Trump announces 100% chip tariff as Apple ups U.S. investment
Investing.com-- U.S. stock futures edged higher on Wednesday evening after Wall Street closed higher, lifted by optimism around Apple’s plan to invest an additional $100 billion in U.S. manufacturing.
At the same time, investors navigated fresh tariff threats from President Donald Trump and corporate earnings reports.
S&P 500 Futures edged up 0.2% to 6,381.50 points, while Nasdaq 100 Futures also gained 0.2% to 23,462.75 points by 20:15 ET (00:15 GMT). Dow Jones Futures traded largely unchanged at 44,318.0 points.
White House announces $100 billion new investment pledge from Apple
In the regular trading session on Wednesday, the S&P 500 rose 0.7%, while the NASDAQ Composite jumped 1.2%. The Dow Jones Industrial Average closed 0.2% higher.
Apple (NASDAQ:AAPL) shares soared 5.1% on Wednesday after the White House said the company would pledge an additional $100 billion in domestic manufacturing over the next four years, raising its total U.S. investment commitment to approximately $600 billion.
The move is seen as both a policy alignment with the Trump administration and a strategic response to rising trade tensions.
Meanwhile, President Trump said he would impose a tariff of about 100% on imported semiconductors, though products from companies that build chips within the U.S. would be exempt.
He also signed an executive order imposing an additional 25% import tariff on Indian goods, citing India’s continued purchase of Russian oil.
The hike raises the total U.S. duty on some Indian exports to 50%, making it among the highest tariffs the U.S. has ever levied on any trade partner.
Q2 earnings season in final stretch
With the reporting season now in its final stretch, LSEG data showed that more than 80% of companies that have reported so far have exceeded earnings expectations.
On Wednesday, McDonald’s (NYSE:MCD) shares rose 3% on beating second-quarter sales estimates as value deals attracted cost-conscious consumers.
Meanwhile, Walt Disney (NYSE:DIS) shares fell 2.7% on missed expectations on TV and sports revenue but saw strength in its theme parks and streaming units.
Elsewhere, Snap Inc (NYSE:SNAP) shares tumbled after the company posted weak results, highlighting its struggles to compete with AI-focused rivals.
In extended trading, Airbnb (NASDAQ:ABNB) stock slumped 6% after the vacation rental company forecast weaker growth for the rest of the year.