U.S. stock futures rallied on Monday night, signaling a strong Wall Street opening on Tuesday. Dow Jones futures gained about 350 points, or 0.8%, while S&P 500 and Nasdaq-100 futures rose nearly 1%.
This followed President Donald Trump’s decision to postpone a threatened 50% tariff on European Union imports until July 9.
The delay aims to provide more time for trade negotiations after EU Commission President Ursula von der Leyen requested an extension.
The futures rally began Sunday after Trump’s announcement on social media. On Monday, the EU’s chief trade negotiator confirmed productive talks with the Trump administration and reiterated the EU’s commitment to reaching a deal by the new deadline.
Stocks had dropped last Friday after Trump first proposed the steep tariffs, criticizing the EU for being difficult to negotiate with. For the week, the Dow fell 2.5%, the S&P 500 dropped 2.6%, and the Nasdaq declined 2.5%.
Meanwhile, Bitcoin slipped below $109,000, and gold and crude oil prices edged lower as markets awaited further trade developments.
This tariff delay offers a temporary reprieve for markets and investors, who had been rattled by the threat of escalating trade tensions between the U.S. and the EU.
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