US major indices have a solid start to the holiday shortened week

The major US stock indices started the holiday-shortened week with solid gains on the back of risk-on sentiment following the latest tariff US concession on EU tariffs.

Recall on Friday, Trump “recommended” 50% tariffs on EU goods starting June 1, as well as 25% tariffs on Apple products not manufactured in the US. That sent stocks lower.

Over the weekend, Trump gave a reprieve to July 9th after speaking with the EU Commission President. With the markets closed on Monday due to the Memorial Day holiday, the delayed reaction was postponed to today.

The major indices all gapped higher, with the NASDAQ index the leading gainer. Both the S&P index and the NASDAQ rose index over 2%.

The final numbers are showing:

• Dow industrial average rose 740.58 points or 1.78% at 42343.65. At session lows the index was up 245.97 points.
• S&P index rose 118.72 points or 2.05% at 5921.54. At session lows the index rose was up 51.25 points
• NASDAQ index rose 461.96 points or 2.47% at 19199.16. At session lows the index was up 224.48 points

The S&P index is now positive on the year by 0.68%. The NASDAQ index is still modestly lower by -0.58%. The Dow industrial average is down -0.47% for 2025.

Looking at some of the large-cap stocks, Tesla was a big gainer with a rise of 6.9%. Southwest Airlines which enacted baggage fees for the first time rose by 5.53%. Other airlines also benefited, with United Airlines up 4.73%, and American Airlines up 4.02%. Winners today included:

• Tesla (TSLA): +6.90% to $362.75

• GameStop Corp (GME): +6.02% to $35.02

• Stellantis NV (STLA): +5.92% to $10.48

• Block (XYZ): +5.81% to $62.15

• Southwest Airlines (LUV): +5.53% to $32.66

• Arm Holdings (ARM): +5.33% to $133.96

• Shopify Inc (SHOP): +5.15% to $106.74

• Papa John’s (PZZA): +4.88% to $44.31

• Ethereum (ETH/USD): +4.65% to $2,686.91

• United Airlines Holdings (UAL): +4.73% to $78.18

• Robinhood Markets (HOOD): +4.52% to $66.03

• Intuit (INTU): +4.42% to $751.96

• American Airlines (AAL): +4.02% to $11.64

Shares of Nvidia rose 3.21% ahead of earnings after the close tomorrow.

• Microsoft was 2.33%
• Meta rose 2.43%
• Apple rose 2.53%
• Alphabet rose 2.63%
• Amazon rose 2.50%

This article was written by Greg Michalowski at www.forexlive.com.