US Stocks Gain as Tech Tariff Exemption Sparks Rally
US stocks rose on Monday following a turbulent week, amid ongoing uncertainty over US trade policy.
The S&P 500 and Dow Jones added almost 0.8%, and the Nasdaq gained 0.7%. A temporary reprieve for tech products from new tariffs sparked an early rally, as President Trump unexpectedly exempted smartphones, computers, and semiconductors. However, he later clarified that these products would still be "subject to the existing 20% Fentanyl Tariffs." Shares of Apple and Dell surged 2.2% and 4%, respectively.
Also, shares of major automakers rose after President Trump signaled he may offer relief under the 25% auto tariffs, saying companies "need a little bit of time" to shift production to the U.S.
Ford, GM, Stellantis, and Rivian all gained between 3% and 6%, while Tesla slipped and Toyota and Honda rose over 2%. On the earnings front, Goldman Sachs shares rose 2.7% after reporting strong quarterly results.
Source: Trading Economics