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US stock futures jumped on Thursday after President Trump signaled he’s set to unveil a “major” US trade deal with the UK, boosting optimism that the tide has turned in his trade war.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the gains, rising roughly 1.4%. S&P 500 futures (ES=F) climbed around 1%, while Dow Jones Industrial Average futures (YM=F) rose 0.9%.
Stocks are set to build on Wednesday’s rally as investors wait for Trump to reveal details of the US-UK trade agreement at 10 a.m. ET on Thursday morning. It will be the “first of many,” he wrote in a post to Truth Social late Wednesday.
“The agreement with the United Kingdom is a full and comprehensive one…,” Trump wrote in a further post on Thursday. “Many other deals, which are in serious stages of negotiation, to follow!”
CBOT – Delayed Quote USD
As of 8:12:42 AM EDT. Market Open.
YM=F ES=F NQ=F
Hopes are that the Trump administration has begun a pivot to dealmaking in its tariff offensive, relieving fears about the impact of trade war on the global economy. Other signs have emerged of an openness to negotiations, after the US said it plans to hold its first trade talks with China, even as Trump said he would not lower sky-high 145% tariff levels ahead of the negotiations.
Read more: The latest on Trump’s tariffs
Meanwhile, markets are digesting the Federal Reserve’s decision on Wednesday to hold interest rates steady. Chair Jerome Powell suggested the central bank will take a “wait and see” approach to policy, as he underlined the economic uncertainty and market volatility created by Trump’s tariff push. Trump again attacked Powell on Thursday, calling him a “fool” who “doesn’t have a clue.”
On Thursday, Wall Street will get fresh insight into the labor market and consumer sentiment with the release of weekly jobless claims and the inflation expectations survey from the Federal Bank of New York.
LIVE 6 updates
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Stocks moving in premarket trade: Nvidia, Arm, AppLovin
Here are some stocks making moves on Thursday morning, an hour and a half before the opening bell. You can find more movers on our trending tickers page.
Nvidia (NVDA): Shares rose 1.6% higher on a Bloomberg report that the Trump administration plans to repeal AI chip export restrictions. According to the report, the administration will repeal a Biden-era rule, known as the AI diffusion rule, which caps the amount of AI chips that could be exported in order to prevent smuggling to China. Advanced Micro Devices (AMD) stock also gained 1.5%.
Arm (ARM): Shares tumbled 8% after the chip technology provider issued a weak revenue forecast and warned about higher costs from the US-China trade war. Arm collects royalties for its chip designs. If the smartphone and tech market slow down due to tariffs, investors worry it could dent Arm’s revenue.
AppLovin (APP): The software company that helps monetize gaming apps announced it sold its mobile gaming business to Tripledot for $400 million, sending the stock rocketing 13% higher in premarket trading. AppLovin also reported 40% annual revenue growth and earnings that surpassed Wall Street’s expectations.
Shopify (SHOP): Shares dropped over 8% after the e-commerce company’s current quarter outlook disappointed Wall Street. The Canadian company forecast revenue to grow by a mid-twenties percentage for the June quarter, compared with a year earlier. Analysts were looking for 22.4% growth.
Warner Bros. Discovery (WBD): The company missed first quarter revenue estimates on Thursday, as it wasn’t able to offset weakness in its traditional TV business with box office hits from its studios division. Revenue fell 10% to start the year, though Warner Bros. has made a stronger start to the current quarter with titles such as “Sinners” and “A Minecraft Movie.” WBD stock dropped nearly 2% in premarket trading.
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Trump blasts Powell after rate hold, calling him a ‘fool’
President Trump took aim at Fed Chair Jerome Powell after the central bank held rates steady for the third consecutive meeting — a “wait and see” approach as the Fed gathers data on the emerging effects of Trump’s tariffs on the US economy.
In a Truth Social post Thursday, Trump repeated a moniker he has been using to describe Powell — “Too Late.”
“Jerome Powell is a FOOL, who doesn’t have a clue,” Trump wrote.
In a potential nod to market jitters after he relentlessly attacked the Fed Chair last month, Trump added: “Other than that, I like him very much!”
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Utility stocks outperform S&P 500 with ‘no signs of recession’ in power demand
Yahoo Finance’s Ines Ferré reports:
Utility stocks have outperformed the S&P 500 (^GSPC) year to date as power demand surges, even as tariff uncertainty raises questions about a recession.
The S&P 500 Utilities Select ETF (XLU) is up more than 6% compared to a 4% drop for the broad-based index, an 8% drop for Tech (XLK), and an 11% decline in Consumer Discretionary (XLC) stocks. …
The sector’s outperformance comes on the heels of a 23% gain in 2024 as data center growth from an artificial intelligence boom and efforts to onshore manufacturing spurred increased demand for electricity.
That demand is going strong despite fears of a recession stemming from the global trade war.
“No signs of recession in power demand,” noted Goldman Sachs analysts on Tuesday night. “Year to date, US power demand has increased by 5.5% year over year vs. the average annual growth rate of 0.6% in the past decade.”
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Nvidia stock keeps rising on news Trump will rescind AI chip curbs
Nvidia (NVDA) shares moved up almost 2% in premarket trading, set for further gains after reports the Trump adminstration plans to rescind and replace the AI chip export curbs introduced in the Biden era.
Shares in the chipmaker’s rival Advanced Micro Devices (AMD) also gained 2%.
Yahoo Finance’s Laura Bratton reports:
The Commerce Department confirmed the regulatory shift in a statement to Reuters and Axios, saying Biden’s AI rule was “overly complex” and “overly bureaucratic.”
“We will be replacing it with a much simpler rule that unleashes American innovation and ensures American AI dominance,” a spokesperson said. …
The Biden-era rule, known as the AI diffusion rule, uses a tiered system to cap the amount of AI chips that could be exported to key US trading partners in an attempt to thwart chip smuggling to China through other countries. It also significantly limits the ability of US companies to expand their AI data center capacity abroad.
Read more here.
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President Trump announces upcoming trade deal on Truth Social
President Donald Trump has posted an announcement of an upcoming press conference at 10:00 a.m. Thursday to release details of a trade deal with a significant economic partner.
With no facts confirmed in the post, the belief is that the “BIG, HIGHLY RESPECTED, COUNTRY” referenced in the social post is the United Kingdom, according to an anonymous source reporting to Bloomberg.
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After-hours trending tickers
Axon Enterprise (AXON)
The Taser and body camera maker saw its stock climb over 5% after delivering a strong beat on both the top and bottom lines. Axon posted adjusted earnings of $1.41 per share on $604 million in revenue, exceeding analyst expectations of $1.27 per share and $584 million.
Bumble (BMBL)
Bumble shares surged more than 7% on Wednesday, despite a lackluster update on user growth. The dating app platform reported flat user numbers for the first quarter, while revenue declined 8% year over year to $247.1 million. Looking ahead, Bumble guided second-quarter revenue in the range of $235 million to $243 million, coming in slightly below the $243.3 million expectation.
Stock in both arms of the real estate tech company fell more than 5% in extended trading after issuing a cautious outlook on the housing market. Zillow managed to post stronger-than-expected results for Q1, reporting adjusted earnings of 41 cents per share on $598 million in revenue. Marking Zillow’s first profitable quarter since 2022.
