U.S. stock futures edged higher on Wednesday evening following President Donald Trump‘s unexpected 90-day reprieve on reciprocal tariffs that triggered Wall Street’s strongest rally since 2008.
What Happened: S&P 500 futures rose 0.5% to 5,488.00, while Dow Jones Industrial Average futures gained 280 points, or about 0.7%, to 40,966.00. Nasdaq-100 futures traded up 0.2% to 19,203.50.
In global markets, Japan’s Nikkei 225 jumped 8.29% on Thursday morning. Oil prices declined with WTI crude falling 0.79% to $61.86 per barrel, while gold inched up 0.21% to above $3,090 per ounce amid ongoing trade tensions.
The Dollar Index fell 0.23 points, or 0.22%, to 102.67.
Gene Munster, Managing Partner at Deepwater Asset Management, cautioned that despite the market rally, "we're not out of the woods yet," as Trump's effort to "right-size China… will take time and involve some negative headlines." Still, he sees potential for a resolution within three months and believes "revenue and earnings should improve in the back half of the year."
On a longer horizon, Munster said, "The substance of AI will exceed the hype," predicting 2–3 more years of an AI-fueled bull market before a potential bubble burst.
“This was the news we and everyone on the Street was waiting for,” Wedbush Securities analyst Dan Ives said, noting the announcement “pulls stocks and the market from the edge of the cliff.”
Goldman Sachs quickly scrapped its recession forecast following the announcement, reverting to a non-recession baseline with projected GDP growth of 0.5% for 2025 and a 45% recession probability.
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