By Joe Wallace

Stocks look poised to claw back some ground lost in Wednesday's tech-driven rout, after President Trump said there had been progress in trade negotiations with Japan.

Stock futures rose early Thursday. Nvidia, which dropped almost 7% on Wednesday, gained about 1% in premarket trading. Hertz shot up 25% before the bell, adding to gains of more than 50% after activist hedge-fund manager Bill Ackman revealed a significant stake in the car-rental company.

Investors remain focused on U.S. tariff policy, and other countries' responses. Overnight, Trump said he had met Japan's trade delegation. "Big Progress!" he posted on Truth Social. Japan is the fourth-biggest goods exporter to the U.S and is one of dozens of countries seeking to strike a deal during a 90-day pause to so-called reciprocal tariffs.

Before the bell, results from American Express, Blackstone and a clutch of regional banks will give more clues about the trade war's early effects on consumers, companies and the economy. TSMC, the world's largest contract chip maker, posted a bigger-than-expected jump in first-quarter profit.

In recent trading:

--Stock futures rose, with contracts tied to the tech-heavy Nasdaq-100 leading the way. On Wednesday, the Nasdaq Composite slid after Nvidia said it would take a $5.5 billion charge due to curbs on chip exports. Adding to the market pressure, Jerome Powell said the Federal Reserve could face difficult trade-offs in responding to the economic fallout from the trade war.

--U.S. government bonds fell in price. Ten-year Treasury yields rose, putting them on track to snap three days of declines.

--The WSJ Dollar Index rose. It has fallen for six of the past seven trading days, a depreciation that has rippled through the world economy.

--Global markets were mixed. Construction and healthcare stocks weighed on the Stoxx Europe 600. Asian markets broadly rose, including the Nikkei 225. The yen weakened after Japan's trade negotiator said currencies weren't part of the trade discussions in Washington.

Up ahead:

--The European Central Bank is expected to cut interest rates. President Christine Lagarde's press conference may give indications about how Trump's tariffs are feeding into growth and inflation in the eurozone.

--The U.S. stock market is closed tomorrow for Good Friday. The bond market closes early today, at 2 p.m. ET.

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(END) Dow Jones Newswires

April 17, 2025 06:17 ET (10:17 GMT)

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