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US pre-open: Futures higher as Trump offers semiconductor tariff exemptions
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Thursday after Donald Trump's newly announced chip tariffs included broad exemptions. As of 1240 BST, Dow Jones futures were up 0.56%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.63% and 0.81% firmer, respectively.
The Dow closed 81.38 points higher on Wednesday, reversing losses recorded in the previous session.
Trump announced on Wednesday that the White House would impose a 100% tariff on imported chips, but said companies that were "building in the United States" would be exempted.
"We're going to be putting a very large tariff on chips and semiconductors," Trump said. "But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge."
Apple rose 2% in pre-market trading, as did Advanced Micro Devices and VanEck Semiconductor ETF, while Nvidia shares were up more than 1%.
In terms of quarterly earnings, drugmaker Eli Lilly hiked FY profit guidance on Thursday as it revealed Q2 revenues had surged 38% to $15.56bn. However, shares headed south in pre-market after Eli Lilly released trial data that showed its weight-loss pill cut body weight by less than a rival treatment from Novo Nordisk.
On the macro front, weekly jobless claims numbers from the Labor Department will be out at 1330 BST, while June wholesale inventories figures will follow at 1500 BST.
Reporting by Iain Gilbert at Sharecast.com
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