Tech Giants Thrive Amid New Tariff Dynamics on Wall Street

U.S. stock index futures rose as major tech firms may evade new chip tariffs, boosting Apple shares and chipmakers. Tariffs of 10% to 50% on trading partners take effect, while expectations of Federal Reserve easing and AI spending optimism keep markets high. Eli Lilly shares fell due to drug data.

In a promising turn for Wall Street, U.S. stock index futures climbed on Thursday, driven by signs that major tech companies might bypass President Donald Trump's latest chip import tariffs. This development saw Apple's shares rise 2.9% in premarket trading.

Trump introduced a 100% tariff on semiconductor imports, exempting companies manufacturing or committed to manufacturing in the U.S. Consequently, stocks of chipmakers such as Nvidia, AMD, and Intel saw gains between 0.9% and 2.2%.

While markets responded to the tariffs, expectations of Federal Reserve policy easing supported by disappointing economic data and AI spending optimism buoyed indices. In other developments, Eli Lilly's shares dropped 12.3% following updates on a weight-loss drug and an increased profit forecast, as financial forecasts remain under close scrutiny.

(With inputs from agencies.)