Stock Market Update

[BRIEFING.COM] The major equity indices started the new week with solid gains. The upside moves were in response to the Trump administration's announcement that smartphones, laptops, semiconductors, solar cells, and other electronic items will be excluded from the 10% global reciprocal tariffs, and from the 125% tariff rate placed on imports from China.

Some early enthusiasm has dissipated, however, and equities pulled back from session highs. The S&P 500 was nearly 100 points above Friday's close earlier, but shows a 15-point increase now. The deterioration was influenced in part by the understanding that imports from China are still subject to the 20% fentanyl-related tariff. Also, Commerce Secretary Lutnick later said that the exemptions will be temporary while President Trump said that he will soon announce a tariff rate for semiconductors.

The index-level pullback also coincided with some mega caps either extending early losses or turning negative. NVIDIA (NVDA 110.56, -0.38, -0.4%) is a standout in that respect. 

Still, many stocks are higher in a tariff-relief related trade. The Invesco S&P 500 Equal Weight ETF (RSP) shows a 0.8% increase and nine of the 11 S&P 500 sectors are higher. 

There was no notable US economic data today.