US major stock indices closed the regular North American session on Friday in the green. The S&P 500 rose by 1.81%, while the Nasdaq 100 gained 2.06%. The industrial Dow Jones increased by 1.56%.

Futures on US and European stock indices also climbed today, along with Asian indices, after President Donald Trump suspended import tariffs on a range of consumer electronics from China. This move improved market sentiment following a volatile week.

Futures on the Euro Stoxx 50 grew by 2.4%, while S&P 500 and Nasdaq 100 futures gained more than 1.1%. This came after Trump paused some tech-related tariffs, though he made it clear that specific tariffs would still be announced in due course.

While stocks staged a temporary rally, concerns about the US economy resurfaces, as the dollar continued to extend its weakness. Gold, a traditional safe haven, hit a new record high—signaling that investors remain cautious amid growing confusion over Trump's tariff agenda. US Treasury yields fell across the curve.

Fueled by protectionist measures, global trade uncertainty pushes market participants to seek safe havens. Gold, a time-tested capital protection asset, is in high demand. In addition, the easing of monetary policy by central banks around the world, though not expected in the very near term, is contributing to the rise in gold prices.

The tariff pause on goods ranging from smartphones to laptops—most of which are made in China—offers a temporary respite for markets battered by Trump's abrupt shifts in trade policy. However, expectations of broad relief should be tempered, as Trump can resume rewriting global trade rules at any moment, which he claims are currently unfavorable to the US. The number of contradictory statements made last week has made short-term trading virtually impossible. As the market tries to look past the noise, volatility is expected to remain elevated until investors and traders see a clear, consistent position from Trump.

According to the White House, the postponement announced late last week, which exempts a number of popular electronics from the 145% tariffs, is only temporary. Nevertheless, some analysts view the suspension as a sign that Trump may be willing to compromise on a trade deal.

Asian tech stocks rose by 0.7%, driven by gains in Samsung Electronics Co. and iPhone assembler Hon Hai Precision Industry Co.

Chinese indices also climbed on Monday, as expectations of stronger stimulus measures and hopes for a potential trade deal outweighed concerns over further escalation in trade tensions. Shares of electric vehicle manufacturers continued to rise after news that China is negotiating with the European Union to set minimum price thresholds on electric vehicles produced in the Asian country instead of imposing tariffs.

On the topic of tariffs, China stated that the postponement is a small step toward correcting violations and called on Washington to do more to lift the tariffs altogether.

In the commodities market, oil prices fell as traders weighed the latest US moves. Goldman Sachs reckons that the global oil market is expected to face significant surpluses this year and next, as the ongoing trade war continues to dent demand.

As for the technical picture of the S&P 500, the index has rebounded. Today's main task for the bulls will be to break through the nearest resistance at 5,443. Achieving this would support further growth and open the path to the next target at 5,483. Another key goal for buyers will be to maintain control over 5,520, which would further strengthen their position. In case of a downward move due to reduced risk appetite, buyers must defend the 5,399 zone. A break below this level could quickly push the index back down to 5,356 and potentially open the road to 5,318.