Futures Pop on Trade Deal with Japan

Stock futures rose Wednesday after President Donald Trump announced the U.S. had reached a trade deal with Japan, lifting hope for further agreements being made.

Futures for the Dow Jones Industrials leaped 177 points, or 0.4%, to 44,888.

Futures for the S&P 500 grabbed 19.25 points, or 0.3%, to 6,366.

Futures for the NASDAQ moved ahead 18 points, or 0.1%, to 23,244.25.

Beyond big tech, investors will also monitor reports from Chipotle Mexican Grill and Mattel after the market closes. These releases come amid a busy earnings week. Of the 105 S&P 500 companies that have reported so far this season, more than 86% have posted earnings that surpassed Wall Street’s expectations.

Trump said in a Truth Social post Tuesday night that the U.S. had completed a “massive Deal” with Japan. The agreement includes “reciprocal” tariffs of 15% on the nation’s exports to the U.S. The president also said the U.S. is meeting with European officials in a push to reach a trade deal with the European Union.

The U.S. has been pushing to reach trade deals with other countries ahead of an Aug. 1 deadline. This comes after Trump on April 2 sent markets into turmoil, with his announcement of sweeping tariffs

On the economics front, traders will follow existing home sales data due Wednesday morning.

In Japan, the Nikkei 225 index rocketed 3.5% Wednesday, while in Hong Kong, the Hang Seng jumped 1.6%

Oil prices waned 46 cents to $64.85 U.S. a barrel.

Gold prices sagged $10.40 to $3,433.30 U.S. an ounce.