Wall Street staged a robust rally Monday following the U.S.-China trade truce that slashed reciprocal tariffs by over 100 percentage points.
By midday, risk-on sentiment was running at full throttle, propelling the Nasdaq 100 up 3.5% and lifting the S&P 500 by 2.7% to 5,815.43—its highest level since March. The Dow Jones surged 958 points, or 2.3%, while the small-cap Russell 2000 added 3%.
Under the 90-day reprieve, the U.S. will cut tariffs on Chinese goods from 145% to 30%. China, in turn, will lower its tariffs on U.S. goods from 125% to 10%, effective May 14. The two countries also agreed to launch a formal mechanism for ongoing economic consultations, easing fears of a permanent decoupling.
U.S. Treasury Secretary Scott Bessent said the agreement followed “very robust discussions” in Geneva
The Magnificent Seven tech giants — Apple Inc. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN), Nvidia Corp. (NASDAQ:NVDA), Meta Platforms Inc. (NASDAQ:META), Tesla …