The S&P 500 futures are up by 75 points, marking a 1.4% rise. Nasdaq 100 futures have increased by 299 points, reflecting a 1.6% rise, while Dow Jones Industrial Average futures are up by 361 points, registering a 0.9% rise.
There's a positive trend in early trading, with futures for the S&P 500, Nasdaq 100, and Dow Jones Industrial Average seeing strong gains.
Tech stocks are leading the charge after reports that President Trump exempted items like smartphones, semiconductors, and other electronics from tariffs. Commerce Secretary Lutnick mentioned these exemptions are temporary, while President Trump is set to announce a tariff rate for semiconductors soon.
Treasury yields are dropping, with the 10-year yield down to 4.43% and the 2-year yield at 3.91%.
The Trump administration's temporary exemption of smartphones, computers, and other electronics from reciprocal tariffs has provided a significant boost to American tech stocks. This move, announced late Friday, helped tech giants like Apple (AAPL, Financial), Nvidia (NVDA, Financial), and Dell Technologies (DELL, Financial) see premarket gains, with Apple shares jumping over 6%. The exemptions, however, are not guaranteed to be permanent, as warned by President Trump and Commerce Secretary Howard Lutnick.
Palantir (PLTR, Financial) has finalized an acquisition deal with NATO Communications and Information Agency to deploy its Maven Smart System into NATO's Allied Command Operations. This strategic move aims to enhance battle capabilities through AI applications, resulting in a 6% rise in Palantir shares during premarket trading. The deployment is expected within the next 30 days, showcasing the rapid adoption of advanced technologies in defense operations.
Goldman Sachs (GS, Financial) reported Q1 earnings and revenue that surpassed Wall Street expectations, driven by strong performance in fixed income, currency, and commodities revenue. The bank's stock saw a 0.9% increase in premarket trading. Despite missing net interest income estimates, Goldman managed to reduce its provision for credit losses, contributing to its financial success.
Strategy, formerly known as MicroStrategy (MSTR, Financial), disclosed a significant Bitcoin acquisition worth $285.8 million, adding 3,459 bitcoins to its holdings. This purchase was funded through proceeds from a common stock offering, leading to a 3.67% increase in MSTR shares during premarket trading.
Pfizer (PFE, Financial) shares fell in premarket trading after the company announced it would cease the development of its oral weight loss therapy, danuglipron, due to a liver injury observed in a study participant. This decision follows a previous discontinuation of another obesity candidate, lotiglipron, due to similar concerns.
KeyBanc Capital Markets upgraded Apple (AAPL, Financial) to Sector Weight following the tariff exemptions, while Wedbush maintained its Outperform rating. Analysts view the tariff reprieve as a significant relief for Apple, although concerns remain regarding growth expectations and potential consumer spending pullbacks.
In a strategic move, President Trump is reportedly drafting an executive order to enable the stockpiling of critical metals from the Pacific Ocean seabed. This initiative aims to counter China's dominance in battery minerals and rare earth supply chains, driving up shares of MP Materials (MP, Financial) and TMC the Metals Company (TMC, Financial) in premarket trading.
Longevity Health (XAGE, Financial) announced a merger with 20/20 BioLabs in an all-stock transaction, expected to significantly boost its revenue. The combined company aims to leverage synergies in diagnostics and bio-aesthetics, enhancing its market position and operational efficiency.
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