U.S. stocks rallied Monday after the U.S. and China agreed to temporarily slash tariffs following negotiations over the weekend in Switzerland.
The Dow Jones Industrial Average surged 1035 points, or 2.5%. The S&P 500 popped 2.7%, and the Nasdaq Composite rose 3.5%. Apple (AAPL) surged 6.0%, up $12.20, to $210.47 per share as of 10:45am EDT.
CNBC:
Best Buy, which sells electronics and appliances vulnerable to tariffs, popped 7%. Dell Technologies and On Semiconductor climbed 7% and 9%, respectively. Amazon advanced more than 7%, and Apple jumped 6%. The iShares Semiconductor ETF (SOXX) jumped more than 6%.
“We believe peak uncertainty over trade has passed, but market volatility is likely to stay,” UBS head of fixed income Kurt Reiman wrote in a Monday note. “Our base case remains that the effective US tariff rate (ex-China) will moderate toward 15% by year-end.”
“Nothing is ever permanent when it comes to Trump’s tariffs (and there is a July 9 deadline for reciprocal tariffs and an August deadline for China), but maybe Trump has found a rough tariff equilibrium for now – a 10% universal tariff, 25% product tariffs, and 30% China tariffs,” Piper Sandler head of U.S. policy Andy Laperriere wrote in a Monday note.
Should the morning’s futures gains hold through the close, the S&P 500 would be near positive territory for the year.
MacDailyNews Take: Did you get in under $180 mere weeks ago? On April 8th, not too long ago, Apple sold at a very nice discount of $169.21.
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…after Trump backs down from his misguided tariffs.
America has 50 percent tariffs on China* and China has 10 percent on America, bless your TDS-addled heart.
*20% from President Trump’s first term + 20% fentanyl tariff + 10% universal = 50%.
Any sane person can see that the idiots in the current administration have no clue what they are doing. As soon as major businesses call to complain, TheDonald changes his tune. So now all you hear from DC is a series of mis-steps, attempted corrections, and general chaos which serves nobody.
A decline from 140% or whatever the stupid advertised toll was yesterday, and the simplistic reasons that were offered as a weak rationale to play trade games, to a new rate on average about 1/3 of what was previously threatened is most definitely called “backing down”. Perhaps when you remove your lips from the fat orange idiot’s derriere, you might be able to see reality and discern actual facts.
I see MDN has killed itself, preferring to be a trumptard worship site rather than a useful Mac user information sharing site.
the illegal tariffs that the US President is not allowed to impose without congressional approval.