S&P 500, Nasdaq Futures Higher as Semiconductor Stocks Rally

Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are pointed higher this morning, as chip stocks rally in response to Taiwan Semiconductor Manufacturing's (TSM) record quarter. This comes after President Donald Trump yesterday announced a 25% tariff on some semiconductors, though chips that contribute to the U.S. technology supply chain were spared.

Dow Jones Industrial Average (DJIA) futures are pointed slightly below breakeven amid the latest batch of bank earnings. Jobs data is also in focus, with unemployment claims for last week falling below 200,000, signaling labor market strength. Elsewhere, Danish officials noted there is a “fundamental disagreement” between Denmark and the Trump administration over Greenland's ownership.

• China probe pressures travel stock lower.
• Analyst: Rivian Automotive stock is a "sell."
• Plus, more bank earnings to unpack, and behind Coinbase Global stock's dip.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw over 2.4 million call contracts and more than 1.8 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.77, while the 21-day moving average remained at 0.58.
2. Morgan Stanley (NYSE:MS) stock is 0.7% lower ahead of the open, despite the bank reporting better-than-expected profits and revenue for the fourth quarter. The equity has added 67.6% in the last nine months.
3. Goldman Sachs Group Inc (NYSE:GS) stock is 2.1% lower before the bell, on the heels of a fourth-quarter revenue miss, which came amid weakness in the financial giant's platform solutions business. GS still boasts a 63.2% year-over-year lead.
4. Shares of Coinbase Global Inc (NASDAQ:COIN) are 1.2% lower in electronic trading, after the postponement of the Senate Banking Committee's cryptocurrency bill hearing. After the company withdrew support, CEO Brian Armstrong said the bill had several issues that made it "materially worse than the status quo." COIN is up 48.6% in the last nine months. 
5. Friday will close out the busy week on a quiet note. 

Asian, European Markets Scattered 

Asian markets were a mixed bag today, as traders digested the Bank of Korea’s (BoK) latest move. South Korea’s Kospi tapped a record high and gained 1.6% thanks to the central bank’s steady interest rate that matched expectations, although the won weakened. Japan’s Nikkei pulled back from yesterday’s record high and dipped 0.4%. Shares of Trip.com (TCOM) gapped tremendously and were a major contributor to Hong Kong’s Hang Seng 0.3% slip. Meanwhile, China’s Shanghai Composite traded 0.3% lower.

European markets are scattered today, despite opening higher after traders assessed TSM's record earnings that drove AI stocks higher. At last look, London’s FTSE 100 is up 0.4%, while the German DAX is marginally higher, and the French CAC 40 is down 0.2%.