Dow jumps 300 points as U.S. tariff exemptions boost tech stocks
Stocks rallied Monday as a surprise U.S. tariff exemption from President Donald Trump gave tech names a lift to start the week.
The Dow Jones Industrial Average popped 301 points, or 0.8%. The S&P 500 and Nasdaq Composite each climbed around 1%.
Trump exempted smartphones and computers as well as other devices and components like semiconductors from his new “reciprocal” tariffs, according to new U.S. Customs and Border Protection guidance issued late Friday.
Apple shares rallied more than 5% on the news, as did Dell. Intel and Super Micro Computer each popped more than 3%. The Technology Select Sector SPDR Fund (XLK) added 2.5%.
However, those advances may be held in check after Trump and his Commerce secretary, Howard Lutnick, then suggested Sunday that the exemptions aren’t permanent, stirring up more tariff uncertainty. Trump said in a Truth Social post that these products are still “subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.’”
The developments come as shares of the “Magnificent Seven” have come under pressure in the wake of the president’s “liberation day” tariff announcement earlier this month.
Source : CNBC
