Wall Street's Strong Start as U.S.-EU Tariff Tensions Ease

Wall Street was set for a strong start on Tuesday, following U.S. President Donald Trump's decision to pull back a proposed 50% tariff on European Union imports. The move defused trade tensions between the U.S. and EU, restoring investor confidence and prompting a positive response in the futures market.

Futures for major indices indicated significant gains, with Nasdaq up 1.49%, the Dow climbing 1.27%, and the S&P 500 rising by 1.38%. Mega-cap stocks like Apple, Alphabet, and Tesla also saw notable pre-market upticks. In contrast, shares of PDD Holdings fell sharply due to missed revenue estimates.

The easing of trade concerns and stable inflation figures have spurred a rebound from April's lows, pushing indices closer to record highs. Meanwhile, traders look ahead to key economic data releases, including the Fed's minutes, further GDP estimates, and personal consumption expenditure reports due later this week.

(With inputs from agencies.)