Tech stocks eyed a small comeback on Thursday from the Nasdaq's worst day since 2022, as TSMC's (TSM) upbeat results helped calm worries about the AI trade ahead of Netflix (NFLX) earnings.

Futures on the tech-heavy Nasdaq 100 (NQ=F) rose 0.4%, while S&P 500 futures (ES=F) edged up 0.1%. But Dow Jones Industrial Average futures (YM=F) slid roughly 0.2%, coming off an all-time closing high for the blue-chip index.

The rally on Wall Street has hit increasing turbulence this week as political, geopolitical and trade risks unsettle a market finally confident that Fed will cut interest rates this year.

The Nasdaq Composite (^IXIC) sank over 2.7% on Wednesday, partly thanks to a potential escalation in US curbs on exports to China. Chip stocks Nvidia (NVDA), TSMC (TSM), and ASML (ASML) all got hammered amid a rotation from tech leaders into less prominent parts of the market.

TSMC's strong quarterly earnings Thursday helped lift the mood. The Taiwanese chip giant beat on profit with a 36% jump, and it raised its 2024 sales outlook to signal confidence in the AI boom. Shares in the supplier to Nvidia and Apple (AAPL) inched up in pre-market trading.

Netflix (NFLX) is the highlight on Thursday's earnings docket, due after the market close. Expectations are high for the streamer, though some on Wall Street note the stock is already flirting with record highs.

Elsewhere, investors are keeping a watchful eye on the US presidential race, given Republican nominee Donald Trump's potential to move markets. President Joe Biden has come down with COVID-19 at a key point in his campaign, reviving talk of an exit.