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US stock futures jumped on Thursday after President Trump said he’s poised to unveil a “major” trade deal, boosting optimism that the tide has turned in the tariff hostilities.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) led the surge, rising roughly 1.5%. S&P 500 futures (ES=F) climbed 1%, while Dow Jones Industrial Average futures (YM=F) rose 0.8%.
Stocks are set to build on Wednesday’s gains with Trump expected to reveal a framework trade deal with the UK on Thursday morning. It will be the first since he unleashed sweeping “Liberation Day” tariffs in early April.
“Big news conference tomorrow morning at 10:00am, the Oval Office, concerning a MAJOR TRADE DEAL WITH REPRESENTATIVES OF A BIG, AND HIGHLY RESPECTED, COUNTRY. THE FIRST OF MANY!!!” Trump wrote in a post to Truth Social late Wednesday.
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Investors hope the deal could be the first in a series, relieving fears about the impact of trade war on the global economy. It’s another sign the Trump administration is opening up negotiations on tariffs, after the US said it plans to hold its first trade talks with China.
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.
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.
Companies set to report earnings before the bell on Thursday include Warner Bros. Discovery (WBD) and Peloton (PTON).
LIVE 3 updates
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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.
