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Wall Street: Big tech leads stocks relief rally after weekend tariff pause

Market watchers are continuing to advise caution, especially amid signs that bond markets are under stress.

April 14, 2025 / 19:27 IST
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The benchmark’s rate has jumped to 4.49%, threatening to deal another blow to the US economy by pushing up borrowing costs more broadly.

The technology giants hit hardest in this year’s selloff were leading the rest of the stock market higher Monday, after temporary reciprocal tariff exemptions were made for phones, computers and popular consumer electronics.

The S&P 500 Index climbed 1.5% as of 9:33 a.m. in New York, while the technology-heavy Nasdaq 100 Index jumped 1.9%. Shares of Apple Inc. soared as much as 7.5%, with Magnificent Seven peers Nvidia Corp. and Amazon Inc. also rising.

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President Donald Trump downplayed the weekend exemption, saying he will still apply tariffs to a range of high-tech gadgets, as part of his overall push to remake US trade.

The US Customs and Border Protection announced a tariff exclusion for some electronics on Friday, only for US Commerce Secretary Howard Lutnick and the president on Sunday to follow up by saying the reprieve was temporary and a procedural step in the longstanding plan to apply a different, specific levy to the sector.