U.S. stocks are rising Tuesday after more companies said they made bigger profits at the end of last year than analysts expected. The S&P 500 was up 0.7% in afternoon trading, as many markets around the world took only tentative steps following Donald Trump’s return to the White House on Monday.

Europe’s stock benchmark was on track for a record high and US equity futures gained as optimism over more artificial intelligence spending under Donald Trump offset uncertainties over looming tariffs.

Stock markets in the Asia-Pacific region have moved higher after President Donald Trump outlined a pro-business agenda for his second term in the White House and stopped short of imposing new trade tariffs on his first day in office.