Stocks were solidly higher in early trading Monday as the market looks to add to last week’s gains amid ongoing uncertainty about tariffs.
The S&P 500 and the tech-heavy Nasdaq Composite were up 1.2% and 1.3%, respectively, about 20 minutes after the opening bell, while the Dow Jones Industrial Average added 0.9%
Stocks are coming off an extraordinarily volatile week in which the Dow and S&P 500 posted their biggest weekly gains since November 2023, while the Nasdaq Composite turned in its best performance since late 2022. The market whipsawed on a flurry of headlines about tariffs, which the White House says will restore competitive balance and bring manufacturing and jobs back to the U.S., while economists and investors fear the trade measures will spark inflation and stall economic growth.
Technology stocks were leading the move higher early Monday following news over the weekend that the Trump administration had decided to exempt smartphones, computers and chips from the so-called “reciprocal” tariffs that the Trump administration is pursuing. President Trump last week announced a pause on those tariffs for most countries, though China still faces a total levy of 145% on its exports to the U.S. White House officials on Sunday indicated that the exemptions may only be temporary, with sector-specific tariffs coming soon, but that didn’t keep several tech stocks from surging this morning.
Apple (AAPL), which has a huge manufacturing presence in China, was up more than 4% to lead gainers among mega-cap tech stocks. Shares of chipmakers Nvidia (NVDA), Microsoft (MSFT), Alphabet (GOOG), Meta Platforms (META) and Tesla (TSLA) also moved higher, while Amazon (AMZN) and Broadcom (AVGO) each slipped about 1%.
Among other noteworthy tech movers, data analytics software company Palantir (PLTR) was up more than 7%, memory chipmaker Micron (MU) added 5% and Dell Technologies (DELL) jumped more than 6%. Shares of electronics retailer Best Buy (BBY) were up 5% following news of the tariff exemptions.
Shares of Goldman Sachs (GS) were up nearly 2% after the investment bank released quarterly results that mostly exceeded analysts’ expectations. Big bank earnings kicked off last week, with Morgan Stanley (MS), JPMorgan Chase (JPM) and Wells Fargo (WFC) each topping estimates, though bank executives struck a cautious tone about the rest of 2025 amid uncertainty around the Trump administration’s tariffs.
The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of loans, was at 4.40% recently, down from 4.49% at Friday’s close. The yield soared last week as investors sold off government bonds, sparking concerns that investors could be losing confidence in Treasurys as a safe haven asset.
Gold futures, which hit a series of record highs last week, were down 0.8% at $3,220 an ounce this morning. West Texas Intermediate futures, the U.S. crude oil benchmark rose 0.9% to $62.05 per barrel, after falling to a four-year low of $55 last week amid concerns about a slowdown in global demand.
Bitcoin was trading at $84,500, up from an earlier low of around $83,000.
Gold Levels to Watch After Recent Record Highs
26 minutes ago
Gold (XAUUSD) is losing ground this morning after hitting record highs last week as investors flocked to the safe-haven asset amid ongoing uncertainty over tariffs and their impact on the global economy.
The precious metal remains supported as concerns about an intensifying global trade war continue to place downward pressure on the dollar and Treasurys amid diminishing faith in the U.S. as a reliable trading partner.
Gold’s price, which soared 6% last week and trades 23% higher since the start of the year, seesawed Sunday evening as investors digested news that recently announced U.S. tariff exemptions on smartphones, computers, and semiconductors could be temporary, with the president later pledging a national security trade investigation into the chip sector.
After a brief retracement to the 50-day moving average and lower trendline of an ascending channel, gold’s price has continued its strong uptrend, breaking out above the pattern in Friday’s trading session.
However, despite the commodity’s move into price discovery mode, a bearish divergence has formed between the relative strength index (RSI) and price, indicating easing buying momentum.
Investors should monitor key support levels on gold’s chart around $3,170, $3,048, $2,955, and $2,858.
Read the full technical analysis piece here.
Major Index Futures Point to Higher Open
1 hr 24 min ago
Futures tied to the Dow Jones Industrial Average were up 1.1%.
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S&P 500 futures rose 1.7%.
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Nasdaq 100 futures added 2%.
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