Stock futures are pointing to a sharply higher open for major U.S. indexes on Tuesday as investors react to the latest back-and-forth from the Trump administration on trade.

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. On the downside, shares of gold miners including Newmont fell about 2% as gold prices slipped more than 1%.

Dow futures rallied more than 400 points, which equates to a gain above 1%. S&P 500 futures added 1.2%, while Nasdaq 100 futures jumped 1.3%. The U.S. stock market was dark on Monday for Memorial Day.

Wall Street is assessing President Trump''s tariff salvo on Apple and what his giant tax bill means for the deficit and the economy.

Benchmark indices rallied on Friday with the Sensex gaining 769 points to close at 81,721 and the Nifty rising 243 points to end at 24,853. The Nifty Bank gained 457 points to 55,398 while the Nifty Midcap index added 363 points to settle at 56,

EU regulators are planning their first stress test of non-bank financial institutions, people involved in the talks told the Financial Times, in a move likely to spark concern among hedge funds, private credit groups and money market funds that could be subjected to greater scrutiny and restrictions.