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Futures rise: Dow 1.27%, S&P 500 1.38%, Nasdaq 1.49%

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Temu-parent PDD Holdings ( PDD ) falls on quarterly revenue miss

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Nvidia ( NVDA ) gains ahead of quarterly earnings due on Wednesday

(Updates before markets open)

By Shashwat Chauhan and Kanchana Chakravarty

May 27 (Reuters) -

Wall Street was poised for a strong open on Tuesday after

U.S. President Donald Trump dialed back his threat of tariffs on

EU imports, defusing trade tensions between the United States

and the European bloc and boosting investor confidence.

On Sunday, Trump rolled back his threat to impose 50%

tariffs on imports from the EU next month, restoring a July 9

deadline to allow for talks between Washington and the 27-nation

bloc to arrive at a deal.

He had said on Friday that he was recommending a 50% tariff

effective June 1 and expressed frustration that trade

negotiations with the EU were not moving quickly enough.

"The negotiating style of President Trump is known by now.

It will come at you hard and then they'll be able to pull back a

little bit," said Joe Saluzzi, co-head of equity trading at

Themis Trading.

Asian and European markets were mixed after rising on

Monday, although moves in U.S. assets were more pronounced as

traders returned after the long Memorial Day weekend.

At 08:30 a.m. ET, Dow E-minis rose 529 points, or

1.27%, S&P 500 E-minis gained 80 points, or 1.38%, and

Nasdaq 100 E-minis were up 312.5 points, or 1.49%.

Most megacap and growth stocks jumped in premarket trading.

Apple ( AAPL ) was up 1.9%, Alphabet climbed 1.7% and

Tesla rose 2.4%.

Trump Media & Technology Group ( DJT ) soared 9.6% after a

media report said Trump's social media firm planned to raise

about $3 billion to spend on cryptocurrencies such as bitcoin.

Shares of semiconductor industry bellwether Nvidia ( NVDA )

kicked off the week with a 2.5% rise. The company is slated to

report quarterly earnings after markets close on Wednesday.

Long-dated U.S. Treasury yields dipped, while those on the

30-year note were set for their biggest one-day fall

since mid-April, mimicking a steep price rally in longer-term

Japanese debt.

In economic data, minutes from the U.S. Federal Reserve's

last policy meeting are scheduled to be released on Wednesday.

A number of Fed officials are expected to speak through the

week. Minneapolis Fed President Neel Kashkari on Tuesday called

for holding interest rates steady until there was clarity on how

higher tariffs impact inflation.

Personal Consumption Expenditure data - the Fed's favored

inflation indicator - for May and a second estimate of

first-quarter GDP are also scheduled to be released later this

week.

Wall Street witnessed sharp weekly losses on Friday as

worries about mounting U.S. debt and Trump's latest trade policy

shakeup sparked a broad selloff. His sweeping tax bill - which

is expected to substantially expand federal debt - passed a

critical House vote last Thursday.

The S&P 500 is about 6% from record highs, although

it has rebounded sharply from April lows as easing trade

concerns and tame inflation data spurred a risk-on rally.

Temu-parent PDD Holdings ( PDD ) dropped 19% after missing

Wall Street's first-quarter revenue estimates.