Stock futures are higher Thursday with new record highs in sight for major indexes, as investors brush aside concerns about tariffs.
Futures tied to the Dow Jones Industrial Average were up 0.4% in recent trading, while those linked to the S&P 500 and the tech-heavy Nasdaq rose 0.6% and 0.8%, respectively. Stocks are coming off a winning session on Wednesday, putting the benchmark S&P 500 index less than 1% away from a record closing high and the tech-heavy Nasdaq Composite just a few points away from a record.
Stocks have rebounded in recent days after stumbling last week—the S&P 500 posted its biggest weekly decline since May—amid concerns about tariffs and the health of the U.S. economy. Those concerns have moderated this week, even as so-called “reciprocal” tariffs on dozens of countries went into effect overnight and President Donald Trump announced that he plans to impose a 100% tariff on chip imports.
Chip stocks were among the noteworthy gainers this morning as Trump said that companies that commit to manufacturing in the U.S. will be exempt from the import taxes. Nvidia (NVDA) and Broadcom (AVGO), the semiconductor companies with the largest market caps, were each up about 1.5%, while Advanced Micro Devices (AMD) added more than 2%. The VanEck Semiconductor ETF (SMH) also tacked on about 2%.
Intel (INTC) was bucking the chip sector rally, falling more than 3%, after Trump said in a Truth Social post this morning that CEO Lip-Bu Tan, who took the helm at the struggling chipmaker in March, is “highly conflicted and must resign, immediately.”
Mega-cap stocks were mostly higher this morning, led by Apple (AAPL), which was up 3%, adding to yesterday’s 5% gain after CEO Tim Cook and Trump announced that the iPhone maker would invest an additional $100 billion in U.S. manufacturing. Microsoft (MSFT), Alphabet (GOOG), Meta Platforms (META) and Tesla (TSLA) also gained ground, while Amazon (AMZN) ticked lower.
Shares of Eli Lilly (LLY) tumbled 8% after disappointing results from a trial of its oral weight-loss drug overshadowed the pharmaceuticals giant’s better-than-expected earnings report and boosted outlook.
Crypto-related stocks moved higher as the price of bitcoin jumped to $116,400 this morning, up from an overnight low of $114,300. Major bitcoin buyer Strategy (MSTR) was up 2%, while crypto exchange Coinbase Global (COIN) climbed 3%.
The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was holding steady at 98.20, trading at its lowest level in more than a week.
The yield on the 10-year Treasury, which affects borrowing costs on all sorts of loans, notably mortgages, was also little changed at 4.23%. The yield fell as low as 4.18% this week, its lowest level in three months, as market expectations for interest rate cuts by the Federal Reserve increased following last Friday’s weak jobs report.
West Texas Intermediate futures, the U.S. crude oil benchmark, were up 0.5% at $64.65 per barrel, inching higher after losing ground for five straight sessions. Gold futures rose 0.9% to $3,465 an ounce, extending a week-long rally that has pushed the price of the precious metal back near record-high levels.