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, or 1%.
S&P 500 futures climbed 1.1%, while Nasdaq 100 futures popped 1.3%.
That comes after Trump last week proposed an import tax of 50% on the EU beginning June 1.
The U.S. stock market was dark on Monday in recognition of Memorial Day.
The announcement by President Donald Trump over the holiday weekend that he had agreed to postpone imposing 50% tariffs on the European Union caused stock futures to soar Monday night.
Futures for the Dow Jones Industrial Average rose 407 points, or 1%. Nasdaq 100 futures surged 1 point 3 percent, while SandP 500 futures increased 1 point 1 percent.
Trump announced on Sunday that he would extend the EU’s 50 percent levy deadline to July 9 in response to a request from European Commission President Ursula von der Leyen. That follows Trump’s proposal last week to impose a 50% import tax on the EU starting on June 1.
In a note to clients, Naeem Aslam, investing chief at Zaye Capital Markets, stated that “although the postponement of EU tariffs has given futures markets a temporary boost, underlying concerns about trade relations and upcoming economic indicators continue to weigh on investor sentiment.”.
Wall Street saw a losing week before Monday night’s action. The Dow, S&P 500, and Nasdaq Composite all fell more than 2 percent as investors became alarmed by Trump’s demands for tariffs on Apple and the EU. The U. S. . Monday was Memorial Day, so the stock market was closed.
On Tuesday, investors will be watching economic data related to consumer confidence, housing, and durable goods. Neel Kashkari, president of the Minneapolis Federal Reserve, and John Williams, president of the New York Fed, will also be watched for their remarks.
