Stocks surged Monday after the U.S. and China agreed to slash tariffs on one another for 90 days while the two sides work toward a broader trade agreement.
The Dow Jones Industrial Average was up 2.3%, or nearly 1,000 points, around midday, while the S&P 500 and tech-heavy Nasdaq Composite jumped 2.5% and 3.4%, respectively. Stocks were treading water at the end of last week—the major indexes closed slightly lower for the week, the first time in three weeks they lost ground—as investors anxiously awaited the results of talks between U.S. and Chinese officials over the weekend.
Treasury Secretary Scott Bessent, who was in Switzerland for the talks, said Monday that so-called “reciprocal” tariffs that each country had imposed on one another at a rate of 125% would be cut to 10% during the 90-day period. A separate 20% tariff that President Donald Trump imposed on China as part of efforts to stem the flow of fentanyl remains in place.
Shares of the world’s largest technology companies were sharply higher across the board on Monday, led by a gains of more than 7% for Amazon (AMZN) and Tesla (TSLA). Meta Platforms (META) was also up about 7%, while Apple (AAPL) added more than 5%. Chipmakers Nvidia (NVDA) and Broadcom (AVGO) each gained about 4%, while Alphabet (GOOG) rose 3% and Microsoft (MSFT) tacked on about 1%.
Chip stocks were among the big gainers on Monday. Marvell Technology (MRVL) and Micron (MU) both added 8%, while ON Semiconductor (ON) and Microchip Technology (MCHP) surged 9% and 11%, respectively. The VanEck Semiconductor ETF (SMH) was up nearly 6%.
Among other noteworthy movers, Nike (NKE) climbed 7% to pace Dow gainers, while delivery companies United Parcel Services (UPS) and FedEx (FDX) jumped 5% and 7%, respectively. Shares of Chinese e-commerce giant Alibaba (BABA) added 6%, Shopify (SHOP) soared 13% and Best Buy (BBY) gained 5%.
Shares of Newmont Mining (NEM), the world’s largest producer of gold, tumbled nearly 6% as the price of the precious metal slid. Gold futures—which were trading near a record high around $3,500 an ounce a week ago as investors sought safe havens amid concerns about tariffs—were 3% to $3,245 in recent trading.
West Texas Intermediate futures, the U.S. crude oil benchmark, were up nearly 2.3% at $62.40, extending a recent rally after oil prices hit a four-year low in late April.
The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, notably mortgages, was at 4.44%, up from 4.38% at Friday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 1.3% to 101.60, trading near its highest level in a month.
Bitcoin was at $102,900 recently, down from an overnight high of $105,700. The digital currency surged above $100,000 last week for the first time since February.
Apple Reportedly Mulling iPhone Price Hike
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Apple (AAPL) is reportedly considering raising prices on its next generation of iPhones expected to be released this fall—but without pinning higher costs on tariffs.
The company wants to avoid the perception that higher prices for its iPhone 16 successor are attributed to a trade war with China, where many Apple devices are produced, The Wall Street Journal reported Monday. Apple did not immediately respond to a request for comment.
The report comes as the U.S. and China agreed to dramatically roll back tariffs on each other’s imports for 90 days. The U.S. levy on Chinese imports will be reduced to 30% from 145% by Wednesday, while Beijing’s tariffs on U.S. goods will drop to 10% from 125%, according to U.S. Treasury Secretary Scott Bessent.
Most Apple products are exempt from President Donald Trump’s “reciprocal” tariffs on Chinese goods. However, iPhones and other devices are still affected by the 20% import tax the White House put in place earlier in the year to combat fentanyl trafficking. Shares of Apple popped more than 5% in recent trading Monday amid the broader market gains.
Earlier this month, CEO Tim Cook warned that tariffs would cost Apple about $900 million in the current quarter that runs through June. To mitigate the effects, Cook said a majority of iPhones sold in the U.S. this quarter will come from India instead of China, with iPad, Mac, Apple Watch, and other products coming mostly from Vietnam.
However, the higher-end (and more profitable) Pro and Pro Max iPhone models will continue to primarily ship from China, WSJ reported. Apple’s factories in India are not yet capable of mass producing those models at the same scale as their Chinese counterparts can, the report said.
Next Technology Jumps After Announcing Bitcoin Holdings
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Shares of Next Technology Holding (NXTT) took off for a second straight session Monday after the software services provider and bitcoin buyer reported its holdings of the cryptocurrency jumped.
Next Technology reported in a regulatory filing last week that it held 5,833 bitcoin, 5,000 of which it bought since the end of last year. It said the value of its bitcoin portfolio as of March 31 was $481.7 million, while it paid $183.1 million to purchase them.
The company noted that it sees its bitcoin investment “as long-term holdings” and expects to continue acquiring them. It added that it hasn’t “set any specific target” for the number of bitcoin it seeks to hold, and will “continue to monitor market conditions in determining whether to engage in additional financings” to make more purchases.
Next Technology explained that bitcoin “offers the opportunity for appreciation in value if its adoption increases and has the potential to serve as a hedge against inflation in the long-term.”
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The news sent Next Technology shares soaring 661% on Friday, and the stock was up another 50% in early trading. They’ve also gotten a boost by the recent run-up of the price of bitcoin, which is trading above $104,000. Today’s move lifted the stock from negative to positive territory for 2025.
Another firm seeing its shares fly higher because of bitcoin-related news is healthcare provider Kindly MD (KDLY), whose stock is soaring nearly 500% Monday morning after it announced a merger with bitcoin-native holding company Nakamoto Holdings in order to start a bitcoin treasury strategy. Nakamoto was founded by David Bailey, a key cryptocurrency advisor to President Donald Trump.
Tesla Levels to Watch After Three Weeks of Gains
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Tesla (TSLA) shares surged in early trading after closing Friday at their highest level in more than two months, as the stock has gained ground in each of the last three weeks.
The stock started gaining traction late last month after CEO Elon Musk, during the company’s first quarter earnings call, said he would spend less time at the Department of Government Efficiency, or “DOGE,” and more time at his job at the company.
More recently, Tesla shares have gotten boost from optimism that the Trump administration could soften its stance on tariffs. Monday’s surge follows news over the weekend that the U.S. and China had agreed to pause most of the hefty tariffs that the countries had imposed on one another
Coming into Monday’s session, Tesla shares had recovered about 40% from last month’s low. However, the stock was still down 26% since the start of the year, due in part to concerns that Musk’s involvement with the Trump administration could be weighing on the automaker’s sales.
Tesla shares forged a triple bottom on the chart between early March and late April, setting the stage for a bullish reversal.
Indeed, the stock confirmed the pattern in Friday’s trading session, breaking out above the formation’s neckline and closing above the closely watched 200-day moving average (MA). Moreover, the relative strength index signals bullish price momentum and sits comfortably below overbought levels to provide ample room for further upside.
Investors should watch crucial overhead areas on Tesla’s chart around $360 and $430, while also monitoring key support levels near $289 and $225.
The stock was up more than 5% at around $315 shortly after the opening bell Monday.
Read the full technical analysis piece here.
Major Indexes Poised to Open Sharply Higher
3 hr 49 min ago
Futures tied to the Dow Jones Industrial Average were up 2.5%, or more than 1,000, points in recent trading.
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S&P 500 futures rose 3%.
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Nasdaq 100 futures soared 3.9%.
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