Stock futures rose Monday after the Trump administration exempted smartphones and other technology products from sweeping tariffs that were implemented earlier in April. The S&P 500 was coming off its best week since November 2023.
These stocks were poised to make moves Monday:
Apple gained 5.6% in premarket trading, Dell Technologies Inc. was up 7%, NVIDIA rose 2.4%, and SUPER MICRO COMPUTER INC jumped 5.6% after the U.S. Customs and Border Protection Agency exempted smartphones, computers, hard drives, memory chips, and other electronics from the latest round of tariffs on U.S. importers. The electronics would be excluded from Trump's 125% tariff on Chinese goods and 10% tax on imports from other trading partners. However, Commerce Secretary Howard Lutnick said the exemptions may be temporary. Appearing on ABC's This Week, Lutnick said Sunday those products were going to be part of the semiconductor sector tariffs, which are going to be announced in the coming week.
Apple, down 21% this year, could be the biggest beneficiary should the new rules remain in place. Apple assembles most of its devices in China, plus India and Vietnam. Estimates say that 80% to 90% of iPhones are made in China.
Tesla Motors rose 1.5% in premarket trading. It too will benefit from the exemptions, which included flat-screen displays and integrated circuits. The company's electric vehicles all have flat touchscreen displays and come with advanced onboard computers. Tesla is scheduled to report quarterly earnings next week. Tesla shares have declined 38% this year.
Newmont Mining was up 0.5% in premarket trading after shares of the gold miner rose nearly 8% on Friday and 24% for the week. The stock followed a jump in the the price of gold, which on Friday rose to above $3,200.
Earnings reports are expected Monday from Goldman Sachs and M&T Bank.
Wall Street expects Goldman Sachs to report first-quarter adjusted earnings of $12.45 a share, or $12.33 a share on a GAAP basis, on revenue of $14.77 billion. The stock was rising 2.1% in premarket trading.
Reports are expected later in the week from Bank of America, Citigroup, Johnson & Johnson, UnitedHealth, Netflix, American Express, Taiwan Semiconductor Manufacturing, PNC Financial, United Airlines, Interactive Brokers, ASML Holding, Abbott Laboratories, Travelers Cos., CSX, Blackstone, D.R. Horton, Alcoa, and State Street.
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