US stock futures edged higher on Thursday as President Trump's sweeping tariffs hit dozens of US trade partners after his self-imposed deadline for countries to strike deals expired.
Futures attached to the Dow Jones Industrial Average (YM=F) gained 0.4%. Futures attached to the benchmark S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) rose 0.6%.
Trump's deadline for trade deals landed at 12:01 a.m. ET on Thursday. Imports from nearly 200 countries now face duties ranging from 10% to 50%, and the overall average effective tariff rate is projected to jump to 18.3%.
Read more: The latest on Trump's tariffs
Apple (AAPL) shares climbed Thursday in premarket trading as Trump and CEO Tim Cook announced the company would make a $100 billion investment in the US. As part of the deal, Apple will manufacture the cover glasses for iPhones and Apple Watches in Kentucky.
The president also revealed at the press conference that he plans to eventually set a 100% tariff on semiconductors. Companies like Apple that commit to building in the US, however, will be exempt from the tariff.
Airbnb (ABNB), DoorDash (DASH), and Lyft (LYFT) reported earnings after the bell. DoorDash shares jumped premarket on an upbeat forecast driven by resilient delivery demand. Airbnb and Lyft, meanwhile, fell on disappointing guidance.
Stocks gained in day trading on Wednesday, buoyed by a slate of earnings that beat Wall Street expectations, including McDonald's (MCD) and Disney (DIS). The lead-up to Apple's announcement of fresh investment in the US also boosted its stock and sent the Nasdaq higher.
On Thursday, in addition to grappling with the latest trade policy shifts, Wall Street will receive new data on weekly jobless claims. The state of the labor market is in high focus following a disappointing July jobs report and downbeat revisions to the May and June jobs reports.
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