US stocks surged on Monday as investors reacted to reports of a potential walkback on tariffs from President Donald Trump, boosting market sentiment. The S&P 500 rose 88 points, or 1.56%, while the Nasdaq jumped 357 points, or 2.01%.
The President’s comments suggest he’ll unveil sector-specific tariffs focus on autos, pharmaceuticals and aluminum in the near future, contradicting earlier reports that tariffs would be more targeted at nations with long trade surpluses. The data release also showed a surprise surge in the services sector, which accounts for over two-thirds of US GDP growth.
Benchmark 10-year Treasury notes yields rose to 4.317%, while the dollar remained relatively stable. Investors are looking to clarification on Trump’s plan to impose sweeping levies on goods imported from nearly all trading partners, but hopes of a walkback on tariffs have boosted stock futures heading into the last week of the first quarter.
The tech-focused Nasdaq is priced for an opening-bell gain of around 230 points, driven by active stocks like Tesla and Nvidia. The Dow Jones Industrial Average is called 300 points higher, while benchmark 2-year notes were marked 5 basis points higher at 3.985%.
Source: https://www.thestreet.com/investing/stock-market-today-stocks-power-higher-on-tariff-relief-hopes