Stock market today: Dow, S&P 500, Nasdaq futures rise as South Korea trade deal, Big Tech earnings boost sentiment
Futures attached to the Dow Jones Industrial Average (YM=F) inched up 0.3%. Futures attached to the benchmark S&P 500 (ES=F) rose 0.8%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) climbed 1.1%.
After the bell on Wednesday, Trump announced the US had struck a trade deal with South Korea. The agreement includes a 15% tariff rate on imports from the country, while the US will not be charged a tariff, according to Trump's post on Truth Social.
"South Korea will be completely OPEN TO TRADE with the United States," the president wrote.
Trump said that South Korea also agreed to $350 billion in US investments as well as purchases of liquified natural gas and other energy products.
Just before the president revealed the new trade deal, earnings results from Meta (META) and Microsoft (MSFT) wowed Wall Street, sending the stocks of both tech giants soaring. Meta impressed investors with an earnings beat as well as stronger-than-expected guidance even as the company ramps up its AI spending spree. Microsoft also issued impressive results, showcasing the company's strength in cloud computing and AI.
Stocks were mixed in during the day Wednesday after the Fed held interest rates steady for its fifth-straight meeting, with two Fed governors dissenting.
Following the decision, Fed Chair Jerome Powell stressed "no decisions" had been made about a September rate cut, undercutting Trump's claim he had heard a September rate cut was coming.
More critical releases for Wall Street land Thursday. In the morning, investors will get another clue as to the possible direction of interest rates with the release of the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index. Later in the day, Apple (AAPL) and Amazon (AMZN) will report their earnings results.
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