📈 Tech Stocks Take the Spotlight
Wall Street had a tech-fueled rally today, thanks to the White House exempting smartphones and computers from reciprocal tariffs on Chinese imports. Apple led the charge with a whopping 5% jump in its stock price, giving the S&P 500 its biggest boost of the day, before giving almost all of it’s gains.
But before you pop the champagne, remember: this tariff exemption is temporary. President Trump hinted that levies could still be imposed down the line, leaving investors with a mix of optimism and caution.
💸 Dollar Dips and Treasury Yields Tumble
Meanwhile, the dollar seemed to lose its swagger as investors grew wary of U.S. trade policies. The 10-year Treasury yield dropped by 10 basis points to 4.39%, attempting to recover from last week’s dramatic spike, the largest weekly increase in borrowing costs in decades.
🌍 Global Markets Join the Fun
The tariff reprieve didn’t just boost U.S. stocks; European and Asian markets also rallied. The STOXX 600 in Europe climbed 2.5%, while MSCI’s index for Asia-Pacific shares rose by 1.5%. Tech companies across Apple’s supply chain were the big winners overseas.
📊 Earnings Season Kicks Off
As if tariffs weren’t enough drama, earnings season is here! Goldman Sachs reported a stellar quarter with profits up 15%, driven by stock traders capitalizing on market volatility. Other heavyweights like Citigroup, Johnson & Johnson, and Netflix are set to report later this week, so stay tuned for more fireworks.
🔮 What’s Next?
Looking ahead, all eyes will be on key economic data this week, including U.S. retail sales and Chinese GDP figures. Federal Reserve Chair Jerome Powell is also scheduled to speak about the economic outlook, expect questions about rate cuts and Treasury market stresses.
🎉 The Bottom Line
Today was a whirlwind of gains and uncertainties, with tech stocks leading the charge but broader concerns about tariffs and economic stability keeping everyone guessing. Whether you’re an investor or just watching from the sidelines, one thing is clear: markets are anything but boring right now and your Technical analysis is in the hands of the orange guy!