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U.S. stock futures were set to rise on hopes that trade negotiations with the European Union will stave off the imposition of stricter tariffs. Earnings from chip maker Nvidia will take the spotlight later in the holiday-shortened trading week.
Dow Jones Industrial Average futures were rising 456 points, or 1.1%. S&P 500 futures were gaining 1.3% and Nasdaq 100 futures were climbing 1.5%.
The U.S. and the European Union are fast-tracking talks over a trade agreement between the two regions, the European Commission said Monday. Trump last week threatened to impose 50% tariffs on European imports from June 1 but later agreed to delay the measure until July 9.
“The EU tariff reprieve until July 9 is an important step in the overall resolution of this trade situation, as it increases the chances that trade deals will continue to come to fruition, which is the exact messaging that the market is hoping for,” said Robert Ruggirello, chief investment officer at Brave Eagle Wealth Management.
The yield on the benchmark 10-year Treasury note stood at 4.46% early on Tuesday, ticking down from the previous week.
Wall Street is anticipating first-quarter financial results and commentary from chip maker Nvidia on Wednesday, as well as software company Salesforce, with both being watched anxiously for the future of the artificial-intelligence trade.
Personal computer companies HP Inc. and Dell Technologies will also be reporting their latest financial results on Wednesday and Thursday, respectively.
