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Stock futures rose Monday as a surprise U.S. tariff exemption from
President Donald Trump gave tech names a lift to start the week.
Futures tied to the Dow Jones Industrial Average
climbed 390 points, or nearly 1%. S&P 500 futures
gained 1.4%, while Nasdaq-100 futures
moved 1.6% higher.
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 popped more than 5% in the premarket on the news, while Nvidia
gained 2%. The Technology Select Sector SPDR Fund (XLK) traded 2.1% higher before the bell.
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.
The CNBC Magnificent 7 Index has declined about 5% since then. Apple
has notably been among the hardest hit names, as the iPhone maker lost
nearly $640 billion in market cap in the three trading days following the announcement.
Last week marked one of the most volatile trading weeks on record for the Street. The CBOE Volatility Index
spiked above 50 on Thursday, with stocks giving up some of their historic gains seen a day earlier. On Wednesday, the market soared after Trump
announced a 90-day reprieve for a number of his new tariff rates, seeing
its third-biggest one-day gain since World War II.
“The mid-week delay on some non-China tariffs, along with solid banks
earnings and optimism about Fed intervention (should it be needed) at the
end of the week helped fuel the gains in US equities, with some also attributing Wednesday’s bounce to short covering,” said Lori Calvasina,
head of U.S. equity strategy at RBC Capital Markets. “For the moment, this seems to have offset the concerns that emerged about the bond market and recession worries.”
Despite last week’s rally, all three major averages are still down sharply since the so-called reciprocal tariffs were announced. The S&P 500
has dropped 5.4%, while the Nasdaq Composite
and Dow Jones Industrial Average
have fallen about 5% and 4.8%, respectively.
https://www.cnbc.com/2025/04/13/stock-market-today-live-updates.html
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