Midday Market Update: Stocks Climb on Trade Deal and AI Chip Policy Shift

Midday Market Update: Stocks Climb on Trade Deal and AI Chip Policy Shift

U.S. stock futures are rising sharply as investors react to several major developments. The Nasdaq, S&P 500, and Dow Jones futures are up 1.2%, 0.9%, and 0.7%, respectively. Bitcoin is nearing $99,500, oil is up, gold is slipping, and 10-year Treasury yields are ticking higher.

Key highlights:

• Trump Announces U.K. Trade Deal: Former President Donald Trump revealed a "full and comprehensive" trade agreement with the U.K., the first such deal since his tariff-driven trade policies began. He’s expected to provide more details in a press briefing later today.

• Alphabet (GOOGL) Rebounds: Shares of Alphabet are up 2% in premarket trading after falling sharply yesterday amid concerns that Apple may shift away from Google Search in favor of AI alternatives.

• Chip Stocks Rise: Semiconductor shares are gaining as the Trump administration signals plans to repeal Biden-era restrictions on AI chip exports. AMD, Nvidia, Intel, and Broadcom are all trading higher.

• AppLovin (APP) Surges: AppLovin stock is up 13% after reporting strong earnings and announcing the $400 million sale of its mobile gaming business. Revenue rose 40% to $1.48 billion, and earnings more than doubled year-over-year.