Stock Market Today: Stocks Gain on Tech, Auto Tariff Talk
The Trump administration said late Friday that it will temporarily halt tariffs on some Chinese tech imports.
 
 
 
Stocks opened sharply higher Monday after the Trump administration said late Friday that it would pause reciprocal tariffs on imports of consumer electronic devices such as smartphones and laptops from China.
While some of the buying power briefly faded around lunchtime, it picked back up into the close.
At the end of the trading day, the blue chip Dow Jones Industrial Average was up 0.8% at 40,524, the broader S&P 500 was 0.8% higher at 5,405, and the tech-heavy Nasdaq Composite had added 0.6% to 16,831.
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Jeffrey Buchbinder, chief equity strategist, and Adam Turnquist, chief technical strategist at LPL Financial, say that last week's volatile price action helped check many of the boxes that tend to indicate a stock market bottom is in place – including panic selling followed by massive up days.
And the short-term tariff exemptions help to stabilize the price action. However, the uncertainty of where trade policy will be in just a matter of months leaves the market vulnerable to more drawdowns.
With this in mind, the two advise investors to "get your buy orders ready, but be open to the idea of more near-term downside."
Apple stock jumps on tech tariff pause
Apple (AAPL) was one of the more talked-about stock gainers today, adding 2.2% on expectations it will be one of the biggest benefactors from Trump's tech tariff reprieve.
"We believe technology hardware was in the eye of the storm as it pertained to higher tariffs, with AAPL most exposed to intensifying geopolitical pressures," says CFRA Research analyst Angelo Zino.
The temporary exemption goes a long way toward providing better visibility, Zino notes, adding that he no longer anticipates "drastic revenue and earnings per share revisions."
The analyst has a Buy rating on the blue chip stock along with a $235 price target, representing implied upside of 16% to current levels.
Fellow computer-related tech stocks Dell Technologies (DELL, +4.0%), HP (HPQ, +2.5%) and Hewlett Packard Enterprise (HPE, +1.1%) also rose on the news.
Trump considers lifting some auto tariffs
President Donald Trump is also considering pausing some tariffs on car companies, which lifted shares of auto stocks including Ford Motor (F, +4.0%) and General Motors (GM, +3.4%).
Speaking to reporters at the White House, Trump said that he's "looking at something" to help automakers that "need a little bit more time" to shift to domestic manufacturing of parts. The president did not give additional details.
GS stock gains after earnings
While Apple was the best Dow Jones stock today, Goldman Sachs Group (GS) came in second. Shares of the financial stock rose 1.9% after the big bank reported higher-than-expected first-quarter top- and bottom-line results thanks to rising trading revenue.
While Goldman Sachs did not provide forward guidance, CEO David Solomon said he's confident the big bank can maneuver through a second quarter that represents "a markedly different operating environment" than the first.
CFRA Research analyst Kenneth Leon says the big questions for Goldman right now revolve around investing banking delays or declines. He adds that tariff uncertainties could create headwinds in cross-border advisory services.
Still, Leon maintained a Strong Buy recommendation on GS, expecting a strong second half for the firm.
The earnings calendar starts heating up tomorrow with blue chips Bank of America (BAC) and Johnson & Johnson (JNJ) set to report ahead of the open.
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With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
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