By Kelly Cloonan
Shares of consumer electronics stocks are ticking up after the U.S. and China agreed to drastically scale back tariffs on each others' goods.
Shares of HP were up 6.7% at $28.23, and Dell Technologies shares rose 6.5% to $102.14. Shares of Best Buy were 5.6% higher at $72.67.
The consumer electronics sector has come under pressure since the Trump administration imposed higher tariffs on goods from China, a popular region for sourcing phones, computers, video game consoles and other electronics.
During recent earnings calls, retailers including Best Buy warned the trade moves would likely result in higher prices for consumers. Such a development could lead consumers to further delay electronics purchases, pressuring the retailers' sales.
The U.S. and China said Monday that Trump's "reciprocal" tariff on China would be slashed to 10% from 125% for 90 days amid ongoing negotiations.
The agreement came faster than anticipated and eased tariff levels more than Wall Street had expected, sending U.S. stocks higher across the board.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
May 12, 2025 11:54 ET (15:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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