Stock futures were nearly flat as investors entered a week dominated by semiconductor and bank earnings, with the S&P 500 and Nasdaq trading near records. The 10-year Treasury yield ended at 5. 24%, and U.S.
And ASML were the key tests of whether heavy artificial-intelligence spending was still translating into stronger business results.
TSMC said demand for leading-edge chips remained strong entering the fourth quarter and projected 2025 revenue growth of close to the mid-30% range in U.S. It also said non-AI markets were beginning a mild recovery, while tariff policies remained a planning risk for consumer-focused businesses. The company described customer demand for AI capacity as strong and said its planning cycle now extends two to three years ahead because of rising process complexity.
ASML’s third-quarter results provided a second read on chip-industry investment. The Dutch equipment maker reported €7. 5 billion in sales, €2. 1 billion in net income and €5. 4 billion in bookings, including €3. 6 billion of extreme-ultraviolet orders. ASML also said it did not expect 2026 sales to fall below 2025, although it anticipated a significant decline in China sales next year.
The earnings arrived alongside results from major banks, with JPMorgan Chase and Goldman Sachs helping open the broader reporting season. Investors were also watching inflation and retail-sales data, making the week a combined test of corporate demand, AI investment and interest-rate expectations.