Wall Street’s main indexes surged on Monday, driven by gains in technology stocks, after the White House announced exemptions for smartphones and computers from new tariffs on Chinese imports. However, additional levies on semiconductors are still expected later this week.
The exemptions were revealed on Friday, and President Donald Trump stated that tariff rates for imported semiconductors would be announced later. According to U.S. Commerce Secretary Howard Lutnick, the exempted tech products will face new duties within two months. These products, which include smartphones and computers, make up about 20% of U.S. imports from China, according to Deutsche Bank.
At 09:37 a.m., the Dow Jones Industrial Average rose by 416.38 points, or 1.04%, to 40,629.09, while the S&P 500 gained 71.87 points, or 1.34%, to 5,435.23, and the Nasdaq Composite climbed by 281.52 points, or 1.68%, to 17,005.97.
Information technology stocks led the gains, with the sector rising by 2.3%. Apple was among the top performers, gaining 5.4%, while semiconductor stocks also advanced, with the Philadelphia SE Semiconductor index rising 1.1%. Other stocks seeing gains included PC maker HP, which increased 4%, and retailer Best Buy, which added 5%.
The CBOE Volatility Index (VIX), often referred to as Wall Street's "fear gauge," dropped from the eight-month highs seen last week, standing at 32.95.
The tariff exemptions helped reduce some pressure on consumer goods, particularly Apple products, which would have faced significant challenges if tariffs had been imposed, according to Kim Forrest, CIO at Bokeh Capital Partners. Forrest speculated that the Trump administration might be responding to consumer pressure and suggested the possibility of further tariff reductions.
The move marks the latest development in the back-and-forth tariff policies under the Trump administration, which have contributed to trade tensions with China and caused significant market fluctuations since the COVID-19 pandemic in 2020.
Despite the gains, the S&P 500 is still approximately 4.5% below the levels seen before the "Liberation Day" tariff announcement on April 2.
Goldman Sachs shares rose by 2.1% after the bank reported higher first-quarter profits. Investors are also watching for quarterly earnings from companies like Netflix this week.
In other notable moves, obesity drugmakers saw gains after Pfizer announced it would discontinue development of its experimental weight-loss pill. Eli Lilly and Viking Therapeutics rose by 1% and 13%, respectively.
Citigroup downgraded U.S. equities to "neutral" from "overweight," citing expectations that tariffs would negatively impact earnings growth.
With key economic data, including U.S. retail sales for March and commentary from Federal Reserve Chair Jerome Powell, expected later this week, markets will be closely watching for further signs of economic direction.
On the NYSE, advancing issues outnumbered decliners by a 7.36-to-1 ratio, and on the Nasdaq, the ratio was 3.83-to-1. The S&P 500 posted one new 52-week high, while the Nasdaq recorded 19 new highs and 19 new lows.
Iranian Foreign Minister Abbas Araqchi is set to visit Russia on Thursday, ahead of a second round of talks between Tehran and the United States regarding Iran's nuclear program. According to Russia’s RIA state news agency, Araqchi will meet with senior Russian officials during the visit.
Three U.S. senators are visiting Taiwan this week to discuss a range of issues, including trade, security, and regional concerns, as Taiwan continues its tariff talks with Washington.
China’s Ambassador to Spain, Yao Jing, stated that China is eager to be seen as a partner rather than a rival to the European Union, emphasizing the need for collaboration amidst shifting global dynamics and U.S. trade policies, which he described as "unilateral economic abuse."
Japan is set to engage in crucial tariff negotiations with the United States on Wednesday, marking one of the first tests of President Donald Trump’s willingness to adjust the sweeping import duties that have sent shockwaves through global markets and stoked fears of an impending recession.
South Korea's Finance Minister Choi Sang-mok will head to Washington next week for a pivotal meeting with U.S. Treasury Secretary Scott Bessent, Seoul's finance ministry confirmed on Wednesday.
Türkiye has firmly rejected Greece's unilateral actions and claims regarding maritime spatial planning (MSP) in the Aegean Sea and Eastern Mediterranean, asserting that these actions will have no legal consequences for Ankara.
A passenger boat caught fire and capsized late Tuesday on the Congo River, killing at least 50 people and leaving hundreds more missing, officials confirmed Wednesday. The tragedy occurred near the northwestern town of Mbandaka in the Democratic Republic of the Congo.
A new wave of attacks targeting French prisons has emerged overnight, with cars set on fire at several facilities, including at the Tarascon prison in southern France.
Iranian Foreign Minister Abbas Araqchi is set to visit Russia on Thursday, ahead of a second round of talks between Tehran and the United States regarding Iran's nuclear program. According to Russia’s RIA state news agency, Araqchi will meet with senior Russian officials during the visit.
Greece has submitted its long-awaited maritime spatial plan to the European Union, outlining how it will organize various maritime activities such as fishing, tourism, offshore energy, and more.
A small plane crashed near Kopake, New York, on April 13, killing at 6 people. The Mitsubishi MU-2B aircraft, carrying six people, went down under unclear circumstances. This marks the second aviation accident in New York in a week, raising safety concerns.
Start your day informed with AnewZ Morning Brief: here are the top news stories for April 10th, covering the latest developments you need to know.
A quiet Thursday afternoon at St. Peter’s Basilica turned into something extraordinary, as visitors caught a rare glimpse of Pope Francis — not in his familiar white papal robes, but dressed in black trousers and a striped blanket.
In a dramatic about-face, U.S. President Donald Trump on Wednesday announced a 90-day pause on newly implemented tariffs for dozens of countries — a move that eased market turmoil but further escalated tensions with China.
Several regions in Ukraine faced heightened alert on Palm Sunday, as reports of explosions and missile threats drew public attention and official responses.
China is tightening regulations on battery-powered vehicles and will require its automakers to comply with higher battery safety standards, aiming to reduce risks of fire and explosions in the fast-growing sector.
A freight train loaded with steel products, air conditioners, and other goods departed Wujiashan Station in Wuhan, marking the official launch of a regular freight service connecting central China with Central Asia.
Crude oil prices inched higher on global exchanges, reflecting cautious optimism amid ongoing market fluctuations.
Industrial production in the eurozone rose by 1.1% month-on-month in February, outperforming expectations, according to data released by Eurostat on Tuesday. Analysts had forecasted a modest 0.1% increase.
Tehran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2025) that will be held from May 8 to 11 is set to become the largest energy trade event in West Asia, - said Iran’s Deputy Oil Minister for International Affairs and Trade.
Türkiye has firmly rejected Greece's unilateral actions and claims regarding maritime spatial planning (MSP) in the Aegean Sea and Eastern Mediterranean, asserting that these actions will have no legal consequences for Ankara.
A passenger boat caught fire and capsized late Tuesday on the Congo River, killing at least 50 people and leaving hundreds more missing, officials confirmed Wednesday. The tragedy occurred near the northwestern town of Mbandaka in the Democratic Republic of the Congo.
A new wave of attacks targeting French prisons has emerged overnight, with cars set on fire at several facilities, including at the Tarascon prison in southern France.
Iranian Foreign Minister Abbas Araqchi is set to visit Russia on Thursday, ahead of a second round of talks between Tehran and the United States regarding Iran's nuclear program. According to Russia’s RIA state news agency, Araqchi will meet with senior Russian officials during the visit.
Greece has submitted its long-awaited maritime spatial plan to the European Union, outlining how it will organize various maritime activities such as fishing, tourism, offshore energy, and more.
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