The S&P 500 Index ($SPX) (SPY) Monday closed up +1.76%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +2.16%. June E-mini S&P futures (ESM25) are up +1.74%, and June E-mini Nasdaq futures (NQM25) are up +2.07%.
Stock indexes on Monday rallied sharply, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 posting 2-week highs. Stocks rallied Monday on reports over the weekend that said the upcoming US reciprocal tariffs next week would be more targeted than previously stated and narrower than initially planned, with some countries exempt and existing tariffs on steel and other metals possibly not being cumulative. President Trump is preparing a “Liberation Day” tariff announcement on April 2 that will include a significant expansion of reciprocal tariffs but will be more focused than the wide-ranging global tariffs that Mr. Trump has threatened, calming market fears about the impact on global trade and growth. Gains in stocks accelerated Monday when President Trump said that some nations will receive possible exemptions or reductions from next week’s tariffs, saying, “I may give a lot of countries breaks.”
