Markets Hike as EU Tariff Delayed
Stock futures jumped Tuesday after President Donald Trump said over the holiday weekend that he agreed to delay tariffs of 50% on the European Union.
Futures for the Dow Jones Industrials index popped 547 points, or 1.3%, to 42,221
Futures for the S&P 500 index spiked 84.5 points, or 1.5%, to 5,901.50.
Futures for the NASDAQ leaped 326.75 points, or 1.6%, to 21,302.50.
Trump on Sunday said that he would push back the 50% levy deadline on the EU to July 9 following a request from Ursula von der Leyen, the president of the European Commission. That comes after Trump last week proposed an import tax of 50% on the EU beginning June 1.
Traders this week will follow earnings from Okta due after the bell Tuesday, followed by companies such as Nvidia, Macy’s and Costco later in the week. More than 95% of S&P 500 companies have reported this earnings season and almost 78% have surpassed analyst expectations.
Markets in the U.S. were closed Monday for Memorial Day.
In Japan, the Nikkei 225 index gained 0.5% Tuesday, while in Hong Kong, the Hang Seng progressed 0.4%.
Oil prices slid 21 cents to $61.32 U.S. a barrel.
Gold prices stumbled $74.20 to $3,291.60 U.S. an ounce.
