Dow exits correction, Nasdaq in bull market on China-US trade progress, Live Updates
U.S. stocks soared Monday as investors celebrated major progress on a U.S.-China trade deal. The Dow added over 1,100 points, exiting correction territory, while the Nasdaq Composite began a fresh bull market. This as President Trump unveiled a plan to lower prescription drug prices before heading to the Middle East. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $42,410.10 | 1,160.72 | 2.81 |
| SP500 | $5,844.19 | 184.28 | 3.26 |
| I:COMP | $18,708.34 | 779.43 | 4.35 |
The U.S. and China announced on Monday that tariffs against one another will be reduced for an initial 90-day period. (Brendan Smialowski/AFP/Getty Images / Getty Images)
Stocks surged on Monday after the U.S. and China agreed to roll back tariffs for a 90-day period.
The Dow Jones Industrial Average rose 1,160.72 points, or 2.81%, exiting correction territory. The S&P 500 climbed 3.26% and the Nasdaq Composite rose 4.35%, exiting bear market territory.
The tariffs President Donald Trump announced against China on April 2 are being cut by 24 percentage points for this temporary period while retaining the remaining ad valorem rate of 10% from that announcement, according to a joint statement.
China agreed to the same stipulations, adding that it will "adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2," the announcement stated.
Under the deal, reciprocal tariffs for both countries would be reduced by 115%. The U.S. will temporarily lower its tariffs on Chinese goods from 145% to 30%, and China will reduce its levies on American products from 125% to 10%.
FOX Business Landon Mion contributed to this report
| Symbol | Price | Change | %Change |
|---|---|---|---|
| LLY | $734.57 | -16.88 | -2.25 |
| PFE | $22.28 | -0.26 | -1.15 |
| MRK | $75.97 | -1.68 | -2.16 |
| MRNA | $24.25 | -0.13 | -0.53 |
| NVO | $65.77 | 0.92 | 1.42 |
Pfizer, Merck, Eli Lilly and Novo Nordisk shares rallied after President Donald Trump announced his plan to lower prescription drug prices for American citizens by as much as 90%.
""The United States will no longer subsidize the health care of foreign countries, which is what we are doing. We're subsidizing others," Trump said during a Monday press conference, explaining that countries were paying "a small fraction" of the price as the U.S. for the same drug" he said Monday.
Here is how the plan will work: READ HERE.
Trump, teased his announcement Sunday evening on Truth Social.
"I am pleased to announce that Tomorrow morning, in the White House, at 9:00 A.M., I will be signing one of the most consequential Executive Orders in our Country’s history. Prescription Drug and Pharmaceutical prices will be REDUCED, almost immediately, by 30% to 80%. They will rise throughout the World in order to equalize and, for the first time in many years, bring FAIRNESS TO AMERICA! I will be instituting a MOST FAVORED NATION’S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World. Our Country will finally be treated fairly, and our citizens" an excerpt of his Truth Social post explained.
Getty Images
Pharma stocks could be active on Monday.
President Donald Trump signed an executive order on Monday to encourage domestic prescription drug manufacturing and cut down on the time it takes to approve U.S. pharmaceutical plants.
Under the order, the Food and Drug Administration is directed to eliminate unnecessary requirements, streamline reviews and work with domestic drugmakers to provide early support before facilities come online.
The president also instructed the agency to increase inspection fees for foreign manufacturing plants, improve the enforcement of active-ingredient source reporting by foreign producers and consider publicly listing facilities that fail to comply.
This is an excerpt from an article by FOX Business' Landon Mion
The Dow Jones Industrial Average is on pace to exit correction territory, up 10% from its April lows, if it closes 160.77 points higher.
Companies pacing Monday's gains include Nike, Apple, Dow Chemical and Caterpillar. All of these do a large business with China. Coke, Travelers, Verizon and Walmart are lagging.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $42,279.53 | 1,030.15 | 2.50 |
| NKE | $62.55 | 4.25 | 7.29 |
| AAPL | $209.72 | 11.45 | 5.77 |
| DOW | $31.54 | 2.06 | 6.98 |
| CAT | $342.65 | 17.03 | 5.23 |
| KO | $69.36 | -1.16 | -1.64 |
| TRV | $266.32 | -3.42 | -1.27 |
| VZ | $43.03 | -0.58 | -1.33 |
| WMT | $95.84 | -0.88 | -0.90 |
President Donald Trump will sign an executive order on Monday that will aim to lower prescription drug prices for American citizens who have been regularly “ripped off” by big pharmaceutical companies, White House press secretary Karoline Leavitt said.
Leavitt appeared on “Fox & Friends” Monday morning to discuss the move that Trump teased on social media on Sunday, saying that the executive order will have a positive impact on Americans.
“It cannot be overstated how big of a deal this executive order that President Trump will be signing in a couple of hours is for American families, especially our seniors, who have been ripped off by very large and rich pharmaceutical companies,” Leavitt said.
Trump wrote in his post that his administration would be implementing a “most favored nation’s policy” that will see the U.S. pay the same price as the nation that pays the lowest price for prescription drugs and pharmaceuticals to “bring FAIRNESS TO AMERICA!”
Leavitt said that Americans “pay an astronomical amount” compared to other countries, and the executive order will aim to “reduce the cost of drugs in this country by more than half at least.”
Trump wrote in his post that the executive order would almost immediately cut prescription drug and pharmaceutical prices by 30% to 80%.
President Donald Trump is leveraging the power of the American economy to open China to U.S. exporters as Washington and Beijing work toward a potential trade deal, Commerce Secretary Howard Lutnick said on "Fox News Sunday."
When asked about the ripple effect that Trump’s tariffs are having on dockworkers, the trucking industry and others, Lutnick asked them to remember that "this is just a China problem right now."
Lutnick referenced the 145% tariff Trump put on Chinese imports and the 125% duties China slapped on U.S. imports in retaliation.
"Those tariffs are too high to do business, but that's why they're talking right now," he said of the China tariffs. "The rest of the world is 10%, so don't overdo it. The rest of the world is 10%. They're sending their goods here, as the president has said, time and time again. We are the consumer of the world. Everybody wants to sell their goods here, so they need to do business with America, and we're using the power of our economy to open their economy to our exporters."
This is an excerpt from an article by Fox Business’ Stephen Sorace. To read more, click here.
California Governor Gavin Newsom speaks on transnational commerce and border security while visiting the U.S.- Mexico border in San Diego, California, U.S. December 5, 2024. REUTERS/Mike Blake/File Photo
President Donald Trump is focused on curtailing global trade imbalances, but one of the Democratic Party's top potential 2028 contenders is calling out the administration's "quixotic" approach.
Although the administration locked in a trade deal with Britain and says it has others on the horizon, Trump's tariff policies have spurred on market volatility and been met with skepticism from many Americans, including California Gov. Gavin Newsom.
The Golden State governor shared his take on Trump's trade agenda Friday, arguing the administration is taking an "inconsistent, chaotic approach" to trade.
"Even if I was going to be charitable, I would say his inconsistent, chaotic approach does the opposite. It freezes investment, consumer confidence, small businesses, large, medium-sized businesses. Everybody I talk to feels very similarly," Newsom said on "Kudlow."
This is an excerpt from an article by Fox Business’ Madeline Coggins. To read more, click here .
The Nissan logo is displayed, at the 46th Bangkok International Motor Show in Bangkok, Thailand, March 24, 2025. REUTERS/Chalinee Thirasupa/File Photo
Japanese automaker Nissan, which recently announced sizable layoffs, will make an additional round of cuts of more than 10,000 jobs, according to reports.
Japan's public broadcaster NHK reported the new jobs cuts on Monday, which would bring the total announced layoffs at the struggling automaker to about 20,000 – 15% of its workforce.
The company said last month that it was looking toward a record $4.74 billion to $5.08 billion net loss in the financial year, Reuters reported.
Japan's third-biggest automaker is looking to slim down to a more resilient size after suffering poor sales in the U.S., its top market, and struggles in China.
Nissan’s full-year results are expected to be announced on Tuesday.
Reuters contributed to this report.
The U.S. and China announced on Monday that tariffs against one another will be reduced for an initial 90-day period after officials held trade negotiations in Geneva.
The White House said the tariffs President Donald Trump announced against China on April 2 will be cut by 24 percentage points for this temporary period while retaining the remaining ad valorem rate of 10% from that announcement.
China made the same agreement, adding that it will "adopt all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States since April 2," a White House announcement stated.
This is an excerpt from an article by FOX Business' Landon Mion.
Getty Images/Andrew Harnik
U.S. stocks signaled big gains early Monday after Treasury Secretary Scott Bessent said talks with the Chinese took a turn for the better during a meeting in neutral Switzerland.
"I'm happy to report that we made substantial progress between the United States and China in the very important trade talks" he said Sunday, promising more details on Monday.
President Donald Trump also applauded the developments:
"A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!" he posted on Truth Social.
U.S. Trade Representative Ambassador Jamieson Greer: “This was, as the Secretary pointed out, a very constructive two days. It’s important to understand how quickly we were able to come to agreement, which reflects that perhaps the differences were not so large as maybe thought. That being said, there was a lot of groundwork that went into these two days. Just remember why we’re here in the first place — the United States has a massive $1.2 trillion trade deficit, so the President declared a national emergency and imposed tariffs, and we’re confident that the deal we struck with our Chinese partners will help us to work toward resolving that national emergency.”
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