By Dean Seal
Shares of semiconductor companies are moving higher after the U.S. and China agreed to dramatically scale back sky-high tariffs on each other's goods.
Shares of Nvidia were up 4.4% at $121.76 ahead of the opening bell. Shares of Taiwan Semiconductor Manufacturing rose 5.9% to $186.89. Shares of Advanced Micro Devices climbed 7.8% to $110.84. Shares of Qualcomm were up 6.2% at $154.12. Shares of Broadcom were up 5.8% at $220.21.
The semiconductor sector has been under pressure from the U.S.-China trade war kicked off by the Trump administration this year. While President Trump didn't issue direct tariffs on chipmakers, most chips are exported to China or other countries where they are assembled into servers and computer equipment that were expected to face tariffs when shipped to the U.S.
After weekend talks in Geneva, the countries said Monday that Trump's "reciprocal" tariff on China would be slashed to 10% from 125% and that the reductions would last for 90 days while negotiations are ongoing.
The agreement came faster than expected and eased tariff levels more than Wall Street had anticipated, sending U.S. stock futures higher. Tech-sector stocks are on track for early gains after the opening bell.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 12, 2025 09:21 ET (13:21 GMT)
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