Dow surges more than 1,000 points after U.S. and China agree to temporary tariff cuts

U.S. stocks rallied Monday after the U.S. and China agreed to temporarily slash tariffs following negotiations over the weekend in Switzerland.
The Dow Jones Industrial Average surged 1035 points, or 2.5%. The S&P 500 popped 2.7%, and the Nasdaq Composite rose 3.5%. Apple (AAPL) surged 6.0%, up $12.20, to $210.47 per share as of 10:45am EDT.
CNBC:
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Best Buy, which sells electronics and appliances vulnerable to tariffs, popped 7%. Dell Technologies and On Semiconductor climbed 7% and 9%, respectively. Amazon advanced more than 7%, and Apple jumped 6%. The iShares Semiconductor ETF (SOXX) jumped more than 6%.
“We believe peak uncertainty over trade has passed, but market volatility is likely to stay,” UBS head of fixed income Kurt Reiman wrote in a Monday note. “Our base case remains that the effective US tariff rate (ex-China) will moderate toward 15% by year-end.”
“Nothing is ever permanent when it comes to Trump’s tariffs (and there is a July 9 deadline for reciprocal tariffs and an August deadline for China), but maybe Trump has found a rough tariff equilibrium for now – a 10% universal tariff, 25% product tariffs, and 30% China tariffs,” Piper Sandler head of U.S. policy Andy Laperriere wrote in a Monday note.
Should the morning’s futures gains hold through the close, the S&P 500 would be near positive territory for the year.

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MacDailyNews Take: Did you get in under $180 mere weeks ago? On April 8th, not too long ago, Apple sold at a very nice discount of $169.21.

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