U.S. stock futures are pointing sharply higher after President Donald Trump announces a trade deal with the U.K.; Alphabet (GOOGL) stock is rebounding somewhat in premarket trading after plunging yesterday on worries over the future of the firm's Google search business; chipmaker shares are gaining after the Trump administration indicated it would repeal some AI chip curbs; and AppLovin (APP) stock is surging on the tech firm's strong earnings report and news it is selling its mobile gaming business. Here's what investors need to know today.

1. US Stock Futures Point Higher on Trade, Chip Developments

U.S. stock futures are pointing sharply higher as investors react to a U.K. trade deal and the loosening of AI chip export restrictions. Nasdaq, S&P 500, and Dow Jones Industrial Average futures are up 1.2%, 0.9%, and 0.7%, respectively, after the indexes closed higher in the prior session after the Federal Reserve's decision to keep interest rates steady. Bitcoin (BTCUSD) is surging to trade at around $99,500. Yields on the 10-year Treasury note are rising slightly. Oil futures are gaining while gold futures are declining.

2. Trump Announces Trade Deal With UK

President Donald Trump announced on his Truth Social platform that the U.S. had reached a "full and comprehensive" trade deal with the United Kingdom. This represents the first trade agreement the U.S. has reached with a trading partner since Trump imposed a series of tariffs that roiled markets and raised consumer anxiety. The agreement comes as U.S. officials are set to meet with their Chinese counterparts over the weekend amid escalating trade barriers between the countries. Trump said he will discuss the UK agreement at a 10 a.m. ET Oval Office press conference.

3. Google Parent Alphabet's Stock Rebounds After Sinking on Search Business Worries

Shares of Google parent Alphabet (GOOGL) are rebounding by 2% in premarket trading after tumbling yesterday as an Apple (AAPL) executive reportedly said the iPhone maker is looking to add AI-powered search options to its Safari browser and could eventually move away from standard search engines. The news heightened concerns that AI is chipping away at Google's bread-and-butter online search business. Alphabet's stock fell more than 7% yesterday and has declined 20% this year.

4. US Chipmaker Stocks Gain as Trump Plans to Repeal Biden-Era Chip Curbs

Chipmaker stocks are moving higher in premarket trading on indications the Trump administration plans to repeal Biden-era chip curbs that were set to take effect later this month. The "AI diffusion rule," set to go into effect on May 15, would further tighten restrictions on sales of American AI hardware to other countries. The Commerce Department is expected to continue enforcing export limits currently in effect while it develops a new set of restrictions to replace the diffusion rule, Bloomberg reported. Shares of Advanced Micro Devices (AMD), Nvidia (NVDA), Broadcom (AVGO), and Intel (INTC) all are higher.

5. AppLovin Stock Soars on Strong Results, Sale of Mobile Gaming Business

AppLovin (APP) shares are surging 13% in premarket trading after the mobile advertising business reported better-than-expected quarterly results and announced the sale of its mobile gaming business. The company reported a 40% year-over-year revenue jump to $1.48 billion, while its profit jumped to $1.67 per share from $0.67 cents a share, also topping Visible Alpha consensus. AppLovin also sold its mobile gaming segment to privately held Tripledot Studios for $400 million in cash, while holding a 20% ownership stake in the company.