At the end of the previous trading day, US stock indices closed in the green. The S&P 500 rose by 0.73%, while the Nasdaq 100 gained 1.21%. The Dow Jones Industrial Average added 0.17%.

Today, US and European stock index futures climbed alongside Asian markets after President Donald Trump threatened to impose 100% tariffs on chip exporters. However, major corporations investing in the US, such as Apple Inc., are expected to receive exemptions.

Futures on the S&P 500 and Nasdaq 100 advanced 0.2%, while European counterparts rose by 0.5%.

Oil prices rebounded following a five-day losing streak, the longest since May, as investors tracked US efforts to impose tariffs on countries importing Russian oil, particularly India and China. Bonds retreated, with the yield on 10-year Treasuries rising by two basis points to 4.25%, while the dollar declined for a fifth consecutive day.

Market sentiment improved after Trump announced that companies manufacturing goods in the US would be exempt from the proposed tariffs, easing investor concerns over potential supply chain disruptions. Speaking Wednesday evening, Trump declared a roughly 100% tariff on chips and semiconductors, adding, "But if you're building in the United States of America, there's no charge." His remarks came after Apple CEO Tim Cook presented a $100 billion investment plan in the US during a meeting in the Oval Office.

This announcement was a breath of fresh air for many corporations that had been seriously worried about rising costs and logistical breakdowns. Markets rallied as investors reassessed the risks associated with trade policy. However, it is worth noting that the tariff exemption is not a universal solution and may come with conditions or limitations. Many companies may need to revise their production strategies to meet eligibility criteria, potentially requiring investment in new equipment, staff training, and supply chain optimization.

Rising speculation over a potential interest rate cut by the Federal Reserve is also fueling optimism in the stock market, despite the fact that Trump's sweeping new tariffs aimed at reshaping global trade officially took effect on Thursday. Investors interpret this as a signal for cheaper borrowing and greater access to capital. A rate cut typically stimulates economic growth, boosts consumer spending, and encourages business investment. This, in turn, supports corporate earnings and stock valuations.

Yesterday, three Fed officials expressed concern about the US labor market, indicating a potential rate cut in September. Among them was San Francisco Fed President Mary Daly, who said policymakers would likely need to adjust rates in the coming months to prevent further deterioration in hiring.

Technical outlook for the S&P 500:

Today, buyers will aim to break through the nearest resistance at $6,364. A move above this level would reinforce the bullish momentum and open the path toward a new target at $6,373. Securing control above $6,385 would be another top priority for the bulls, strengthening their position. However, in case of downward pressure due to waning risk appetite, buyers must defend the $6,355 level. A break below could quickly send the index back to $6,343 and potentially open the way to $6,331.