U.S. stock futures saw a major uptrend on Thursday, as positive sentiment was fueled by reports that the White House will soon announce a trade agreement with the U.K. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 1.26%, 0.65%, and 0.89%, respectively, at 4:53 a.m. EST, May 8.
Simultaneously, President Donald Trump clarified his stance on trade negotiations with China, stating that he would not lower tariffs as a precondition for talks scheduled to take place in Switzerland this weekend.
Also, the Federal Reserve decided to maintain interest rates yesterday. However, Fed Chair Jerome Powell warned about rising inflation and job losses but dismissed early rate cut possibilities due to potential tariff impacts. His comments showed the Fed’s priority is to keep the economy stable.
In Wednesday’s regular trading session, the Dow Jones, the S&P 500, and the Nasdaq Composite (NDAQ) rose 0.7%, 0.43%, and 0.27%, respectively.
The upside came due to reports that the U.S. plans to ease AI chip export restrictions helped fuel optimism among investors. The policy shift, led by the Trump administration, aims to scrap Biden-era AI chip curbs and replace them with simpler regulations. This move could benefit chipmakers like Nvidia (NVDA), which saw its stock climb 3.1% following the news.
In other corporate news, AppLovin’s (APP) shares soared 13% in after-hours trading, due to the company’s strong earnings results and a deal to divest its mobile gaming division. In contrast, Arm Holdings (ARM) dropped 9% after its latest guidance fell short of Wall Street estimates.
Looking ahead, investors are focused on key economic data points, such as Weekly Jobless Claims, U.S. Productivity, and Wholesale Inventories.
Further, the busy earnings week continues with reports expected today from ConocoPhillips (COP) and Warner Bros. Discovery (WBD), SoundHound (SOUN), Crocs (CROX), Coinbase (COIN), Pinterest (PINS), DraftKings (DKNG), D-Wave Quantum (QBTS), Rocket Lab (RKLB), Lyft (LYFT), and Paramount Global (PARA).
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.298%. Simultaneously, WTI crude oil futures are trending higher, hovering near $58.39 per barrel as of the last check.
At the same time, the Gold Spot U.S. Dollar Price declined to $3,340 per ounce on Thursday, due to speculation about a potential U.S. trade deal.
Elsewhere, European indices opened higher today as investors watched central bank rate decisions and corporate earnings. Also, optimism grew around U.K.-U.S. trade relations, with reports suggesting Britain may be the first country to secure a deal following new U.S. tariffs.
Asia-Pacific Markets Ended Higher
Asia-Pacific indices were in the green today after President Trump announced plans to disclose a trade deal with a major country, reportedly the U.K.
At the same time, the Hong Kong index was up 0.37%. Further, China’s Shenzhen Component and Shanghai Composite indices closed higher by 0.93% and 0.28%, respectively. Also, Japan’s Topix and Nikkei indices gained 0.1% and 0.41%, respectively.
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