The US stock market is expected to open higher on Tuesday after remaining closed on Monday in observance of Memorial Day in the United States.
Dow Jones Industrial Average futures are up over 500 points, or 1.31%, on Tuesday. S&P 500 futures and Nasdaq Composite futures are up over 1.5%.
President Donald Trump stated during the holiday weekend that he will postpone the application of a 50% duty on European Union goods, pushing the deadline to July 9.
Trump announced on Sunday that he will postpone the EU’s 50% levy deadline to July 9 in response to a request from European Commission President Ursula von der Leyen. That follows Trump’s proposal last week for a 50% import tax on the EU beginning June 1.
The decision comes after a turbulent week in global markets, fueled by mounting fears about the US budgetary outlook and ongoing trade uncertainties. Last week, the Dow sank 2.47%, the S&P 500 plummeted 2.61%, and the Nasdaq Composite declined 2.47%.
Apple shares fell 7.57% after Trump warned that iPhones sold in the US must be manufactured domestically or face a 25% tariff. Investors are now focusing on major economic statistics due Tuesday, such as durable goods, housing, and consumer confidence. Market participants are also looking at corporate profits, with Okta’s results anticipated today, followed by Nvidia, Macy’s, and Costco later in the week.
Investors will be looking for economic statistics on durable goods, housing, and consumer confidence on Tuesday. They will also pay attention to comments from Minneapolis Federal Reserve President Neel Kashkari and New York Fed President John Williams.
Tesla’s European sales declined in April due to reputational issues and increased competition. Tesla sold 7,261 automobiles in Europe in April, a 49% decrease year over year, according to the European Automobile Manufacturers’ Association (ACEA). This reduction occurred despite the fact that overall battery electric vehicle sales increased 34.1% year on year in April.