Stocks surged Monday morning as investors digested reports that the Trump administration could reduce the scope of tariffs that are scheduled to be imposed next week.
The
S&P 500 and tech-heavy
Nasdaq were up 1.7% and 2.1%, respectively, in recent trading, while the
Dow Jones Industrial Average added 1.3%. The market is looking to extend a nascent recovery from a selloff spurred by concerns about the potential impact of tariffs and uncertainty about the outlook for the economy. Each of the major indexes posted
weekly gains last week, with the S&P 500 and Nasdaq Composite doing so for the first time in five weeks.
Investor sentiment got a
boost this morning from a
Wall Street Journal report that said the White House could exclude certain sectors from wide-ranging reciprocal tariffs that are scheduled to go into effect on April 2.
Bloomberg News reported that some countries may also be left out of next week's announcement.
Trump's plans for tariffs have raised concerns that
inflation could reaccelerate and economic growth could stall. Last week, the Federal Reserve said that, while growth remains solid, the economic outlook has become more uncertain. The Fed decided to hold off on adjusting interest rates as it seeks more clarity on the impact of Trump's policies.
Shares of the world's largest technology companies were up across the board Monday morning, led by a near-10% gain for EV maker Tesla (
TSLA). AI chipmaker Nvidia (
NVDA) rose nearly 4%, while Amazon (
AMZN) and Meta Platforms (
META) each advanced about 3%. Apple (
AAPL), Microsoft (
MSFT), Alphabet (
GOOG) and Broadcom (
AVGO) also moved higher.