Tech Stocks Soar as Smartphone and Computer Tariffs Exempted

U.S. shares surged in reaction to the exemption of smartphones and computers from tariffs, though gains were limited due to ongoing trade policy uncertainty. Technology shares boosted indices, with Apple rising 3%. Concerns linger over recession risks amid market volatility and the unresolved trade situation.

U.S. shares climbed on Monday, joining a global rally, as the White House announced an exemption for smartphones and computers from tariffs. However, the gains were capped due to President Trump's comments that levies were still possible, leading to muted movements in the dollar.

Technology stocks propelled the Dow Jones Industrial Average by 1%, while the S&P 500 and the Nasdaq Composite gained approximately 1.2%. Notably, Apple shares increased by about 3%. Despite last week's 5.7% rally, the S&P 500 remains over 5% below its pre-tariff announcement levels.

The tariff exemption provided a lift to manufacturers but offered limited aid to U.S. government bonds. Uncertainty persists, as trade policy volatility continues to unsettle investors and analysts. Goldman Sachs reported a 15% profit rise in Q1, crediting stock traders in turbulent markets.

(With inputs from agencies.)