US futures jump while Asian shares slip after Trump delays tariffs on the EU

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US futures jump while Asian shares slip after Trump delays tariffs on the EU

HONG KONG (AP) — U.S. futures jumped Monday and Asian shares mostly fell after U.S. President

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said he would

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on goods from the European Union to July 9 from June 1.

Trump announced the decision after a call Sunday with Ursula von der Leyen, the president of the European Commission, who said she “wants to get down to serious negotiations,” according to the U.S. president’s retelling.

Last week, Trump said on social media that trade talks with the European Union “were going nowhere” and that “straight 50%” tariffs could go into effect on June 1.

The future for the S&P 500 gained 1% while that for the Dow Jones Industrial Average advanced 0.8%.

In Asian trading, Tokyo’s Nikkei 225 climbed 0.7% to 37,427.48 while the Kospi in Seoul picked up 1.2% to 2,622.07.

Hong Kong’s Hang Seng lost 1% to 23,370.94 and the Shanghai Composite Index fell 0.3% to 3,338.42.

Australia’s S&P/ASX 200 was nearly unchanged at 8,360.70.

Other regional markets were mostly lower.

On Friday, U.S. stocks fell as traders weighed whether Trump’s latest threats were just negotiating tactics.

The S&P 500 lost 0.7% to 5,802.82 to close out its

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in the last seven. The Dow Jones Industrial Average dropped 0.6% to 41,603.07, and the Nasdaq composite sank 1% to 18,737.21.

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dropped 3% and was the heaviest weight on the S&P 500 after Trump said he’s been pushing Apple CEO Tim Cook to

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to the United States. He warned a tariff “of at least 25% must be paid by Apple to the U.S.” if it doesn’t.

Trump later clarified his post to say that all smart phones made abroad would be taxed and the tariffs could be coming as soon as the end of June.

“It would be also Samsung and anybody that makes that product,” Trump said. “Otherwise, it wouldn’t be fair.”

Trump has been criticizing companies individually when he’s frustrated with how they’re acting because of his tariffs and because of the uncertainty

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has created. He earlier

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along with China, after the retailer said it would likely have to raise prices to cover the increased cost of imports.

Deckers Outdoor, the company behind the Hoka and Uggs brands, became one of the latest

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means it won’t offer financial forecasts for the full upcoming year.

Its stock shed 19.9%, even though the company reported a stronger profit and revenue for the latest quarter than expected.

Ross Stores fell 9.8% after it pulled its financial forecasts for the full year, citing how more than half the goods it sells originate in China.

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On the winning side of Wall Street was Intuit, which rose 8.1% after the company behind TurboTax and Credit Karma reported a stronger profit for the latest quarter than analysts expected.

Stocks in the nuclear industry also rallied after Trump signed executive orders to

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decisions, among other measures meant to charge up the industry. Oklo, which is developing fast fission power plants, jumped 23%.

Trump’s latest tariff threats stirred up Wall Street after it had recovered most of the losses it had earlier taken because of the trade war. The S&P 500 dropped

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at one point last month, when worries were at their height about whether Trump’s stiff tariffs would cause a global recession. The index then

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after Trump paused his tariffs on many countries, most notably China.

In other trading early Monday, U.S. benchmark crude oil gained 9 cents to $61.62 per barrel. Brent crude, the international standard, added 6 cents to $64.27 per barrel.

The U.S. dollar fell to 142.32 Japanese yen from 142.55 yen. The euro edged higher, to $1.1411 from $1.1369.

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#futures #jump #Asian #shares #slip #Trump #delays #tariffs

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