U.S. stock futures gained after President Trump gave the European Union a temporary reprieve on new threatened tariffs. Futures tied to major U.S. indexes stood more than 1% higher as of early afternoon Eastern time. Markets in the U.S. are closed Monday for the Memorial Day holiday.

Big Tech stocks rose in overnight trading. SMCI up 3%; Tesla, Nvidia, AMD, Micron up 2%; Apple, Meta, Amazon, Alphabet, Microsoft up 1%.

Trump on Friday moved to increase the U.S. trade war with the EU, the U.S.’s largest trading partner, saying he planned to levy 50% tariffs starting June 1. He said that existing trade talks to avert planned, so-called reciprocal tariffs were “going nowhere.”

But on Sunday he pushed back the deadline for the new tariffs to July 9, after speaking with European Commission President Ursula von der Leyen, giving both sides more time to reach an agreement. Von der Leyen wrote on X that the EU was “ready to advance talks swiftly and decisively” to target a good deal.

“This is nothing more than the usual ‘threat and retreat’ that has been the modus operandi of this tariff tennis we have witnessed since the start of the year,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers in Geneva.

Ielpo said the EU would likely push to reach a 10% “baseline” tariff agreement with the U.S., which he didn’t expect would have much impact on the bloc’s economies. He forecast that European stocks would continue to perform strongly, with investors seeing Europe as a relative haven against U.S. uncertainty.