Stock futures rose Thursday, led by tech, as President Donald Trump unveiled new chip tariffs that include broad exemptions.

Market Snapshot

At 8:42 a.m. ET, Futures tied to the Dow Jones Industrial Average added 190 points, or 0.4%. S&P 500 futures and Nasdaq 100 futures advanced 0.6% and 0.8%, respectively. Micron Technology, Taiwan Semiconductor Manufacturing rose 5%; Apple rose 3%.

Pre-Market Movers

Crypto stocks jumped in premarket trading as Ethereum rose over 4%. BTCS, Upexi rose 8%; BitMine Immersion rose 6%; Circle, GameSquare rose 4%; Coinbase rose 3%.

Peloton Interactive, Inc. — Shares surged 11% after the exercise equipment manufacturer reported fiscal fourth-quarter revenue of $606.9 million, beating the $580.2 million analysts polled by LSEG had expected. The company earned 5 cents a share, while analysts had anticipated a loss of 6 cents a share.

Airbnb, Inc. — The travel rental company saw shares falling 6% in premarket. While its second-quarter results beat analysts’ expectations, the company is forecasting a weaker second half of the year. Third-quarter revenue is estimated to be between $4.02 billion and $4.10 billion. Analysts were predicting $4.05 billion in revenue for the period.

DoorDash, Inc. — The food delivery company rallied 7% on a better-than-expected earnings report for the second quarter. DoorDash earned 65 cents per share on $3.28 billion in revenue, while analysts polled by LSEG penciled in 44 cents and $3.16 billion.

e.l.f. Beauty Inc. — Shares stumbled 11% after the cosmetics manufacturer said that its profits, down 30% year-over-year, took a hit from new tariffs on China goods. E.l.f. declined to estimate fiscal 2026 revenue due to a “wide range of potential outcomes” and instead issued guidance only for the first half of the fiscal year.

DraftKings Inc. — The sports betting stock gained 7% after posting second-quarter earnings of 30 cents per share, beating LSEG estimates of 15 cents per share. The company’s $1.51 billion revenue also exceeded the anticipated $1.41 billion. Additionally, DraftKings said it expects its 2025 revenue to land at the higher end of its $6.2 billion to $6.4 billion range.

Duolingo, Inc. — The language learning app soared 28% after posting a second-quarter beat on both the top and bottom lines. Duolingo also guided for current-quarter revenue in the range of between $257 million to $261 million, while analysts polled by LSEG had penciled in $253 million.

IONQ Inc. — Shares slipped 5% after the quantum computing company reported a second-quarter loss of 70 cents per share, wider than the 29 cents analysts polled by FactSet had expected. However, IonQ’s $20.7 million revenue beat estimates calling for $17.2 million.

Fortinet — The cybersecurity stock fell 22% after Fortinet issued lackluster guidance for its third-quarter revenue and reported second-quarter revenue of $1.63 billion, matching expectations. Following its print, Morgan Stanley Piper Sandler and KeyBanc downgraded shares.

HubSpot — Shares climbed 7% after the software company reported second-quarter adjusted earnings of $2.19 per share on revenue of $760.9 million, while analysts polled by FactSet had expected $2.12 per share and $739.4 million in revenue. HubSpot also shared third-quarter and full-year guidance that exceeded estimates.

Market News

Trump to Sign Order Easing Path for Private Assets in 401(k)s

President Donald Trump will sign an executive order Thursday that aims to allow private equity, real estate, cryptocurrency and other alternative assets in 401(k)s, a major victory for industries looking to tap some of the roughly $12.5 trillion held in those retirement accounts.

The order will direct the Labor Department to reevaluate guidance around alternative asset investments in retirement plans subject to the Employee Retirement Income Security Act of 1974, according to a person familiar with the plans who requested anonymity before the order was formalized. The department will also be tasked with clarifying the government’s position on the fiduciary responsibilities associated with offering asset allocation funds that include alternative holdings.

Eli Lilly Drops as Trial Data for Oral Obesity Drug Weigh on Q2 Results

Despite reporting better-than-expected Q2 financials and increasing its 2025 outlook, Eli Lilly shares fell in the premarket on Thursday amid concerns over late-stage trial data for the company’s oral weight loss drug orforglipron.

Ahead of the Q2 print, the Indiana-based pharma giant posted initial data from its Phase 3 ATTAIN-1 trial indicating that its oral GLP-1 receptor agonist caused up to 11% of weight loss over 70 weeks, per the study’s intent-to-treat analysis. LLY shares lost ~8% in reaction, while its rival Novo-Nordisk A/S added ~8% in the premarket.

Intel dips after Trump calls for resignation of chipmaker's CEO

Shares of Intel fell about 3% premarket on Thursday after President Donald Trump called for the resignation of the chipmaker's new CEO Lip-Bu Tan.

"The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!" said Trump in a post on Truth Social.