Traders work on the floor of the New York Stock Exchange on April 10, 2025 in New York City.
Spencer Platt | Getty Images
Stock futures rose on Sunday as Wall Street looks to gauge President Donald Trump’s latest tariff moves.
S&P 500 futures gained 0.6%, while Nasdaq-100 futures moved 1.1% higher. Futures tied to the Dow Jones Industrial Average climbed 120 points, or 0.3%.
Trump exempted smartphones and computers as well as other devices and components like semiconductors from his new “reciprocal” tariffs, according to new U.S. Customs and Border Protection guidance issued late Friday. The president and his Commerce secretary, Howard Lutnick, then suggested Sunday that the exemptions aren’t permanent, stirring up more tariff uncertainty.
Trump said in a Truth Social post that these products are still “subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff ‘bucket.'”
The developments come as shares of the “Magnificent Seven” have come under pressure in the wake of the president’s “liberation day” tariff announcement earlier this month. The CNBC Magnificent 7 Index has declined about 5% since then. Apple has notably been among the hardest hit names, as the iPhone maker lost nearly $640 billion in market cap in the three trading days following the announcement.
Last week marked one of the most volatile trading weeks on record for the Street. The CBOE Volatility Index spiked above 50 on Thursday, with stocks giving up some of their historic gains seen a day earlier. On Wednesday, the market soared after Trump announced a 90-day reprieve for a number of his new tariff rates, seeing its third-biggest one-day gain since World War II.
“The mid-week delay on some non-China tariffs, along with solid banks earnings and optimism about Fed intervention (should it be needed) at the end of the week helped fuel the gains in US equities, with some also attributing Wednesday’s bounce to short covering,” said Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets. “For the moment, this seems to have offset the concerns that emerged about the bond market and recession worries.”
Despite last week’s rally, all three major averages are still down sharply since the so-called reciprocal tariffs were announced. The S&P 500 has dropped 5.4%, while the Nasdaq Composite and Dow Jones Industrial Average have fallen about 5% and 4.8%, respectively.
The market is gearing up for a major week of earnings, with results from more big banks such as Goldman Sachs, Bank of America and Citigroup on the docket. Other key names, including streaming giant Netflix and major carrier United Airlines, are also set to report.
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