Risk: All That Glitters... Creates Wealth

Gold hits $2,700.

The tech sector is breathing a sigh of relief this morning as chip stocks stage a recovery, led by Taiwan Semiconductor Manufacturing Co.'s (TSM) impressive beat, which is helping soothe nerves jangled by ASML's forecast cut.

As semiconductors look to power the market higher, the European Central Bank (ECB) cut interest rates by 25 basis points. This is big news because it helped boost the dollar and strengthen gold at the same time.

Insider Buying: 

• Twelve insider buys were reported yesterday, totaling $5.62 million.

• Top Purchase: A director with Ceribell (CBLL) purchased $4 million shares.

Market outlook:

• Futures up: Nasdaq leads with 0.8% gain on TSMC's 54% profit jump; S&P 500 +0.4%, Dow flat

• U.S. retail sales and jobless claims data to gauge consumer strength and labor market health due at 8:30a

• ECB rate decision: A 0.25% cut to 3.25%

• Amazon (AMZN) and Google (GOOG) invest in small nuclear reactors for growing data center power needs

• Phillips 66 (PSX) to close Los Angeles refinery in 2025…