Tech Stocks Soar as Tariff Exemption Fuels Wall Street Rally

Wall Street futures rose as the White House exempted smartphones and computers from new China tariffs. Tech stocks surged, with Apple, Nvidia, and Micron Technology seeing significant gains. Despite lingering uncertainty, investors are optimistic. Upcoming corporate results and economic data are anticipated to guide market decisions amidst policy volatility.

Wall Street futures climbed on Monday, driven by a surge in tech stocks. The rally followed the White House's decision to exempt smartphones and computers from fresh tariffs on Chinese imports, although semiconductor levies remain forthcoming.

The announcement, made last Friday, temporarily alleviated some concerns as Apple saw a premarket boost of 4.7%, while other tech giants like Nvidia and Micron Technology also registered notable upticks. However, these exempted products, accounting for 20% of U.S. imports from China, are not entirely out of the woods just yet.

Amid the economic uncertainty, investors are keenly observing corporate earnings reports from companies like Johnson & Johnson and Netflix this week. In parallel, key economic indicators such as U.S. inflation expectations and March retail sales data are awaited, as potential cues to market sentiment.

(With inputs from agencies.)