Stocks closed higher on Monday after the White House eased tariffs on smartphones, chips and computers.
The Dow Jones Industrial Average climbed 312.08 points, or 0.78%, while the S&P 500 and tech-heavy Nasdaq Composite rose 0.8% and 0.6%, respectively.
Customs and Border Patrol issued new guidance on reciprocal tariff negotiations late Friday, noting the exemption of those goods from President Donald Trump’s April 2 executive order which declared a national emergency due to non-reciprocal trade practices and structural imbalances in the global trading system.
Subsequent executive orders ramped-up tariffs on China to 125%.The updated guidance, which cites a presidential memorandum issued Friday, excluded the products from Trump’s 125% China tariff and his baseline 10% global tariff on some countries. They apply to goods that left a warehouse as of April 5.
Shares of U.S. automakers climbed during the session after Trump said he's "looking at something to help some of the car companies."
"Parts that were made in Canada, Mexico, and they need a little bit of time because they may come here, but they need a little bit of time," Trump said at the White House. "So I'm talking about things like that."
Stellantis, the maker Chrysler, Jeep and Dodge, was up 5.8%, Ford rose 4% and General Motors climbed 3.4%.
The Federal Reserve Bank of New York on Monday released its latest Survey of Consumer Expectations, which found that Americans' expectations of the labor market have dimmed to the lowest level since the COVID-19 pandemic.
Respondents' expectations that the unemployment rate will be higher one year from now jumped 4.6 percentage points to 44% in March – the highest reading since April 2020. The increase was broad-based across age, education and income groups.
The perceived probability of losing one's job in the next 12 months increased by 1.6 percentage points to 15.7%, which is the highest level since March 2024. That increase was largest for respondents with annual household incomes below $50,000.
Respondents' level of confidence about the probability of finding a job if they lost their current job decreased slightly by 0.1 percentage point to 51.1%.
This is an excerpt from an article by FOX Business' Eric Revell
Shares of Apple rallied Monday on pace for the fifth straight session of gains after President Trump, over the weekend, determined smartphones would be exempt from tariffs, along with hard drives and other electronics.
Trump, on Monday, was asked about Apple in the Oval Office.
"Look, I'm a very flexible person. I don't change my mind, but I'm flexible, and you have to be. You just can't have a wall, and you'll only go, you know, sometimes you have to go around it, under it or above it. There'll be maybe things coming up. I speak to Tim Cook. I helped Tim Cook recently..." he said.
{{#rendered}}President Donald Trump briefly addressed tariffs and the impact on U.S. automakers, during a meeting with El Salvador's president in the Oval Office.
"I'm looking at something to help some of the car companies... Parts that were made in Canada, Mexico, and they need a little bit of time because they may come here, but they need a little bit of time. So I'm talking about things like that," Trump said in response to a question about product exemptions.
Shares of Ford and General Motors rose Monday, while Tesla and Toyota traded lower.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| F | $9.63 | 0.30 | 3.27 |
| GM | $45.21 | 1.58 | 3.62 |
| TSLA | $249.37 | -2.94 | -1.17 |
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NVDA | $110.95 | 0.02 | 0.02 |
Nvidia on Monday announced plans to manufacture its artificial intelligence (AI) supercomputers entirely in the U.S. for the first time.
The AI chipmaking giant said it has worked with manufacturing partners to commission over 1 million square feet of manufacturing space to build and test Nvidia's advanced Blackwell chips in Arizona as well as AI supercomputers in Texas.
The company said it has already started production of Blackwell chips at TSMC's chip plant in Phoenix. Nvidia is also building two supercomputer manufacturing plants in Texas – one with Foxconn in Houston and another with Wistron in Dallas.
The company said it expects mass production to ramp up at both plants in the next 12 to 15 months.
President Donald Trump commented on the news from the White House on Monday.
"It's big. And the reason they did it is because of the election in Nov. 5 and because of a thing called tariffs," Trump said. "I want to thank Jensen and all of the people that we deal with, the great people, the brilliant people. And without tariffs, they wouldn't be doing it."
This is an excerpt from an article by FOX Business' Eric Revell
Goldman Sachs reported a 15% rise in first-quarter profit as market volatility led to record revenue in equities trading and boosted fixed income results.
The Wall Street lender joined rivals JPMorgan Chase and Morgan Stanley in reporting higher profits. But investors have shifted their focus on to economic projections, which are being clouded by uncertainty over tariffs that could spur inflation and trigger a recession.
Goldman's profit rose to $4.74 billion, or $14.12 per share, for the three months ended March 31, the bank said on Monday. That compared with $4.13 billion, or $11.58 per share, a year earlier.
"While we are entering the second quarter with a markedly different operating environment than earlier this year, we remain confident in our ability to continue to support our clients," CEO David Solomon said.
This is an excerpt from a Reuters story
{{#rendered}}After President Trump announced some exemptions on technology products and parts over the weekend, National Economic Council Director Kevin Hassett, appearing on FOX Business Network, explained how negotiations are going, especially with China and what it means for the U.S. economy.
The tech-heavy Nasdaq Composite is higher Monday as a result.
President Donald Trump said Sunday that his administration will clarify tariff exemptions for smartphones, computers and other electronics from reciprocal tariffs in the coming week.
While speaking with reporters on Air Force One on Sunday night, Trump said the goal behind the specific tariff is to "uncomplicate" trade in the semiconductor sector.
"We wanted to uncomplicate it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country," Trump said while traveling back to Washington, D.C., from West Palm Beach.
Trump declined to say whether some products such as smartphones might still end up being exempt, though added: "You have to show a certain flexibility. Nobody should be so rigid."
In a Truth Social post earlier Sunday, Trump said he didn't announce an overall tariff exemption on electronics from China on Friday, stating that the products still face the existing 20% tariff – just not the reciprocal tariffs, which are now at 145%.
He wrote that the goods are “just moving to a different" tariff bucket.
“We are taking a look at Semiconductors and the WHOLE ELECTRONICS SUPPLY CHAIN in the upcoming National Security Tariff Investigations,” Trump wrote.
Fox Business’ Elizabeth Pritchett contributed to this report.
Chinese President Xi Jinping declared there can be no winners in a trade war as he began a diplomatic tour of Southeast Asia on Monday to shore up ties with regional trade partners after President Donald Trump’s latest tariffs.
Xi arrived in Vietnam for a two-day visit to show China’s commitment to global trade after Trump last week levied 145% tariffs against China, the world’s second-largest economy. China has responded with 125% duty on U.S. imports.
“There are no winners in a trade war, or a tariff war,” Xi wrote in an editorial jointly published in Vietnamese and Chinese official media. “Our two countries should resolutely safeguard the multilateral trading system, stable global industrial and supply chains, and open and cooperative international environment.”
Trump paused the high-level tariffs he imposed last week on nearly every other country apart from China. China has vowed not to back down in the face of the massive tariff.
After Vietnam, Xi is expected to continue his trip to Malaysia and Cambodia.
{{#rendered}}President Donald Trump said semiconductors and chips imported into the United States will be hit with specific tariffs, adding that the rate for the items will be announced within the week.
While speaking with reporters on Air Force One on Sunday night, Trump said the goal behind the specific tariff is to "uncomplicate" trade in the semiconductor sector.
"We wanted to uncomplicate it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country," Trump said while traveling back to Washington, D.C. from West Palm Beach.
This is an excerpt of an article by FOX Business' Elizabeth Pritchett. To read the full article by click here.
Stocks finished the final trading session of the week in the green on Friday as investors eyed the latest tariff-related developments and big bank earnings.
The Dow Jones Industrial Average rose 619.05 points, or 1.56%, while the S&P 500 and Nasdaq Composite climbed 1.8% and 2%, respectively.
China announced on Friday that it will raise tariffs on American goods to 125% from 84%. China indicated that it made the move in response to the U.S. raising tariffs, but indicated it does not plan to retaliate against any potential additional U.S. tariff increases.
"The US's imposition of abnormally high tariffs on China seriously violates international economic and trade rules, and also violates basic economic laws and common sense. It is a completely unilateral bullying and coercive practice," the Chinese finance ministry said.
The White House said Friday afternoon that it's "optimistic" China will make a deal.
Coverage for this event has ended.