U.S. stock futures are maintaining significant gains following President Trump's shift away from his previous stance on global reciprocal tariffs. Within the first hour of the evening trading session, the S&P 500 has risen by 0.4% to 5,514, the Nasdaq 100 has increased by 0.2% crossing 19,300, and the Dow Jones Industrial Average has jumped 0.6%, surpassing 41,000.
In the commodities market, crude oil prices have surged, with WTI crude climbing nearly a dollar to over $63, marking a substantial increase of 10%. Gold has also seen an uptick, gaining $15 to reach above $3,090 per ounce.
Despite these market movements, economists remain cautious about ongoing volatility. Goldman Sachs has reverted to its previous non-recession forecast, predicting a 0.5% GDP growth and a 45% chance of recession. Meanwhile, Evercore estimates recession odds between 35% and 40%, expressing concerns that shifting purchase sources from China to other countries like Vietnam may lower some core PCE inflation but highlights the challenge in replacing certain Chinese imports.
Investors are now looking ahead to Thursday's CPI data release. In corporate news, PriceSmart (PSMT) shares rose 6.1% following strong earnings, while Richardson Electronics (RELL) increased by 4%. Among other top movers, Enact Holdings (ACT, Financial) climbed 5.3% after inclusion in the S&P SmallCap 600 index, and Aerovate Therapeutics (AVTE) gained 3.6% after announcing a special dividend.
Conversely, Lakeland Industries (LAKE) fell 18.1% post-earnings, with Constellation Brands (STZ) dropping 2.9%. Lucid Diagnostics (LUCD) saw a sharp 22.4% decline after an equity offering, and Amtech Systems (ASYS) decreased by 4% following a negative pre-announcement.
