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US Stock futures rose early Tuesday after President Donald Trump delayed the recently announces 50% tariffs on the Euro zone.
Dow Jones Industrial Average futures rose 0.85%, S&P 500 futures 0.89%, and Nasdaq 100 futures 0.92%.
The tariff deadline was pushed to July 9 at the EU Commission president’s request, after Trump initially proposed the tax to start June 1.
The move follows last week’s market decline, with major indices dropping over 2% on EU tariff concerns and Trump’s announcement of 25% tariffs on iPhones made in India. Markets were closed Monday for Memorial Day.
Tuesday’s focus will be on economic data and Fed presidents’ comments from Kashkari and Williams.
China’s industrial profits rose for a second straight month in April, improving despite U.S. tariffs, thanks to Beijing’s business support measures. Major industrial firms’ profits grew 3% year-over-year, official data showed Tuesday, up from March’s 2.6%. The first four months saw a 1.4% rise, driven by equipment and high-tech manufacturing.
In the Forex market, the US dollar rebounded in early trading today following the continues declines it’s been experiencing for the past three weeks. The dollar index regained the 99.00 level. EURUSD fell below 1.1400 levels. USDJPY jumped 110 pips after recording a low of 142.10 at the Asian session.
Asia-Pacific markets mostly declined Tuesday amid trade concerns. The Nikkei 225 fell 0.19%, Kospi dropped 0.49%, and CSI 300 fell 0.56%. Hong Kong’s Hang Seng declined 0.3%
In the crypto market, Bitcoin is experiencing a bearish correction after it broke a new all-time high above $112,000. The cryptocurrency is currently trading at $108,000 while Ether is still fluctuating at the $2,500 levels.
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