The three major US stock indexes closed higher at the opening session of the week yesterday, Monday, April 14, after a volatile session that saw both gains and losses, as market concerns over Trump’s global tariffs continued.
US President Donald Trump’s exemption of technology products, most notably Apple products, from the additional 125% tariff on Chinese goods, as well as servers, chips, solar cells, and other technology-related items, supported gains in the Nasdaq and technology stocks during the opening session, despite statements by the Secretary of Commerce that these exemptions are temporary.
In a related development, US President Trump announced that he is considering exempting auto companies from tariffs on imported vehicles and spare parts to give them more leverage to establish factories in the United States, which will boost automakers’ stocks. Statements by the Federal Reserve Governor contributed to support for US markets, as Waller warned of inflation rising to nearly 5% this year following Trump’s tariffs, and that the Federal Reserve needs to accelerate interest rate cuts to prevent a recession.
In terms of stock movement, technology stocks led the gains, with Apple shares rising 2.01%, restoring market capitalization to its highest level of $3 trillion, reaching $3.042 trillion, making it the world’s largest company.
The Dow Jones Industrial Average closed up approximately (312) points at 40,524, with gains of approximately 0.78%. It is currently trading in futures for Tuesday’s session at 40,857, up approximately 116 points.
The S&P 500 index recorded gains at 5,405, up approximately (42) points, or 0.79%, and is currently trading in futures at 5,463, up approximately 22 points.
While the Nasdaq index recorded increases of 107 points to close the session at 16,831 points, recording gains of about 0.64%, and is now trading in the futures at an increase of about 94 points.