Stock futures are pointing to a sharply higher open for major U.S. indexes on Tuesday as investors react to the latest back-and-forth from the Trump administration on trade.

Dow Jones futures rose strongly Tuesday morning, along with S&P 500 futures and Nasdaq futures, after President Donald Trump pushed back his planned 50% tariffs on the European Union. Nvidia looms this week,

The S&P 500 is about 6% from record highs, although it has rebounded sharply from April lows as easing trade concerns and tame inflation data spurred a risk-on rally. On the downside, shares of gold miners including Newmont fell about 2% as gold prices slipped more than 1%.

Wall Street appears poised to surge when markets open Tuesday, after two days of rallies by U.S. stock futures, spurred by President Donald Trump delaying his latest threat of 50% tariffs against European Union imports until July 9,

The Dow Jones is up over 650 points from last Friday’s close, forming a technical rejection of the 200-day Exponential Moving Average (EMA) and reclaiming the 42,250 level for the third time this month. The major equity index remains down from its most recent highs near the 42,800 region, but momentum favors further upward moves.

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.