US stock futures jump as Trump delays 50% tariffs against the EU
Trading volumes were dull on account of the Memorial Day holiday, although futures pointed to a recovery after Wall Street sank on Friday.
Focus this week is also on quarterly earnings from artificial intelligence major NVIDIA Corporation (NASDAQ:NVDA), which are due on Wednesday and set to offer more cues on the fast-growing AI industry. Nvidia's earnings are expected to act as a bellwether for the broader tech sector.
S&P 500 Futures rose 1.1% to 5,879.25 points, while Nasdaq 100 Futures rose 1.3% to 21,236.50 points by 19:11 ET (23:11 GMT). Dow Jones Futures rose nearly 1% to 42,069.0 points.
Trump said on Sunday evening that he had agreed to postpone his recently proposed 50% tariffs on the EU to July 9, following a seemingly productive call with EU President Ursula von der Leyen.
Trump also said that his administration will begin trade talks in earnest with the EU, while Von Der Leyen also flagged improving relations with Washington.
The development offered some relief to markets, which were rattled by Trump threatening steep tariffs on the EU on Friday.
But markets still remained on edge over Trump also threatening tariffs on Apple Inc (NASDAQ:AAPL) and other smartphone imports, demanding that they be manufactured domestically. Apple shares slid 3% on Friday.
The July 9 deadline is also around when Trump's 'reciprocal' tariffs are set to take effect, with focus also on whether major U.S. trading partners can clinch agreements with Washington before the deadline.
The S&P 500 fell 0.7% to 5,802.82 points on Friday, while the NASDAQ Composite fell 1% to 18,737.21 points. The Dow Jones Industrial Average fell 0.6% to 41,603.07 points.
Nvidia is set to report its fiscal first quarter earnings after the bell on Wednesday, with focus squarely on whether AI demand remained strong.
The company is considered a bellwether for global AI demand, especially in the chipmaking sector, and is sitting on a massive valuation spike over the past two years on this position.
Nvidia is expected to clock bumper earnings, especially as Wall Street's so-called AI Hyperscalers– its biggest customers– continued to spend heavily on AI over the past three months.
Focus will also be on how the company intends to navigate tougher U.S. export controls, which have essentially blocked it from China, which is still a major market for the chipmaker.
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