LIVE MARKETS-US stocks revel in Trump tariff reprieve

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U.S. STOCKS REVEL IN TRUMP TARIFF REPRIEVE

Wall Street rallied on Tuesday as investors returned from the three-day holiday weekend buoyed by U.S. President Donald Trump's latest tariff respite and an unexpected jump in consumer confidence.

In the latest move, the president backed away from his 50% tariff threat against the European Union, delaying its implementation until July 9 to allow for negotiations between the White House and the 27-nation bloc.

On the economic front, a 14.4% surge in current-month consumer confidence added momentum to the rally, helping investors look past a steeper-than-expected drop in new orders for core capital goods, considered a barometer of U.S. corporate spending plans.

All S&P 500 .SPX sectors ended in positive territory, and given a 3.5% jump in the Mag 7 ETF MAGS.K, it was perhaps no surprise that consumer discretionary .SPLRCD, tech .SPLRCT and communication services .SPLRCL led the way higher. All of these groups jumped more than 2% on the day.

Chip stocks were also especially strong. The SOX rallied about 3.4% ahead of Nvidia's NVDA.O results due after the closing bell on Wednesday. (NVDA closed up 3.2% and is now down 9.3% from its January 6 record close, (which was, of course, prior to the DeepSeek news).

As for the major averages, the SPX finished Tuesday down 3.62% from its February 19 record close, while the Nasdaq composite .IXIC finished down 4.83% from its December 16 record finish. The Dow .DJI ended down 5.93% from its December 4 record close.

Here is a snapshot of where markets stood just moments after 4 p.m. EDT:

(Terence Gabriel)

EARLIER ON LIVE MARKETS:

BOND VIGILANTES NO LONGER IN THE SHADOWS CLICK HERE

SOLID QUARTER BUT, LOOK UNDER THE HOOD AND AHEAD CLICK HERE

DATA TRIPTYCH: CONSUMER CONFIDENCE, DURABLE GOODS & CASE-SHILLER CLICK HERE

WALL STREET INDEXES REACH FOR THE SUNLIGHT CLICK HERE

S&P 500 INDEX POSED TO TAKE A LEAP AFTER TRUMP TARIFF REPRIEVE CLICK HERE

WHAT IF 50% TARIFFS ON EUROPE ARE HELD... CLICK HERE

EUROPEAN BANK EARNINGS KEEP RE-RATING ON TRACK CLICK HERE

FAVOUR EXPOSURE TO CABLES IN ENERGY TRANSITION - BARCLAYS CLICK HERE

STOXX 600 CONTINUES HIGHER AFTER EU TARIFF PAUSE CLICK HERE

EUROPE BEFORE THE BELL: FUTURES FLAT, FTSE PLAYS CATCH UP CLICK HERE

CHAOTIC US TRADE SHIFTS LEAVE MARKETS WARY CLICK HERE