U.S. stock futures dipped on Thursday morning, taking a breather after the major indices witnessed a historic rally in the previous session. The rally was fueled by President Donald Trump’s unexpected 90-day pause on many of his newly imposed tariffs. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 1.86%, 1.18%, and 1.53%, respectively, at 4:18 a.m. EST, April 10.
In Wednesday’s regular trading session, the Dow Jones and the S&P 500 soared by 7.87% and 9.52%, respectively, marking their largest single-day percentage increases in five years. The Nasdaq Composite (NDAQ) also saw a remarkable 12.16% jump, its best single-day performance since 2001.
The rally was heavily led by megacap tech stocks, with strong performances from Nvidia (NVDA) up 18.7%, Tesla (TSLA) gained 22.7%, Apple (AAPL) jumped 15.3%, Meta (META) up 14.8%, and Amazon (AMZN) rose 12%.
Importantly, yesterday’s trading also saw historically high volume, with around 30 billion shares traded, the highest level in at least 18 years.
The market’s enthusiasm was aided by Trump’s decision to grant a 90-day reprieve on reciprocal tariffs for countries that had not retaliated against previous U.S. tariffs, while the 10% baseline tariff remains in place.
However, the trade war with China continued to escalate, with Trump raising tariffs on Chinese goods to 125%. Moreover, measures against the European Union are likely to proceed due to Brussels’ earlier retaliatory comments.
Looking ahead, investors are awaiting key economic data releases, such as the March Consumer Price Index (CPI) and Initial Jobless Claims for the week ended April 5. Also, several Federal Reserve officials are slated to speak today, which will provide insights into the central bank’s future monetary policy.
On the earnings front, CarMax (KMX) and Lovesac (LOVE) are scheduled to report their quarterly numbers today.
Meanwhile, the U.S. 10-year treasury yield was down, floating near 4.289%. Simultaneously, WTI crude oil futures are trending lower, hovering near $60.71 per barrel as of the last check.
Elsewhere, European indices opened in the green today, buoyed by President Trump’s announcement of a temporary 90-day pause on new tariffs for over 75 trading partners.
Asia-Pacific Markets Rallied on Thursday
Asia-Pacific indices soared today. The rally came after Trump lowered new tariff rates on imports from most U.S. trade partners to 10% for a 90-day period to facilitate trade negotiations.
At the same time, Hong Kong’s Hang Seng Index was up 2.27%. Further, China’s Shanghai Composite and the Shenzhen Component indices gained 1.16% and 2.25%, respectively. Also, Japan’s Nikkei and Topix indices closed higher by 9.13% and 8.09%, respectively.
Interested in more economic insights? Tune in to our LIVE webinar.