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;))