Fed's Powell testimony, TSMC revenue, Apple PCs: 3 Things

Federal Reserve Chair Jerome Powell continues his second day of testimonies before US Senate lawmakers on Wednesday, stating yesterday that the Fed needs a bit more "good data" to nudge officials in the direction of an interest rate cut.

Taiwan Semiconductor Manufacturing Company (TSM) shares get a bump higher in this morning's pre-market trading after reporting that second-quarter revenue has jumped by 40% year-over-year on its AI chip demand.

Apple (AAPL) PC shipments have increased by over 20% in the second-quarter year-over-year, according to IDC.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

So let's get to it with the three things that you need to know this Wednesday morning, the Yahoo finances Jennifer Shaber Jerry and Madison Mills have more that J JP opened the door for the path to an interest rate cut here.

Tuesday when he told us lawmakers during a semi annual testimony that he was encouraged by evidence of cooler inflation and that more quote good data would help get the fed to where it wants to be.

He also said the latest job market data signal conditions have cooled considerably and at the risk of bringing down inflation and cooling the job market or more balanced.

If we loosen policy too late or too little, we could, we could hurt economic activity if we loosen policy too much or too soon, then we could undermine the progress on inflation.

How will testify for a second day today on Capitol Hill this time before the House Financial Services Committee and shares of Taiwan Semiconductor are hired this morning after reporting revenue beats on demand for A I chips.

The company reported a 40% jump in the revenue in the second quarter from the year prior revenue in the month of June alone grew 33% from a year ago and the numbers come after the stock briefly crossed the $1 trillion valuation mark on Monday, Taiwan semiconductor has been a big beneficiary of the A I hype driven by NVIDIA over the past couple of years.

The stock is up nearly 80% so far this year.

And Apple PC shipments are up in a bullish signal for the tech firm ahead of their second quarter earnings.

Apple's PC shipments jump nearly 21% in two from the prior year seen the largest growth in PC shipments compared to other companies.

That is according to new data from global market firm I DC.

Now overall, the PC make market grew 3% in Q two, the second quarter of growth following seven consecutive quarters of declines spelling some recovery in the broader PC market.