Tech Stocks Surge Amid Trade War Turmoil

U.S. stocks joined a global rally after tariffs exemptions on smartphones and computers. President Trump cautioned that tariffs on semiconductors would be decided soon. Optimism in tech stocks boosted the S&P 500, while concerns over fluctuating trade policies affected the dollar and U.S. treasuries.

U.S. shares poised to rally alongside European and Asian markets Monday, buoyed by a White House reprieve that exempts smartphones and computers from new tariffs. Despite this relief, President Trump's warning that semiconductor tariffs are imminent caps the gains.

Though 20 types of products, comprising 23% of U.S. imports from China, received exemptions, this news only offered limited relief to U.S. government bonds, still reeling from recent losses. The dollar weakened owing to the uncertain trade policy, which casts doubt on long-term prospects for U.S. assets.

Tech companies in particular have thrived amid these developments, with Apple's shares spiking. Investor optimism also spurred increases in the S&P 500 and Nasdaq futures. Nonetheless, the persistent uncertainty surrounding U.S.-China trade relations continues to stoke concerns within the financial markets.

(With inputs from agencies.)