The S&P 500 Index ($SPX) (SPY) Tuesday closed up +2.05%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.78%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +2.39%. June E-mini S&P futures (ESM25) are up +2.11%, and June E-mini Nasdaq futures (NQM25) are up +2.36%.
Stock indexes rallied sharply on Tuesday after President Trump over the weekend extended the deadline for the European Union to face 50% tariffs until July 9 after threatening to impose a 50% tariff on US importers of EU goods starting June 1. Stocks also garnered support from Tuesday’s comments from National Economic Council Director Hasset, who said, “We’ll probably see a few more trade deals, even this week,” with India among the countries that are close to securing a deal. Gains in stocks accelerated on Tuesday after the Conference Board’s US May consumer confidence index rose more than expected to a three-month high.
