US stock futures: Dow, S&P 500, Nasdaq steady after record highs as gold nears $4,100, Nvidia gains export boost, TSMC revenue surges 30% — is a Fed rate cut next?

Market Overview - The S&P 500 and Nasdaq Composite reached new all-time highs, continuing Wall Street's rally after a brief pause, with sentiment improving following the Federal Reserve's September meeting minutes indicating a likelihood of rate cuts in 2025 [2][22] - Futures for major indices showed slight changes, with S&P 500 futures at 6,802.00, up 0.75 points, and Dow Jones futures adding about 23 points [1][8] Gold Market - Gold futures traded near $4,057 per ounce, slightly down after surpassing the $4,000 mark earlier in the week, but still up over 50% year-to-date due to strong central bank demand and investor hedging amid uncertainty [3][19] - Analysts from BCA Research noted that while the long-term outlook for gold remains positive, short-term pullbacks may occur due to potential increases in real rates or a stronger dollar [18] Corporate Earnings - Taiwan Semiconductor Manufacturing Co. (TSMC) reported a 30% increase in Q3 revenue, reaching $32.47 billion, driven by high demand from AI chip manufacturers Nvidia and AMD, resulting in a 3.5% rise in TSMC shares [6] - Akero Therapeutics saw its shares surge nearly 20% following Novo Nordisk's announcement of a $4.7 billion acquisition at $54 per share, with Akero's lead drug candidate in Phase 3 trials [13][14] - PepsiCo's stock rose approximately 1% after reporting Q3 earnings that exceeded expectations, with an adjusted EPS of $2.29 and revenue of $23.94 billion [17] AI and Technology Developments - Nvidia's shares gained 1% premarket after the US government approved new AI chip export licenses to the UAE, linked to a $1.4 trillion investment pledge in US projects, marking a significant diplomatic achievement for the Trump administration [7] - Investors are closely monitoring developments in AI trade policy and the Federal Reserve's interest rate outlook as the week progresses [21]