U.S. stock futures are inching higher early Thursday as markets digest U.S. President Donald Trump’s 100% tariffs on imports of chips, excluding those produced by companies investing in the U.S. The measure is aimed at boosting domestic production of the technology and maintaining a global lead in artificial intelligence (AI). Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.62%, 0.36%, and 0.58%, respectively, at 4:40 a.m. EST on August 7.
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In Wednesday’s trading session, major indexes ended in positive territory as investors continued to evaluate tariff-related updates and key quarterly earnings reports. Trump’s reciprocal tariffs also took effect at midnight, with the president announcing that “billions of dollars in tariffs are now flowing into the U.S.” The S&P 500 ended up 0.70%, the Dow Jones gained 0.20%, and the Nasdaq Composite advanced 1.2%.
Notably, iPhone maker Apple (AAPL) led the tech rally with its additional $100 billion investment commitment in the U.S., adding to the $500 billion committed earlier. The move expands Apple’s American Manufacturing Program (AMP) and aims to bring supply chains back to the U.S. and boost local production.
After the markets closed yesterday, Uber (UBER) stock jumped over 1% after reporting solid Q2 results and announcing a $20 billion share buyback program. Also, Airbnb (ABNB) stock dropped more than 6% despite exceeding Q2 expectations, raising guidance, and announcing a $6 billion stock buyback plan.
Looking ahead, traders await key economic data on weekly initial jobless claims, which measure the number of individuals filing for unemployment benefits for the first time. For the week ending August 2, experts predict that 221,000 jobless claims will be filed, higher than the prior week’s figure of 218,000 claims.
Turning to the earnings season, SoundHound (SOUN), Warner Bros. Discovery (WBD), D-Wave Quantum (QBTS), Pinterest (PINS), Block (XYZ), and Eli Lilly (LLY) are scheduled to release their quarterly results today.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.24%. WTI crude oil futures were trending lower, hovering near $64.15 per barrel as of the last check. Additionally, the Gold Spot U.S. Dollar Price increased to nearly $3,457 per ounce on Thursday.
Elsewhere, European stocks opened mostly higher today as the U.S. reciprocal tariffs take effect, while traders evaluate corporate earnings reports from major European companies. Additionally, the Bank of England (BOE) is set to announce its latest interest rate decision this morning, with markets expecting a rate cut from 4.25% to 4%.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed today following President Trump’s announcement of a 100% tariff on semiconductor chip imports into the U.S. Moreover, Trump imposed an additional 25% tariff on imports from India, partly in response to India’s continued purchase of oil from Russia, bringing India’s overall tariff rate to 50% as part of broader reciprocal tariffs.
Hong Kong’s Hang Seng index rose 0.69%. In China, the Shanghai Composite index gained 0.16%, while the Shenzhen Component fell 0.09%. Similarly, Japan’s Nikkei rose 0.65%, and the Topix gained 0.72%.