U.S. stock futures climbed higher Thursday, buoyed by a relatively solid earnings season as President Donald Trump’s latest tariff barrage takes effect.

At 05:55 ET (09:55 GMT), Dow Jones Futures traded 240 points, or 0.5%, higher, S&P 500 Futures rose 47 points, or 0.7%, and Nasdaq 100 Futures gained 170 points, or 0.7%.

The main averages on Wall Street rose in the prior session, buoyed by strong quarterly reports, while strong gains from iPhone-maker Apple underpinned the gains.

Week to date, the S&P 500 has gained 1.7%, the NASDAQ Composite has added 2.5% and the 30-stock Dow Jones Industrial Average has advanced 1.4%. 

Apple soars on $100 billion investment pledge 

Apple (NASDAQ:AAPL) shares soared over 5% on Wednesday, and have continued to rise in premarket trading, 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.

Traders have continued to monitor tariff developments, with U.S. President Donald Trump imposing an additional 25% tariff on India, bringing total U.S. levies on the major trading partner to 50%.

The president said the hike is because India continues to buy Russian oil, a sign that he is following through on his threats to punish Russia’s trade partners unless a Ukraine peace deal is reached by September.

Meanwhile,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. 

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.

There are more earnings in digest Thursday, including reports from Eli Lilly (NYSE:LLY) and Warner Bros Discovery (NASDAQ:WBD) before the bell, while Block (NYSE:XYZ) and Pinterest (NYSE:PINS) are slated to report in the afternoon.

In extended trading, Airbnb (NASDAQ:ABNB) stock slumped after the vacation rental company forecast weaker growth for the rest of the year.

DoorDash (NASDAQ:DASH) stock climbed higher after the food delivery company reported a strong second-quarter earnings report that beat expectations, boosted by resilient demand for food and grocery delivery services despite a challenging consumer environment.

Shares of engineering materials manufacturer Rogers (NYSE:ROG) jumped in extended trading after the Wall Street Journal reported that activist investor Starboard Value took a more than 9% stake in the company. 

Jobless claims due 

Weekly initial jobless claims are due later in the session, and are expected to show that initial claims for unemployment benefits rose by 3,000 to 221,000 for the week ended August 2. 

Last week’s disappointing payrolls report raised expectations that the Federal Reserve will cut interest rate cuts next month, with some Fed policymakers having signaled a willingness to slash rates at the central bank’s upcoming meeting in September to address the cooling labor market, even as worries remain that the tariffs could fuel inflation.

Traders are pricing in around a 94% chance of a Fed cut in September, up from 48% a week ago, according to the CME Group’s FedWatch Tool. In total, traders see 60.5 basis points in cuts this year.

Crude bounces on U.S. demand 

Oil prices rose Thursday, helped by signs of strong U.S. demand, although concerns about the macroeconomic impact of U.S. tariffs and the potential for the return of Russian oil remain.

At 05:55 ET, Brent futures gained 0.5% to $67.22 a barrel, and U.S. West Texas Intermediate crude futures rose 0.5% to $64.67 a barrel.

Crude markets were supported from a bigger-than-expected draw in U.S. crude inventories last week.

The Energy Information Administration said on Wednesday that U.S. crude oil stockpiles fell by 3 million barrels in the week ended August 1, exceeding analysts’ expectations for a relatively small draw.

Both benchmarks had fallen to their lowest in eight weeks on Wednesday, on a five-day losing streak, after Trump indicated progress in talks with Moscow over ending the war with Ukraine, potentially leading to the return of Russian oil to the global market .

Still, despite a more positive tone, the U.S. continues preparations to impose secondary sanctions, including potentially on China, to pressure Moscow to end the war in Ukraine.

Ayushman Ojha contributed to this article