U.S. stock futures climbed early Thursday, boosted by robust earnings from key tech companies and fresh trade policy headlines. As of 5:45 a.m. ET, Dow Jones futures were up 170 points (+0.4%), S&P 500 futures rose 1%, and Nasdaq 100 futures gained 1.3%.
Meta Platforms surged in premarket trading after delivering strong advertising revenue and upbeat AI-driven guidance. Microsoft also impressed investors with strong performance in its cloud division, fueled by increased AI adoption. Attention now shifts to post-market earnings from Apple and Amazon, which could further influence market sentiment.
Trade developments also returned to center stage. Former President Donald Trump announced new tariffs, including a 15% duty on selected Korean imports tied to a $350 billion investment pledge. He also imposed a 25% tariff on Indian goods effective August 1 and confirmed a 50% duty on copper semi-finished products, citing national security concerns. These moves have reignited concerns over global supply chain stability.
On the monetary policy front, the Federal Reserve kept interest rates unchanged at 4.25%–4.5%. However, in a rare move, two Fed governors—both Trump appointees—dissented, advocating for immediate rate cuts, underscoring growing tension between the Fed and the White House.
Meanwhile, second-quarter U.S. GDP surprised to the upside, and private payrolls in July saw a substantial increase, ahead of the official jobs report due Friday. These data points reflect stronger-than-expected economic resilience.
In commodities, oil prices edged lower. An unexpected rise in U.S. crude inventories and weak economic data from China weighed on sentiment. Brent crude fell to $71.83 per barrel, while WTI crude slipped to $69.44.