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Stock futures jumped early Monday on reports President Donald Trump was planning on holding back some of the tariffs initially planned for April 2, raising hopes the U.S. won’t plunge the globe into an all-out trade war.
Futures for the Dow Jones Industrials hiked 373 points, or 0.9%, to 42,696
Futures for the S&P 500 index jumped 66.75 points, or 1.2%, to 5,785.
Futures for the tech-heavy NASDAQ popped 284.25 points, or 1.4%, to 20,245.25
Shares of Tesla, which have fallen nine straight weeks, were up 3.6% in premarket trading Monday.
Stocks are coming off a much-needed winning week. The S&P 500 finished in the green on Friday and avoided four-straight weekly losses.
However, investors remain jittery as Trump’s April 2 start date for reciprocal tariffs approaches. Trump has said the tariffs are aimed at any country that imposes duties on U.S. imports.
But the Wall Street Journal reported the tariffs are expected to be more narrow in scope and will likely exclude some industry-specific duties, citing an administration official. Trump will also exclude some nations from the tariffs, Bloomberg News reported. Both the WSJ and Bloomberg News reports noted that the situation remains fluid and the plans could change.
Trump seemingly lowered the temperature for investors on Friday after he told reporters that there could potentially be “flexibility” for his reciprocal tariff plan. That helped push major averages into the green for the session.
In Japan, the Nikkei 225 index sagged 0.2%, while in Hong Kong, the Hang Seng gained 0.9%.
Oil prices took on 55 cents to $68.83 U.S. a barrel.
Gold prices cleared breakeven $10.60 to $3,032 U.S. an ounce.
