S&P 500 Surges 2% on US Tariff Delay Amid EU Trade Talks

Wall Street experienced a strong rally as President Donald Trump delayed the implementation of a proposed 50% tariff on European Union imports from June 1 to July 9, easing investor concerns and boosting market sentiment. The S&P 500 surged about 2%, the Dow Jones Industrial Average rose nearly 1.8%, and the Nasdaq Composite gained around 2.5%, with major tech companies like Nvidia and Tesla leading the gains. The tariff delay followed direct appeals from European Commission President Ursula von der Leyen and was met with optimism about ongoing trade talks aimed at reaching a deal by the new July deadline. This optimism was supported by a better-than-expected U.S. consumer confidence report and hopes that a trade deal could prevent a global recession. However, caution remains as the uncertainty from previous tariff announcements has already dampened consumer and business spending. Despite this, the market rebound was broad-based, with gains across most sectors and indices, including smaller companies, and was further buoyed by positive developments such as Elon Musk stepping away from politics to focus on his companies.