U.S. stock index futures jumped early Tuesday after President Donald Trump postponed steep tariffs on European Union goods, easing fears of a transatlantic trade war.

As of 06:20 ET (10:20 GMT), Dow Jones Futures were up 565 points (1.4%), S&P 500 Futures climbed 90 points (1.6%), and Nasdaq 100 Futures advanced 365 points (1.8%). Wall Street remained closed on Monday for the Memorial Day holiday.

Trump Delays 50% EU Tariffs to July

Market sentiment received a lift after Trump announced late Sunday that he would delay the imposition of 50% tariffs on EU imports until July 9, following a call with European Commission President Ursula von der Leyen. Trump also stated that formal trade negotiations with the EU would begin shortly, while von der Leyen pointed to improving ties between Brussels and Washington.

The decision helped soothe investor nerves after Friday’s market decline, which was triggered by Trump’s tariff threats against the EU and tech giant Apple (NASDAQ: AAPL). Last week, all three major U.S. indices posted losses of over 2%.

The July 9 deadline also coincides with the expected start of Trump’s “reciprocal” tariff plan, keeping markets on edge as they monitor the progress of U.S. trade talks with major partners.

Fed Commentary in the Spotlight

Trump’s policy reversal further highlights the unpredictability of U.S. trade strategy, deepening concerns about economic stability and investor confidence.

On Tuesday, market participants will closely watch remarks from Minneapolis Fed President Neel Kashkari and New York Fed President John Williams, adding to a growing list of Federal Reserve commentary from the previous week.

Also on the calendar are key economic reports, including data on durable goods orders, housing, and consumer confidence.

Nvidia Earnings Take Center Stage

Earnings season is drawing to a close, with over 95% of S&P 500 companies having reported results—about 78% of which have exceeded expectations, according to FactSet.

While Okta (OKTA) is set to report results after the bell Tuesday, the spotlight this week is firmly on Nvidia (NVDA), which reports fiscal Q1 earnings after the close on Wednesday.

As a key player in the chipmaking sector and a bellwether for global AI demand, Nvidia has seen a sharp valuation increase over the past two years. Analysts expect strong earnings, driven by continued heavy AI-related spending from major clients, known as “AI hyperscalers.”

Oil Prices Hold Steady Ahead of OPEC+ Meeting

Crude oil prices were little changed early Tuesday as traders took a cautious stance ahead of the upcoming OPEC+ meeting, which could signal the group’s next moves on supply policy.

At 06:20 ET, Brent crude futures rose 0.2% to $64.22 per barrel, while U.S. West Texas Intermediate (WTI) crude futures edged up 0.2% to $61.63.

According to Bloomberg, OPEC+ members are considering a potential production increase of 411,000 barrels per day in July, though no final agreement has been reached. The alliance has been gradually unwinding earlier output cuts, with planned supply boosts already in place for May and June.