US stock futures higher after Trump said he will delay EU tariffs
President Trump threatens Apple and EU with tariffs
President Donald Trump reignited trade tensions with back-to-back social media posts targeting the European Union and Apple.
U.S. stock futures are higher after President Donald Trump said over the weekend he would delay 50% tariffs on the European Union.
In response to a request from European Commission president Ursula von der Leyen, Trump said he would delay the tariff to July 9 to allow for more trade negotiations. The EU agreed to accelerate negotiations with the U.S.
Futures linked to the blue-chip Dow rose 1.31%, while broad S&P 500 futures added 1.53% and tech-heavy Nasdaq futures jumped 1.72%.
Investors were relieved that the president backed off its 50% tariff, which had depressed stocks on Friday. Economists fear high tariffs would fan inflation and slow the economy, possibly pushing the U.S. into recession.
Last but not least of the ‘Magnificent Seven’ to report earnings
On Wednesday, after the market closes, chip giant Nvidia is due to report results for the company’s first three months of its fiscal year. It’s the last of the so-called Magnificent Seven biggest and most influential technology stocks. They include Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla.
More than 95% of S&P 500 companies have reported this earnings season and almost 78% have surpassed analyst expectations, according to FactSet. However, analysts were more concerned about how many have issued hazy outlooks due to tariffs and deteriorating consumer confidence.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
