Apple, big tech lead stocks relief rally after President Trump’s weekend tariff pause
U.S. stocks gained as investors parsed the Trump administration’s latest actions on reciprocal tariff exemptions for Apple iPhones, other cellphones, computers, and consumer electronics.
Esha Dey for Bloomberg News:
On Friday, US Customs and Border Protection announced a tariff exclusion for some electronics, only for US Commerce Secretary Howard Lutnick and the president on Sunday to follow up by saying the reprieve was temporary and a procedural step in the longstanding plan to apply a different, specific levy to the sector.
US stocks are coming out of an intensely volatile week, when the benchmark indexes swung wildly amid news on tariffs. The swing was most extreme after President Donald Trump on Wednesday announced a 90-day pause on the levies for most countries except China. Stocks soared on that, with the S&P 500 notching its best one-day gain in 17 years and capping its best week since 2023.
The exemptions announced Friday night may be a boost for shares of companies from iPhone-maker Apple Inc. to semiconductor giant Nvidia Corp. Still, Lutnick and Trump’s suggestions that they may only be temporary are likely to keep traders on their toes.
MacDailyNews Note: President Trump remarked on Sunday via Truth Social about his latest tariff moves:
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