Stock futures jumped Monday night after President Donald Trump said over the holiday weekend that he agreed to delay tariffs of 50% on the European Union.
Dow Jones Industrial Average futures added 407 points points, or 1%. S&P 500 futures climbed 1.1%, while Nasdaq 100 futures popped 1.3%.
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.
“While the delay in EU tariffs has provided a short-term boost to futures markets, underlying concerns about trade relations and upcoming economic indicators continue to weigh on investor sentiment,” said Naeem Aslam, investing chief at Zaye Capital Markets, in a note to clients.
Monday night’s action follows a losing week on Wall Street. The Dow, S&P 500 and Nasdaq Composite all slid more than 2% as Trump’s calls for tariffs on the EU, along with Apple, concerned investors. The U.S. stock market was dark on Monday in recognition of Memorial Day.
Investors will watch for economic data on durable goods, housing and consumer confidence on Tuesday. They’ll also monitor commentary from Minneapolis Federal Reserve President Neel Kashkari and New York Fed President John Williams.
Traders will also follow earnings from Okta due after the bell, 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, according to FactSet.
Stocks come off negative week
The three major indexes are coming off a losing week.
The Dow and Nasdaq Composite both slid around 2.5% last week. The S&P 500 fell 2.6%.
The U.S. stock market was dark on Monday in observance of Memorial Day.
— Alex Harring
Stock futures pop
Stock futures traded higher shortly after 6 p.m. ET as investors cheered President Donald Trump’s announcement of the extension of the European Union’s tariff deadline.
Dow futures rallied more than 400 points, which equates to a gain above 1%. S&P 500 futures added 1.2%, while Nasdaq 100 futures jumped 1.3%.
The U.S. stock market was dark on Monday for Memorial Day.
— Alex Harring