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BOSTON/LONDON- U.S. shares gained on Monday, while the dollar dipped, after the White House exempted smartphones and computers from U.S. tariffs but President Donald Trump said semiconductor levies were likely.
The Dow Jones Industrial Average (.DJI), opens new tab and the S&P 500 (.SPX), opens new tab both gained about 0.8%. The Nasdaq Composite (.IXIC), opens new tab added about 0.6%, boosted by technology shares including Apple, whose stock gained around 2% (AAPL.O), opens new tab. The S&P 500 rallied 5.7% last week, but is still down around 8% in 2025.
On the face of it, the exemption of 20 product types accounting for 23% of U.S. imports from China was a boon to manufacturers. But the technology tariff news gave only a modicum of help to U.S. government bonds trying to recover from the bruising they suffered last week, and the dollar lost ground once more as the off-again, on-again trade policy gyrations left investors confused and analysts bearish on the long run.
The 90-day pause on broad tariffs and further concessions over the weekend "lessen the near-term probability of a recession," Morgan Stanley U.S. equity strategists wrote in a note on Monday. Still, they noted that the back-and-forth on policy is still likely to exacerbate uncertainty for businesses and consumers.
