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Stocks rallied on Tuesday after President Donald Trump said over the holiday weekend that he agreed to delay tariffs of 50% on the European Union.

The Dow Jones Industrial Average traded 700 points higher, or 1.7%, while the S&P 500 added 1.9%. Both were on pace to snap four-day losing streaks. The Nasdaq Composite popped 2.3% as technology names like Tesla saw outsized gains.

Trump on Sunday said that he would push back the 50% levy deadline on the EU to July 9 following a request from Ursula von der Leyen, the president of the European Commission. That comes after Trump last week proposed an import tax of 50% on the EU beginning June 1.

National Economic Council director Kevin Hassett said on CNBC’s “Squawk Box” that he expects to “see a few more deals even this week.” U.S. consumer confidence data released Tuesday came in stronger than expected for May on hopes of trade agreements.

Tesla shares popped 5% after CEO Elon Musk said he was shifting his focus away from politics and back into his companies. Other tech-related names were also higher, including Nvidia, AMD, Apple and Microsoft.

Outside of tech, U.S. Steel shares advanced more than 2% after sources familiar told CNBC that Japan’s Nippon Steel is expected to close its acquisition for $55 per share.

The market saw a broad rally to begin the shortened trading week after the U.S. stock market was closed Monday in recognition of Memorial Day. More than nine out of 10 S&P 500 stocks were higher. Small caps also saw gains, with the Russell 2000 climbing more than 2%.

Tuesday’s action follows a losing week on Wall Street. The Dow, S&P 500 and Nasdaq Composite all slid more than 2% as Trump’s initial call for tariffs on the EU worried market participants.

“It seems like the long holiday weekend only served to build up momentum for today’s whipsaw,” said Dann Ryan, managing partner at Sincerus Advisory. “The trade tensions that had flared have already been extinguished, yet again, and now they’ll include an express lane.”

Traders this week will follow earnings from Okta due after the bell Tuesday, followed by companies such as Nvidia, Macy’s and Costco later in the week. More than 95% of S&P 500 companies have reported this earnings season and almost 78% have surpassed analyst expectations, according to FactSet.

Morgan Stanley says 25% tariff isn’t enough incentive for Apple to reshore production

Morgan Stanley stood by Apple with an overweight rating despite tariff worries, saying its valuation already accounted for the increased duty.

“While ‘time to market’ of a US-produced iPhone is one major impediment, our math says a 25% tariff on iPhone imports isn’t enough incentive for Apple to reshore US-bound iPhone production,” the Wall Street firm said in a note to clients.

President Donald Trump has threatened more tariffs on Apple if the iPhone maker fails to bring production back to the U.S. Trump said last week Apple will have to pay a tariff of 25% or more for iPhones made outside the U.S.

Production of Apple’s flagship smartphone is now primarily in China, but the company has been shifting manufacturing to India in part because that country has a friendlier trade relationship with the U.S.

— Yun Li

Stocks making the biggest midday moves: Trump Media, Salesforce and more

These are the stocks making the biggest midday moves:

Read the full list of stocks moving here.

— Lisa Kailai Han

Barclays expects consumer spending to slow as a result of White House policy

Consumers could trim spending in the months ahead amid macroeconomic uncertainty and evolving White House policy, according to Barclays.

“Policy-related headwinds look set to gradually intensify in the coming months, and we expect consumer spending to continue to decelerate in the current quarter before posting lackluster increases through year-end,” Barclays economist Jonathan Millar wrote in a Tuesday note. “Although risks are skewing toward more supportive fiscal policy, effects on income and spending are unlikely to materialize until next year.”

— Brian Evans

U.S. Steel shares rise as Nippon expected to close acquisition

Japan’s Nippon Steel is expected to close its acquisition of U.S. Steel for $55 per share, sources familiar with the matter told CNBC’s David Faber.

U.S. Steel shares were up about 2%. The $55 per share bid for U.S. Steel is the offer that Nippon originally made for the company before the deal was blocked in January.

President Donald Trump cleared Nippon’s bid for U.S. Steel on Friday, referring to the deal as a “partnership.” Trump said Nippon will invest $14 billion over the next 14 months. U.S. Steel’s headquarters will remain in Pittsburgh, the president said.

Pennsylvania Senator Dave McCormick told CNBC on Tuesday that U.S. Steel will have an American CEO and a majority of its board members will be from the U.S.

– Spencer Kimball

Trump Media stock slides after company announces capital raise to buy bitcoin

Shares of Trump Media slid 10% after the company announced it is raising $2.5 billion to buy bitcoin.

The capital raise will come in the form of roughly $1.5 billion of equity and $1 billion in convertible notes.

Trump Media CEO Devin Nunes called bitcoin an “apex instrument of financial freedom” in the press release announcing the move. The company will hold the bitcoin on its balance sheet.

— Jesse Pound

Small cap stocks join broad rally

Small-cap stocks took a leg up amid the broad market surge on Tuesday.

The small cap-focused Russell 2000 climbed 1.7% in late morning trading. With that move, the index has jumped more than 5% so far in May but is still down around 7% for 2025.

— Alex Harring

Truist upgrades Wingstop to buy on signs of sales turnaround

Shares of Wingstop have surged more than 40% over the past month, and the company’s fundamentals may soon show a similar rebound, according to Truist.

Analyst Jake Bartlett upgraded the restaurant stock to buy from hold, saying in a note to clients that customer spending at Wingstop appears to be making a positive turn.

“We have increased confidence that WING’s [same store sales] will trough in 2Q25 and accelerate in ’26, with the Truist Card Data pointing to improved trends in May, a potentially significant incremental sales lift with the ‘Smart Kitchen’ rollout, and ongoing sales drivers,” the note said.

Bartlett also hiked his price target on Wingstop to $400 per share from $274. The new target is 24% above where the stock closed Friday.

— Jesse Pound

Consumer confidence data beats expectations

May consumer confidence data released Tuesday came in stronger than economists predicted. This stat comes as Americans hope for trade deals after President Donald Trump unveiled his tariff policy last month.

The Conference Board’s measure came in at 98, an increase of more than 12 points from the prior month. That’s higher than the estimate of 86 from economists polled by Dow Jones.

— Alex Harring, Jeff Cox

VanEck Steel ETF paces for first positive month in 3

The VanEck Steel ETF (SLX) has gained 3.4% this month, putting the exchange-traded fund on pace for its first positive month in three.

It was led higher by ATI, U.S. Steel and Carpenter Technology, which have respectively gained 37%, 19% and 17% on the month.

Shares of U.S. Steel are on pace for their best month since December 2023, when they gained 35.52%. Last Friday, President Donald Trump cleared U.S. Steel and Japan’s Nippon Steel to merge, saying the two companies will form a “partnership.”

Shares of ATI were pacing for their best month since February 2022, when they surged nearly 41%.

— Gina Francolla, Lisa Kailai Han

Stocks open higher

Stocks kicked off Tuesday’s trading session in the green.

The Dow rose 0.8% shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite climbed 1.1% and 1.4%, respectively.

— Alex Harring

Semiconductors exchange-traded fund on pace to snap 7-day losing streak

With semiconductor stocks up broadly on Tuesday morning, the iShares Semiconductor ETF (SOXX) was last trading around 2% higher.

The exchange-traded fund has ended lower for the past seven sessions, losing over 5.5% during that time.

Shares of Marvell Technology climbed more than 3% on Tuesday and were leading the Nasdaq 100 higher. The stock has been down seven of the last eight days but has now risen 7% month to date, pacing it to snap a three-month losing streak.

— Tom Rotunno, Lisa Kailai Han

‘A few more’ trade deals could come this week, Hassett says

National Economic Council director Kevin Hasset said on “Squawk Box” that there could be more positive news on the trade front this week.

“I expect we’ll probably see a few more deals even this week. There’s some stuff very close to the finish. It’s up to the president, of course,” Hassett said.

Hassett later added that India is one of the trade deals that is “on the list” of being close to done.

— Jesse Pound

Durable goods orders slide 6.3%, less than expected

Orders for long-lasting goods such as airplanes, appliances and computers fell 6.3% in April on a steep slide in transportation equipment.

The decline in so-called durable goods was less than the 7.8% forecast from the Dow Jones consensus. Also, excluding transportation, orders rose 0.2%, the Commerce Department reported Tuesday. A 17.1% decrease in transportation equipment accounted for much of the decline in the headline number.

Excluding defense, new orders fell 7.5%.

— Jeff Cox

Newmont, PDD Holdings among stocks moving in premarket trading

Check out the companies making headlines before the bell:

For the full list, read here.

— Pia Singh

Salesforce announces deal to acquire software firm Informatica

Salesforce announced it will acquire cloud data management company Informatica in an $8 billion deal, after a deal between both fell apart last year.

Shares of Informatica jumped more than 6% in premarket trading Tuesday, while Salesforce added 1%.

The news comes as M&A activity is rebounding this month and larger deals are taking place, as the appetite for dealmaking came back quickly after President Donald Trump suspended most of his tariffs and market jitters took a backseat.

More than 300 deals collectively valued at more than $125 billion have were struck this month as of May 20, according to data compiled by Mergermarket. April was a significantly lower month for deal activity compared to March. For more on the comeback in this year’s budding M&A boom, read here.

— Pia Singh

All ‘Magnificent Seven’ stocks trading higher

All stocks in the “Magnificent Seven” cohort were trading higher in Tuesday’s premarket session.

The stocks were led by Nvidia, up 2.5% ahead of its Wednesday earnings report. Other semiconductor stocks such as Marvell Technology, Broadcom, ARM Holdings, Advanced Micro Devices and Micron were broadly higher as well.

Shares of Apple rose 1.7% and were on pace to snap an eight-day losing streak. Apple stock has retreated over 6% in that time.

— Tom Rotunno, Lisa Kailai Han

Fed’s Kashkari calls for wait-and-see approach to rates as tariff impact unclear

Minneapolis Fed President Neel Kashkari called for a cautious approach to rates on Tuesday, noting that the economic impact of President Donald Trump’s tariffs remains unclear.

“The most recent shock, driven by tariffs and trade policy uncertainty, is different from the prior ones,” Kashkari said in a speech delivered in Japan. “A large increase in tariffs will increase inflation and decrease economic activity, at least in the short run. But given that monetary policy can either push both inflation and economic activity up or push them both down, tariffs present a special challenge for monetary policymakers.”

“We have to pick one: fight inflation or support economic activity?” he added.

— Fred Imbert

Tesla rises after Musk signals focus shift

Tesla shares rose more than 2% after CEO Elon Musk said his attention would shift back to his companies and away from politics.

In a post on X, Musk said: “I must be super focused on /xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out.”

Investors had been worried Musk was focusing too much on politics and not enough on his companies, including Tesla.

— Fred Imbert

Asia-Pacific markets trade mixed as investors assess Trump’s tariff plans

Asia-Pacific markets traded mixed Tuesday as investors continued to assess the global trade climate after U.S. President Donald Trump deferred 50% tariffs on European Union imports.

Japan’s benchmark Nikkei 225 ended the day 0.51% higher at 37,724.11 while the broader Topix index rose 0.64% to 2,769.49.

In South Korea, the Kospi index fell 0.27% to close at 2,637.22, reversing course from its three-month high in Monday’s session, while the small-cap Kosdaq moved up 0.25% to 727.11 in choppy trade.

Mainland China’s CSI 300 index retreated 0.54% to close at 3,839.40, while Hong Kong’s Hang Seng Index gained 0.43% to end the day at 23,381.99. China’s industrial profits rose 1.4% in April, compared to 0.8% the month before.

Meanwhile, India’s benchmark Nifty 50 declined 0.6% while the BSE Sensex dropped 0.79% as at 1.46 p.m. Indian Standard Time.

Over in Australia, the S&P/ASX 200 advanced 0.56% to end the day at 8,407.6, signaling the benchmark’s third day in positive territory.

— Amala Balakrishner

Stocks come off negative week

The three major indexes are coming off a losing week.

The Dow and Nasdaq Composite both slid around 2.5% last week. The S&P 500 fell 2.6%.

The U.S. stock market was dark on Monday in observance of Memorial Day.

— Alex Harring

Stock futures pop

Stock futures traded higher shortly after 6 p.m. ET as investors cheered President Donald Trump’s announcement of the extension of the European Union’s tariff deadline.

Dow futures rallied more than 400 points, which equates to a gain above 1%. S&P 500 futures added 1.2%, while Nasdaq 100 futures jumped 1.3%.

The U.S. stock market was dark on Monday for Memorial Day.

— Alex Harring

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