US stock futures rally after long weekend on trade reprieve

On Sunday, Trump backed off from his threat to impose 50% tariffs on EU imports next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. He had said on Friday that he was recommending a 50% tariff effective June 1, expressing frustration that trade negotiations with the EU were not moving quickly enough. Asian and European markets were mixed after rising on Monday, although moves in U.S. assets were more pronounced as traders returned after the long weekend.