U.S. stock futures are rallying on Sunday night, following President Donald Trump’s decision to walk back on his latest tariff escalation with China.
China Accuses The US of ‘Textbook’ Double Standards
On Sunday, a spokesperson for the Chinese Ministry of Commerce said that their “position on the trade war is consistent: we do not want it, but we are not afraid of it,” while adding that their new export controls on rare earths were not bans, but measures to regulate their civilian use.
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They further accused Washington of a “textbook double standard,” highlighting the fact that the U.S. has over 3,000 items in its export controls list, while China only has about 900.
US Futures Rally Amid Trump’s De-Escalation
Trump posted on Truth Social on Sunday, saying, “Don't worry about China, it will all be fine,” adding that the “Highly respected President Xi just had a bad moment,” hinting at de-escalation.
The S&P 500 futures are up 1.30% or 85.75 points at 6,680.25, Nasdaq futures are up 428 points, or 1.76%, trading at 24,825.00, followed by Dow Futures, up 0.90%, or 413 points at 46,119.00.
Meanwhile, Japan's benchmark Nikkei 225 is down 1.01%, or 491 points in early trading on Monday, with steel, electronics, mining and export-oriented stocks leading the decline, while retail, pharmaceuticals and FMCG stocks buck the trend during the day.
The U.S. Dollar Index (DXY) is down 0.04% on Monday, trading at 98.933, amid growing concerns that the declining dollar could spark fresh inflationary pressures.
Investors on Monday will be closely watching the earnings release of Fastenal Co. (NASDAQ:FAST) and the Rocky Mountain Chocolate Factory Inc. (NASDAQ:RMCF).
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