Wall Street sees sudden jump: Dow, S&P 500, Nasdaq futures soar after Trump's latest U-turn
US stocks suddenly leapt higher Tuesday, with prospects of a U.S.-EU trade deal setting up the pathway. The Dow Jones Industrial Average, S&P 500, and even Nasdaq shot up amid US President Donald Trump’s decision to push back the implementation of whopping 50% tariffs.
US stock market showing good prospects
The Dow Jones Industrial Average surged about 0.7%, while S&P 500 shot up 1%. Meanwhile, Nasdaq Composite, which relies mainly on tech-based stocks, rose around 1.3%, according to a Yahoo Finance report.
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US stocks are currently eyeing a major comeback as investors saw the stock market bounce back following slightly improving prospects of the US-EU trade relations. Meanwhile, Treasury yields displayed a significant slide, which gave the stock market another boost, according to Yahoo Finance.
EU talks with US on tariff boosting stock market?
Tuesday’s market was majorly impacted by the European Union agreeing Monday to speed up tariff talks with the United States. This eases the impending concerns of a major trade war.
Moreover, US investors are shifting their attention towards recent economic data reports, including the ones on housing, consumer confidence, and more. Meanwhile, the upcoming tax bill by the Donald Trump administration is also in the lineup, and it is yet to be seen what impact it will have on the US stock market.
Nvidia, Tesla stocks display signs of relief
Tesla stocks, in an interesting turn of events, saw a surge in prices, even though their earnings report showed that their European sales have slumped by nearly 50% recently. Meanwhile, Nvidia stocks also popped up Tuesday, following a report of a lower-cost chip for China. On Wednesday, the AI giants are projected to return to the race with a major lead, backed by their earnings report.
Other earnings reports of multiple companies, which hold a dominance in the US stock market, will expectedly impact stock prices. This includes the likes of Costco, Macy, and Okta, who will reportedly roll out their earnings report this week itself.