.
• One of Wall Street's biggest bulls said investors should brace for a 7% drop in the stock market.
• Coinbase told a judge that buying crypto is just like collecting Beanie Babies. 
• The Red Sea attacks are creating chaos in the global coffee trade.

In commodities, bonds, and crypto: 

• West Texas Intermediate rose 1.98% to $74 a barrel. Brent crude, the international benchmark, edged up 1.49% to $79.04 a barrel.
• Gold inched up 0.82% to $2,023 per ounce.
• The 10-year Treasury yield climbed 3.4 basis points to 4.138%.
• Bitcoin dropped 4.17% to $40,867.75.