U.S. stock futures jumped early Thursday as markets reacted to President Donald Trump’s surprise post on Truth Social, suggesting that a “BIG, HIGHLY RESPECTED COUNTRY” has signed a new trade deal with the United States. According to sources cited by Bloomberg, that country is expected to be the United Kingdom.
Futures tied to all major indexes rose, with Nasdaq 100 futures (NQ=F) leading the pack, up 1%, followed by the S&P 500 (ES=F) at +0.7%, and the Dow Jones Industrial Average (YM=F) gaining 0.6%.
A press conference is scheduled for 10:00 a.m. ET Thursday, when Trump is expected to confirm the details of the deal—news that investors hope will signal a broader softening in his aggressive tariff regime.
Trade Optimism Lifts Markets
Markets had already been buoyed by news of upcoming U.S.-China trade talks, set to begin this weekend in Switzerland, where Treasury Secretary Scott Bessant and top Chinese economic officials will discuss tariff relief.
Although Trump has remained firm in recent days—insisting he won’t lower the 145% tariffs on Chinese goods to secure negotiations—any dialogue is seen as a positive signal amid global economic uncertainty.
The potential US-UK deal, meanwhile, could open new doors for industries like finance, tech, auto, and pharmaceuticals, which have faced cross-border regulatory barriers since Brexit.
Fed Holds Rates, But Tariffs Cloud Outlook
Markets are also digesting the Federal Reserve’s latest decision to hold interest rates steady for a third consecutive meeting. Chair Jerome Powell expressed concern over rising uncertainty due to the Trump administration’s multipronged trade war, but confirmed that “we do not need to be in a hurry” to change policy.
With the Fed keeping its benchmark rate in the 4.25%–4.5% range, investor attention has shifted to labor data and inflation expectations, due Thursday morning, for further economic clues.
After-Hours Movers: Axon, Bumble, Zillow
Several key earnings reports have also impacted after-hours trading:
- Axon Enterprise (AXON) soared 4.7% after posting adjusted earnings of $1.41 per share on $604 million in revenue, beating expectations.
- Bumble (BMBL) climbed 7.3%, despite flat user growth and a revenue miss. The dating app’s guidance came slightly below expectations.
- Zillow Group (Z, ZG) slumped over 5% in late trading, despite a return to profitability. The company issued a cautious housing outlook, weighing on investor sentiment.
What to Watch Today
Key events for Thursday, May 8:
- Trump’s trade press conference at 10:00 a.m. ET
- Weekly jobless claims and New York Fed inflation survey
- Earnings reports from Warner Bros. Discovery (WBD) and Peloton (PTON)
