Chip Tariffs Have Broad Exemptions, Futures Climb
Stock futures rose Thursday led by tech as President Donald Trump unveiled new chip tariffs that include broad exemptions.
Futures for the Dow Jones Industrials galloped 243 points, or 0.6%, to 44,555.
Futures for the S&P 500 moved higher 44.25 points, or 0.7%, to 6,415.25
Futures for the NASDAQ hiked 195.75 points, or 0.5%, to 23,618.50.
Trump announced late Wednesday that there would be a 100% tariff on imported chips, but not for companies that are “building in the United States.”
Nvidia shares rose more than 1% in the pre-market, while AMD climbed 2.5%.
Stocks are coming off of a positive session. The S&P 500 ended Wednesday about 0.7% higher, while the NASDAQ Composite advanced 1.2%. The 30-stock Dow gained about 81 points, or 0.2%.
Week to date, the S&P 500 has gained 1.7% and the NASDAQ has added 2.5%. The 30-stock Dow has advanced 1.4%. Prior to Wednesday’s modest gains, the S&P 500 had notched five losing sessions over the past six trading days, and the Dow had had six negative days in the past seven.
In Japan, the Nikkei 225 index gained 0.7% Thursday, while in Hong Kong, the Hang Seng took on 0.7%.
Oil prices picked up 74 cents to $65.09 U.S. a barrel.
Gold prices progressed $15.40 at $3,448.80 U.S. per ounce.
