U.S. stock futures are up sharply. Investors are understandably concerned about developments coming out of the White House on President Trump’s proposed reciprocal tariff plan. The S&P 500 hopes to continue the momentum from last week. Concerns over the long-term impact of tariffs on U.S. economic growth continue to weigh on market sentiment.

Futures linked to the broad-based Dow Jones Industrial Average were up by 200 points, or 0.4%. Futures on the S&P 500 rose 0.5%, and futures for the tech-heavy Nasdaq 100 jumped 0.6%. Stocks had quite a stellar week! The S&P 500 closed in the green on Friday, ending a run of four consecutive weekly declines.

Earlier this week, President Trump told reporters that he was working on a reciprocal tariff plan. He called it “flexibility” but said it would be flexible only for those that impose duties on U.S. exports. These tariffs are scheduled to go into effect April 2.

Uncertain duties and Trump’s war on trade policy alarming investors U.S. It’s not just the politicians who are worried—the business community is terrified that the U.S. economy is teetering on a ledge. Investors remain jittery over concerns about a potential slowdown of U.S. economic growth as the start date for the tariffs approaches.

Investors were encouraged by a dovish tone in comments from Federal Reserve Chair Jerome Powell. He shut down, at least for now, growing concerns that the economic damage inflicted by Trump’s tariffs won’t be long-lived. The president pointed to no specific tariff exemptions in the pipeline this go-around. Just earlier this month, he threatened something similar to automakers.

The Wall Street Journal reported that the tariffs would be much more limited in scope. An administration official told reporters that some industry-specific duties are to be excluded.

The Trading Desk at Bank of America just sent out a note indicating the market is about to rally.

Positioning hurdles have been cleared, sentiment has reset, flows are turning tailwinds and growth concerns are well flagged. - Bank of America's trading desk