U.S. stock futures rose despite President Donald Trump's announcement of a proposed 100% tariff on chips and semiconductors unless they are manufactured in the United States. The Nasdaq composite approached record levels, buoyed by a rally in Apple shares following the company's pledge to invest $100 billion in U.S. manufacturing. Strong earnings reports from McDonald's and Arista Networks also contributed to market gains. While some tech stocks such as Nvidia saw gains, others including AMD and Broadcom declined. Investors focused on expectations of a Federal Reserve rate cut in September, with a 93% probability priced in, which supported market optimism. Meanwhile, trade tensions escalated as tariffs on India increased and U.S. trading partners sought to finalize trade deals ahead of the tariff deadline. Asian-Pacific markets traded mixed amid these developments, with the ASX 200 down 0.1%, Nikkei 225 flat, and KOSPI up 0.1%. UBS advised long-term investors to manage risks amid ongoing trade tensions and elevated market valuations.