By WSJ Staff
Amazon $(AMZN)$; Apple $(AAPL)$; Tesla $(TSLA)$: The biggest U.S. tech stocks surged in premarket trade after the White House and China agreed to substantial tariff cuts. Among them, Amazon sells many Chinese-made products on its platform; Apple does much of its assembly in China; and the country is an important market for Tesla.
A.P. Moeller-Maersk (DK:MAERSK.B); Hapag-Lloyd (XE:HLAG): News of lower trade barriers between the world's two biggest economies lifted shares of global shipping companies. Maersk and Hapag-Lloyd stocks both rose more than 10% in Europe.
Glencore (UK:GLEN): Lower tariffs and a rosier U.S.-China trade outlooked helped global mining stocks. Glencore shares rose more than 5% in London.
Kering (FR:KER); LVMH (FR:MC); Stellantis $(STLA)$; BMW (XE:BMW): Hopes of a revival in global growth also boosted the shares of big-name manufacturers in Europe-even those for which U.S.-China trade isn't a huge direct threat.
Pfizer $(PFE)$: The pharmaceuticals sector bucked the bullish trend after President Trump said he would sign an executive order aimed at reducing drug prices. Pfizer shares fell premarket.
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(END) Dow Jones Newswires
May 12, 2025 05:02 ET (09:02 GMT)
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