Market Rally: Tech Giants Soar Amid Tariff Relief and Economic Speculation

The U.S. stock market is poised for an upswing as major technology stocks rise following a tariff relief announcement by President Trump. Apple pledges $100 billion manufacturing investment, boosting shares. Economic growth concerns continue as jobless claims increase, and anticipation grows for a Federal Reserve rate cut.

Boosted by tech sector optimism, Wall Street's major indexes looked set for a robust opening on Thursday. The driving force was President Donald Trump's announcement exempting companies committed to U.S. manufacturing from new semiconductor tariffs, resulting in tech stocks rallying.

Apple led the charge, surging 2.8% in pre-market trading following its pledge to invest an additional $100 billion in U.S. manufacturing, alleviating tariff concerns around its imports. Concurrently, semiconductor giants like Nvidia and Broadcom saw their shares climb over a percentage each.

Elsewhere, economic indicators painted a mixed picture. The Federal Reserve is expected to consider rate cuts as jobless claims ticked upward, reflecting potential labor market softening. Investors kept a keen eye on Trump's pending Fed Governor nominee, who is anticipated to favor lower interest rates.

(With inputs from agencies.)