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July 17 (Reuters) - Futures tracking the Nasdaq and the S&P 500 rose on Thursday, as strong results from Taiwan's TSMC boosted chipmakers after a rollercoaster session marked by concerns about the Federal Reserve's independence.

At 5:45 a.m. ET, Dow E-minis YMcv1 were down 24 points, or 0.05%, S&P 500 E-minis EScv1 were up 5.75 points, or 0.1%, and Nasdaq 100 E-minis NQcv1 were up 41.25 points, or 0.18%.

U.S. chipmakers rose in premarket trading after TSMC 2330.TW, the world's main producer of advanced AI chips, posted a record quarterly profit, saying demand for artificial intelligence was getting stronger.

U.S.-listed shares of TSMC TSM.N gained 4% and Advanced Micro Devices AMD.O rose 1.2%. Marvell MRVL.O inched up 0.7%, while Nvidia NVDA.O and Super Mirco Computers SMCI.O gained 0.7% and 1.3%, respectively.

Netflix NFLX.O edged 0.5% higher ahead of its quarterly results after markets close.

"The market is underestimating the potential for a big U.S. earnings beat in the second quarter. Recent data on economic activity shows few signs of troubling weakness," HSBC analysts said.

Wall Street ended the previous session with modest gains, with the Nasdaq soaring to yet another record high.

Markets briefly tumbled in the previous session - dropping as much as 1% - after reports surfaced that President Donald Trump was considering firing Federal Reserve Chair Jerome Powell. Although Trump swiftly denied the reports, his ongoing criticism of the central bank and hints at possible action kept investors on edge about the Fed's independence.

Fed officials have resisted cutting rates until there is clarity on whether Trump's tariffs on U.S. trading partners reignite inflation.

The media reports on Wednesday sent odds of a September rate cut soaring to 66%, up from 54% earlier in the day.

Currently, traders see a 55% chance of cutting in September, while a July move is almost completely off the table, according to CME's FedWatch tool.

Meanwhile, attention also remained on looming tariffs, with an August 1 deadline threatening higher levies for many U.S. trading partners.

Trump told Real America's Voice on Wednesday that the U.S. is closing in on a deal with India and may soon reach an agreement with Europe as well.

Investors will also be eyeing June retail sales data, set for release at 8:30 a.m. ET, for fresh insight into consumer spending. At least four Fed officials, including Board Governors Adriana Kugler and Lisa Cook, are slated to speak.

(Reporting by Pranav Kashyap in Bengaluru; Editing by Maju Samuel)

((pranav.kashyap@tr.com; +919886482111;))