Wall Street’s key stock indices rallied on Tuesday after US President Donald Trump delayed tariffs on the European Union imports.

As of 11:15 AM Eastern time, the S&P 500 was up 1.6%, the Dow Jones Industrial Average rose 1.3%, and the Nasdaq Composite jumped 2%.

At the opening bell, the Dow Jones Industrial Average rose 246.0 points, or 0.59%, to 41849.04. The S&P 500 rose 51.3 points, or 0.88%, to 5854.07, while the Nasdaq Composite rose 277.2 points, or 1.48%, to 19014.436.

On Sunday, Trump said that the United States will delay a 50% tariff on goods imported from the European Union until July 9 from June 1.

On Monday, the European Union’s chief trade negotiator said that he had “good calls” with the US officials and the EU was “fully committed” to reaching a trade deal by July 9.

In the bond market, the yield on the 10-year Treasury fell to 4.45% from 4.51% late on Friday.

In economic data, a Conference Board report showed that an index tracking consumer confidence rose to 98 in May.

Gainers and Losers

Nvidia stock soared 2.9% ahead of its quarter results due on Wednesday.

Shares of Informatica climbed 5.6% after Salesforce said it would acquire the AI-powered cloud data management company.

Salesforce stock added 0.9%.

PDD Holdings, owner of Temu, plunged 15.3% after reporting a 47% decline in quarterly profit.

Bullion

Gold prices fell on Tuesday, as risk sentiment improved following Trump’s decision to postpone tariffs on the European Union.

Spot gold dropped 1.4% to $3,296.79 an ounce by 0901 ET (1301 GMT). US gold futures lost 2.1% to $3,296.10.

Spot silver slipped 1.2% to $32.96 per ounce, platinum fell 0.2% to $1,082.63 and palladium eased 0.3% to $984.50.

Crude oil

Oil prices edged down on Tuesday on worries of a supply glut after progress on Iran-US talks.

Brent crude futures were down 99 cents, or 1.5%, at $63.73 a barrel by 1457 GMT. US West Texas Intermediate crude fell $1.02, or around 1.7%, to $60.48 a barrel.