Stocks Rocket on Tariff Delay Rally

Stocks rallied on Tuesday after President Donald Trump said over the holiday weekend that he agreed to delay tariffs of 50% on the European Union.The Dow Jones Industrials sprang 740.58 points, or 1.8%, to 42,343.65.The S&P 500 bounced 118.72 points, or 2.1%, to 5,921.54The NASDAQ Composite popped 461.96 points, or 2.5%, to 19,199.16, as technology names like Tesla saw outsized gains.Trump on Sunday said that he would push back the 50% levy deadline on the EU to July 9 following a request from Ursula von der Leyen, the president of the European Commission. That comes after Trump last week proposed an import tax of 50% on the EU beginning June 1.U.S. consumer confidence data released Tuesday came in stronger than expected for May on hopes of trade agreements.Tesla shares popped 5% after CEO Elon Musk said he was shifting his focus away from politics and back into his companies. Other tech-related names were also higher, including Nvidia, AMD, Apple and Microsoft.Outside of tech, U.S. Steel shares advanced more than 2% after sources familiar told the media that Japan’s Nippon Steel is expected to close its acquisition for $55 per share.Traders this week will follow earnings from Okta due after the bell Tuesday, followed by companies such as Nvidia, Macy’s and Costco later in the week. More than 95% of S&P 500 companies have reported this earnings season and almost 78% have surpassed analyst expectationsPrices for the 10-year Treasury were higher to open a short week Tuesday, lowering yields to 4.44% from Friday’s 4.51%. Treasury prices and yields move in opposite directions. Oil prices retreated 58 cents to $60.95 U.S. a barrel. Prices for gold fell $60.20 to $3,305.60.