Stock futures are pointing to sharply higher open for major indexes as the market looks to add to last weeks gains amid ongoing uncertainty about tariffs.
Futures tied to the S&P 500 and the tech-heavy Nasdaq were up 1.7% and 2%, respectively, while those linked to the Dow Jones Industrial Average added 1.1%.
Stocks are coming off an extraordinarily volatile week in which the Dow and S&P 500 posted their biggest weekly gains since October 2023, while the Nasdaq Composite turned in its best performance since November 2022. The market whipsawed on a flurry of headlines about tariffs, which the White House says will restore competitive balance and bring manufacturing and jobs back to the U.S., while economists and investors fear the trade measures will spark inflation and stall economic growth.
Technology stocks were leading the move higher in premarket trading Monday following news over the weekend that the Trump administration had decided to exempt smartphones, computers and chips from the so-called “reciprocal” tariffs that the Trump administration is pursuing. President Trump last week announced a pause on those tariffs for most countries, though China faces a total import tax of 145% for its exports to the U.S. White House officials indicated that the exemptions may only be temporary, with sector-specific tariffs coming soon, but that didn’t keep tech stocks from surging this morning.
Apple (AAPL), which has a huge manufacturing presence in China, was up more than 6% to lead gainers among mega-cap tech stocks. Shares of chipmakers Nvidia (NVDA) and Broadcom (AVGO) rose 3% and 2%, respectively, while Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), Meta Platforms (META) and Tesla (TSLA) also moved higher.
Among other noteworthy tech movers, Palantir (PLTR) and Micron (MU) were each up 7%, Advanced Micro Devices (AMD) added 4% and Dell Technologies (DELL) jumped more than 8%. Shares of electronics retailer Best Buy (BBY) were up 12% following news of the tariff exemptions.
Shares of Goldman Sachs (GS) were up nearly 3% after the investment bank released quarterly results that mostly exceeded analysts’ expectations. Big bank earnings kicked off last week, with Morgan Stanley (MS), JPMorgan Chase (JPM) and Wells Fargo (WFC) each topping estimates, though bank executives struck a cautious tone about the rest of 2025 amid uncertainty around the Trump administration’s tariffs.
The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of loans, was at 4.43% recently, down from 4.49% at Friday’s close. The yield soared last week as investors sold off government bonds, sparking concerns that investors could be losing confidence in Treasurys as a safe haven asset.
Gold futures, which hit a series of record highs last week, were down 0.5% at $3,230 an ounce this morning. West Texas Intermediate futures, the U.S. crude oil benchmark rose 1.5% to $62.40 per barrel, after falling to a four-year low of $55 last week amid concerns about a slowdown in global demand.
Bitcoin was trading at $85,100, up from an earlier low of $83,100.