US stock futures held steady after a strong trading session on Wall Street, where the S&P 500 erased its losses for 2025.

Joe Janzen, an agricultural economist at the University of Illinois, said the commodity markets have largely shaken off the initial shock of the trade war, including Trumps’ declaration of April 2 as “Liberation Day,” when he announced stiff worldwide tariffs.

Oil prices held near two-week highs in early trading on Wednesday, supported by an agreement between the U.S. and China to temporarily lower their reciprocal tariffs and a falling U.S. dollar.

Both nations pledged to cut their broad, ballooning tariffs after weekend talks. US tariffs dropped to 30% from 145%, while China’s moved to 10% from 125%, per a joint statement

Tamer-than-expected inflation and a significant de-escalation of a U.S.-China trade war are easing fears of a sharp squeeze on American households and businesses in coming months, prompting Wall Street firms to pare predictions of a recession and giving the Federal Reserve room to leave interest rates where they are.

The deal, outlined in a Brazilian government document viewed by Reuters, underscores Brazil's push to strengthen agricultural ties with China as President Luiz Inácio Lula da Silva visits the country, and as rising domestic DDG production fuels the search for alternative markets.

As in negotiations with foreign nations, minor concessions by drug companies are more likely than a true overhaul.

Pandora, the Danish jewelry company, said it was “battle ready,” with plans to raise prices and reroute shipments from the United States, but tariffs could potentially cost it millions of dollars.