Bitcoin price today: rises to $116.5k on Trump 401k order, altcoins rally
Investing.com-- U.S. stock index futures rose sharply on Sunday evening after President Donald Trump said he will postpone his recently proposed 50% tariffs on the European Union to July, offering some relief over his tariff plans.
Focus this week is also on quarterly earnings from artificial intelligence darling NVIDIA Corporation (NASDAQ:NVDA), which are set to offer more insight into the trajectory of the AI industry. Nvidia’s earnings are expected to face some headwinds from increased U.S. restrictions on sales in China, which is still a major market.
S&P 500 Futures rose 0.8% to 5,865.50 points, while Nasdaq 100 Futures rose 1% to 21,177.25 points by 20:26 ET (00:26 GMT). Dow Jones Futures rose 0.7% to 41,972.0 points.
Trading volumes were thin before the Memorial Day holiday on Monday, while futures advanced after Trump’s threats of more EU tariffs sparked deep losses in Wall Street on Friday.
Trump agrees to postpone 50% EU tariffs to July
Trump said in a social media post that he had a productive call with EU head Ursula Von Der Leyen, and had agreed to postpone his proposed 50% levies on the bloc to July 9.
Trump said trade talks with the EU were set to begin in earnest immediately, while EU head Von Der Leyen also flagged improving relations with Washington.
Trump had on Friday threatened to impose 50% tariffs on the EU due to what he saw as a lack of progress in trade talks with the bloc. Separately, Trump had also threatened to impose 25% tariffs on Apple (NASDAQ:AAPL) Inc’s imported iPhones, as well as any other smartphone.
His threats had rattled risk appetite, sparking steep losses on Wall Street.
The S&P 500 fell 0.7% to 5,802.82 points on Friday, while the NASDAQ Composite fell 1% to 18,737.21 points. The Dow Jones Industrial Average fell 0.6% to 41,603.07 points.
Nvidia Q1 earnings on tap, AI demand, China, in focus
NVIDIA Corporation (NASDAQ:NVDA) is set to report its fiscal first-quarter earnings after the bell on Wednesday, with focus squarely on whether the AI-fuelled demand boost it received over the past two years remained in play.
The company had recently flagged some headwinds for its China sales, especially after the Trump administration introduced even tighter curbs on chip sales to the country.
But outsized AI demand through the first quarter is expected to have boosted Nvidia’s earnings despite difficulties in China, especially as its biggest customers– Wall Street’s so-called AI hyperscalers– continued spending vast amounts of money on the technology this year.
Reuters reported over the weekend that Nvidia planned to sell a cheaper, lower-spec AI chip from its Blackwell line in China later this year.