US stocks are printing modest gains as tariffs on some electronic goods have been delayed. Tech stocks are outperforming European and Asian counterparts, with Apple shares jumping. Goldman Sachs is also on the rise following its earnings results. More corporate reports are expected this week, including from Netflix. Meanwhile, the US dollar is falling, Treasury yields are declining, and oil prices are on the rise.
Wall Street comes to life: stocks up, dollar down
The US stock market opened the week on a positive note: major indices posted solid gains on Monday. Against this backdrop, the US dollar weakened, as investors reacted to an unexpected announcement — the White House temporarily exempted a number of imported items, including smartphones and computers, from tariffs. However, this added little clarity: President Donald Trump, as usual, left room for suspense, indicating that tariffs on semiconductors may still be imposed.
Tech sector back in the saddle
The Dow Jones index rose 0.8%, as did the S&P 500. The Nasdaq, traditionally sensitive to developments in the IT sector, gained a more modest 0.6%. Last week, the S&P 500 posted an impressive 5.7% jump, though it remains down about 8% year-to-date.
Apple, Dell, and HP cheer investors
On global markets, the news of tariff exemptions had a particularly positive impact on tech giants, especially those with tightly integrated supply chains in China. Apple, the main beneficiary of Chinese imports, saw its shares rise by 2.2%. Dell did even better with a 4% jump, while HP shares grew 2.5%.
Semiconductors await the storm
However, the optimism in the tech sector was uneven. The semiconductor index (SOX) rose just 0.3%, while shares of industry leader Nvidia actually fell 0.2%. Investors are hesitant to bet on this segment, considering Trump's comments about possible new levies.
A pause that breathed life into the markets
Top analysts at Morgan Stanley noted early in the week that the temporary easing of US tariff policies — including a 90-day delay on broad tariffs and recent concessions by the White House — has significantly reduced the immediate threat of a recession. However, they warned that such an unstable trade policy only adds to uncertainty for both businesses and consumers.
Global markets follow the US lead
The wave of optimism spread beyond America. On Monday, Asian and European markets confidently picked up the upward momentum from Wall Street, which had closed the previous week on a strong note.
The STOXX 600 pan-European index rose 2.7%, nearly recovering the 2% drop from the previous week. In the Asia-Pacific region, the MSCI index excluding Japan gained 1.6%, clawing back some ground after a 4% drop the week before. The MSCI global index, which tracks markets worldwide, also rose by 1.25%.
Apple inspires the entire manufacturing sector
The tech sector remains the main driver of the rally. Particularly active were companies within Apple's supply chain — their shares surged in the Asian region, quickly followed by gains in European markets. Investors are betting that the temporary tariff reprieve will restore supply chain momentum and ease logistical pressure on manufacturers.
Corporate reports season heats up
Markets are expecting a fresh flow of information this week as the new corporate earnings season kicks off. Goldman Sachs opened the season with unexpectedly strong results: the bank's first-quarter profit jumped 15%, boosted by active trading during market volatility. GS shares climbed 2% on the news.
Up next are reports from other financial heavyweights: Bank of America, Citigroup, and Taiwanese chipmaking giant TSMC. Investors are watching these closely, as they could set the tone for the quarter and help answer the key question: how resilient is the current recovery phase?
China's export surge — the tariff fear effect
Fresh statistics from China showed an unexpectedly sharp 12.4% surge in March exports. Experts attribute this spike to simple logic: companies worldwide rushed to place orders ahead of possible new tariffs from the US. Ongoing signals from Washington continue to prompt global businesses to act preemptively.
Dollar retreats under global sentiment pressure
The US dollar is adding to previous losses. Following a noticeable decline last week, the slide continued on Monday, with the dollar index slipping another 0.2%. There are several reasons for this: on the one hand, investors are moving funds from US assets back into national markets. On the other hand, doubts are growing about the sustainability of dollar dominance amid a shifting geopolitical landscape.
Euro holds steady as ECB prepares to cut refinancing rate
On the currency front, the euro remains relatively stable, hovering at $1.148 — still close to the three-year high reached last week. Investors are holding their breath ahead of the ECB's policy meeting slated for Thursday. Most experts expect a 0.25 percentage point rate cut to 2.25%. The move aims to stimulate the eurozone economy but could also put downward pressure on the euro in the near term.
Gold cools after historic peak
Commodity markets are showing restrained movement. Although global turbulence has fueled interest in safe-haven assets, spot gold prices declined on Monday, down about 0.75% to $3,212 per ounce. This contrasts with the recent all-time high of $3,245 per ounce. Experts attribute the drop to profit-taking, though overall sentiment remains bullish amid continued global uncertainty.
Oil prices climb, but geopolitics keep a lid on enthusiasm
Oil prices saw moderate gains, supported by temporary tax relief measures and encouraging oil import data from China, where March saw a sharp spike in deliveries. However, enthusiasm was limited: concerns about a global economic slowdown amid trade tensions are capping price growth. Market participants are closely watching demand signals, especially from Asia, which remains the largest energy consumer.
"Fear Index" retreats — is the anxiety fading?
The CBOE VIX market volatility index — nicknamed Wall Street's "fear thermometer" — dropped to 30.89, its lowest level since early April. This may suggest that investors are becoming less jittery about short-term instability, though longer-term concerns remain.
Earnings reports season in full swing — outlooks in doubt
The US corporate sector has begun releasing quarterly reports. Amid ongoing uncertainty tied to tariff policy, many top executives are holding off on long-term forecasts — there are simply too many variables. Nevertheless, the start was positive: Goldman Sachs shares gained 1.9% after its earnings report exceeded analysts' expectations.
This week's spotlight will also be on reports from giants like Netflix and UnitedHealth Group. Their results could clarify trends in both the tech and healthcare sectors.
Pharma in focus: Pfizer shifts course
Pharmaceutical stocks also received a boost. Pfizer rose 1% after announcing it was halting development of an experimental weight-loss drug. The market interpreted this as a rational move to reallocate resources and focus on more promising areas. Other sector players also closed in positive territory following Pfizer's lead.
Japan's stocks grow amid global caution
Tokyo's stock exchange closed higher again, with the Nikkei index rising for the second consecutive day. Automakers led the gains, showing resilience despite global uncertainty. Meanwhile, futures for European and US stocks are sending mixed signals, with analysts expecting a sluggish or negative open in the West, reflecting investor caution.
Washington shifts its target
A new front in the trade battle may be opening — this time in the pharmaceutical sector. According to documents published in the US Federal Register, Trump's administration is expanding its investigation scope to include not just microchips, but also medications. This has raised alarm among European pharma giants — especially Novo Nordisk, whose weight-loss drugs have become global bestsellers in recent years.
If tariffs are imposed, it could seriously disrupt supply chains and profitability for key European producers, triggering another wave of market instability.
Warning signs from US consumers: luxury is losing its shine
US consumer sentiment is starting to send worrying signals. French luxury group LVMH, a market leader in high-end goods, reported weak first-quarter results. The sales decline is being interpreted as a sign of cooling demand — particularly amid rising economic uncertainty. It seems even wealthy Americans are rethinking their spending, fearing a looming recession.
