U.S. stock futures are pointing to a higher open on Thursday, suggesting that major indexes may continue the strong upward momentum seen in Wednesday’s session.

Investors are reacting to former President Donald Trump’s announcement of a new 100% tariff on imported chips and semiconductors. However, Trump emphasized that companies manufacturing domestically would not be affected.

“The good news for companies like Apple is if you’re building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge,” Trump said.

“So in other words, we’ll be putting a tariff on of approximately 100 percent on chips and semiconductors,” he added. “But if you’re building in the United States of America, there’s no charge.”

Trump’s remarks were made during a joint appearance with Apple (NASDAQ:AAPL) CEO Tim Cook, who confirmed the tech giant plans to inject an additional $100 billion into U.S. operations.

Following a strong performance on Wednesday, Apple shares are continuing to climb in premarket trading, up 2.8%.

Meanwhile, Intel (NASDAQ:INTC) is under pressure, dropping 3.1% premarket after Trump criticized the company’s leadership. He called for CEO Lip-Bu Tan to step down, referring to him as “highly conflicted.”

On Wednesday, stocks built on early gains and extended higher through the day. The Nasdaq led the advance with a 252.87-point rise, or 1.2%, closing at 21,169.42. The S&P 500 followed with a gain of 45.87 points, or 0.7%, ending at 6,345.06. The Dow Jones Industrial Average posted a smaller increase of 81.38 points, or 0.2%, finishing at 44,193.12.

Apple played a major role in lifting markets, surging 5.1% after reports that it would officially unveil a new $100 billion U.S. investment plan during a White House event.

“Today’s announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America’s economic and national security,” White House spokesperson Taylor Rogers told CNN.

Later, Tim Cook appeared alongside Trump to announce Apple’s increased commitment, raising its total planned U.S. investment over four years to $600 billion.

Earnings results from other major companies also boosted investor sentiment. McDonald’s (NYSE:MCD) jumped 3.0% after beating second-quarter earnings and revenue estimates.

Shopify (NYSE:SHOP) soared by 22.0% after the e-commerce firm posted stronger-than-expected Q2 revenue and issued a positive outlook for Q3.

However, not all earnings news was welcomed. Super Micro Computer (NASDAQ:SMCI) plunged 18.3% after the company reported weak Q4 results and offered a disappointing forecast for Q1. Snap (NYSE:SNAP) fell 17.2% on a Q2 revenue miss, while Disney (NYSE:DIS) also retreated after delivering mixed Q3 results.

Several sectors showed strong performances. Networking stocks stood out, with the NYSE Arca Networking Index jumping 5.6% to a new record close. Arista Networks (NYSE:ANET) was a standout, climbing 17.5% on better-than-expected earnings and improved guidance.

Retail stocks were also in demand, as the Dow Jones U.S. Retail Index climbed 2.8%. Gains were seen across gold and airline sectors as well.

In contrast, pharmaceutical stocks lagged behind, with the NYSE Arca Pharmaceutical Index falling 1.9%.

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