All three major US stock futures climbed on Monday night, following President Trump’s decision to delay sweeping 50% tariffs on European Union (EU) imports until 9 July.
US stock futures rose sharply on Monday evening after President Trump announced a delay in imposing sweeping tariffs on European Union (EU) imports. The move to pause the economic sanctions provide a temporary reprieve for markets pressured by trade tensions.
Contracts tied to the Dow Jones Industrial Average (YM=F) moved 0.9% higher, while S&P 500 futures (ES=F) gained 1.1%. The Nasdaq 100 (NQ=F) experienced the strongest move, with futures climbing around 1.3%.
The news follows an announcement by Trump on Sunday that the proposed 50% tariff on EU goods would be postponed until 9 July. It comes after discussions with European Commission President Ursula von der Leyen, who expressed the EU’s willingness to engage in proactive talks.
In a message posted on his Truth Social platform, Trump criticised the EU’s trade practices, citing what he described as unfair taxes and barriers. “Our trade deficit with the EU is over $250 billion a year – totally unacceptable,’ he wrote. “Unless our talks improve, I support a 50% tariff starting June 1. No tariff if it’s made in the USA.”
Last Friday, Trump’s tariff threat triggered a market pullback, with all three major indexes falling over 2% last week. With US markets closed for Memorial Day on Monday, traders had been awaiting a response to the volatile policy signals.
Trump targets Big Tech tariffs
Adding to investor unease, Trump also floated a 25% import tax on smartphones produced outside the US, taking aim at tech giants including Apple, encouraging them to shift production domestically.
Addressing reporters last week, the president implied the tariffs would apply to other cell phone manufacturers. “It would be more, it would be also Samsung and anybody that makes that product, otherwise it wouldn’t be fair,” he said. “Again, when they build their plant here there’s no tariffs. So they’re going to be building plants here.”
His comments also created another supply chain complication for companies that are already worried about the potential hit to the economy from Trump’s tariff blitz. Earnings season has seen several companies hold off from providing full annual guidance due to uncertainty around tariffs.
All eyes on Nvidia earnings
Wall Street’s attention has also begun to turn to the big highlight of this week’s quarterly reports: the Nvidia (NVDA) earnings. Due after the bell on Wednesday, NVDA will release its highly anticipated Q1 2025 data, with Bloomberg analysts projecting an adjusted earnings per share (EPS) of $0.88 on revenue of $43.3 billion.
So far in 2025, the chip giant has found itself caught up in Trump’s fast-moving trade policy and ongoing discussions within the Big Tech sector around costly AI development projects. However, compared with recent quarters, options traders expect a lower level of volatility in Nvidia’s stock after it posts its results tomorrow.
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