Today, Trump’s focus on tariffs hasn’t abated — but he has dialed back the more maximalist tariff levels he initially outlined. Combined with signs of a shakier labor market, investors are more convinced that the Fed will err on the side of supporting the economy by lowering interest rates to support overall business activity.

Nvidia would benefit from being permitted sales to China, but the deal with the Trump administration is likely to face legal scrutiny.

Japan's Nikkei gauge of blue-chip stocks powered to a record high on Tuesday, taking its cue from all-time peaks scaled by many global markets this year.