Stock futures jump after Trump’s chip tariffs have broad exemptions: Live updates
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., August 6, 2025.
Jeenah Moon | Reuters
Stock futures rose on Thursday, led by tech, as President Donald Trump unveiled new chip tariffs that include broad exemptions.
Futures tied to the Dow Jones Industrial Average added 249 points, or 0.6%. S&P 500 futures and Nasdaq 100 futures advanced 0.7% and 0.8%, respectively.
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 premarket, while Advanced Micro Devices climbed 2%, as did the VanEck Semiconductor ETF (SMH).
Apple also gained 2% after the iPhone maker announced plans to spend an additional $100 billion on U.S. companies and suppliers over the next four years. That’s on top of a $500 billion announcement Apple made in February.
“We’re going to be putting a very large tariff on chips and semiconductors,” Trump said in the Oval Office on Wednesday. “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.”
The market is shrugging off the Trump administration’s “reciprocal” tariffs, which went into effect Thursday. In a post on Truth Social, the president wrote that “BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!”
Supporting sentiment, recent economic data, including weekly jobless claims, signaled the U.S. economy may still be in solid shape. This comes after July’s weaker-than-expected jobs reading rattled the market last week.
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.
Kristian Kerr, head of macro strategy at LPL Financial, noted that market volatility has dramatically declined since early April during the height of tariff tensions.
“Volatility across major asset classes is currently sitting at unusually low levels,” Kerr said in a note. “Equities have also followed suit, with one-month realized volatility in some of the indexes falling to levels not seen since June of last year.”
— CNBC’s Kevin Breuninger contributed reporting.
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