Corrects to remove "premarket trading" from first bullet
** The "Magnificent Seven" group of megacap stocks up after the United States and China reached a deal to cut reciprocal tariffs
** Tesla TSLA.O climbs 5.44% , while Nvidia NVDA.O up 4.15%; Meta Platforms META.O and Amazon.com AMZN.O rise 5.53% and 7.38%, respectively
** Apple AAPL.O up 4.92%, Microsoft MSFT.O and Alphabet GOOGL.O advance 0.70% and 2.79%, respectively
** Stocks across the U.S. advance sharply after the world's two biggest economies agreed to a 90-day pause (effective from May 14 until August 12) and a 115% reduction in reciprocal tariffs, with global stocks also surging ahead
** Separately, pharma stocks slump as U.S. President Donald Trump announces an executive order to cut prescription prices to match those in other wealthy countries, with reductions of 30% to 80%
** The S&P 500 .SPX index has lost 3.8% YTD, through last close
(Reporting by Rashika Singh)
((Rashika.Singh@thomsonreuters.com;))
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