Investors are cheering a tariff rollback for the tech industry, even though the respite could prove short-lived.

The Trump administration's latest zigzag on trade policy boosted technology hardware companies such as Apple and Dell, and chip stocks like Nvidia and Micron. Index futures advanced, with contracts tied to the tech-heavy Nasdaq-100 index leading the way.

Smartphones, computers, memory chips and several other categories of products will be exempt from sweeping tariffs imposed earlier this month, a filing showed late Friday. That amounts to a big reprieve for Apple and others that make many items in China.

However, Commerce Secretary Howard Lutnick warned Sunday that many tech products will still face separate levies in a month or two as part of an investigation into semiconductors under Section 232 trade law.

And President Trump stressed in a social-media post Sunday that "NOBODY is getting 'off the hook'" on tariffs and that levies on tech products are simply moving to a different bucket.

Tech gains also powered global markets higher Monday, with benchmarks in Japan and South Korea both adding roughly 1%. Hong Kong's Hang Seng Index jumped 2.4%. European benchmarks advanced, with semiconductor companies such as Infineon and STMicroelectronics rising.

After its biggest weekly pullback since late 2022, the dollar remained under pressure early Monday, pointing to continued concerns about U.S. economic prospects. Benchmark Treasury yields edged lower.

Economists have cut their outlook since Trump's April 2 unveiling of shock-and-awe tariffs sent markets on a roller-coaster ride, a Wall Street Journal survey found. Economists now see a 45% chance of recession ahead, roughly double the risk they saw in January. Likewise, hedge-fund founder Ray Dalio warned over the weekend that the economy is flirting with contraction.

Meanwhile, Chinese exports surged last month, in what is likely a last hurrah before U.S. tariffs kick in. Chinese leader Xi Jinping began a Southeast Asia trip Monday, to shore up relations with some of China's closest trading partners.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 14, 2025 06:41 ET (10:41 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.