U.S. stocks ended higher on Monday, with Apple giving the S&P 500 its biggest boost as the White House exempted smartphones and computers from new tariffs.

Market Snapshot

The Dow Jones Industrial Average rose 312.08 points, or 0.78%, to 40,524.79, the S&P 500 rose 42.61 points, or 0.79%, to 5,405.97 and the Nasdaq Composite rose 107.03 points, or 0.64%, to 16,831.48.

Market Movers

Apple, Dell, Nvidia, Super Micro, Best Buy - Apple gained 2.2%, Dell Technologies was up 4%, Nvidia was down 0.2%, and Super Micro Computer was flat after the U.S. Customs and Border Protection Agencyexempted smartphones, computers, hard drives, memory chips, and other electronics from the latest round of tariffs on U.S. importers. Best Buy, the consumer electronics retailer, rose 2.2%.

The electronics goods would be excluded from President Donald Trump’s 125% tariff on Chinese goods and 10% tax on imports from other trading partners. However, Commerce Secretary Howard Lutnick said the exemptions may be temporary. Appearing on ABC’s This Week, Lutnick said Sunday those products were going to be part of the semiconductor sector tariffs, which are going to be announced in the coming week.

Apple, down 18% this year,could be the biggest beneficiaryshould the new rules remain in place. Apple assembles most of its devices in China, plus India and Vietnam. Estimates say that 80% to 90% of iPhones are made in China.

Nvidia, separately, said it would for the first time makeartificial-intelligence supercomputers entirely in the United States. Nvidia said it expects to produce up to $500 billion in AI infrastructure in the U.S. with its partners within the next four years.

Intel - Intel gained 2.9%. The chip makerreached an agreement to sell a 51% stake in Altera, the company’s programmable chips unit, to private-equity firm Silver Lake. The transaction values Altera at $8.75 billion. Intel acquired all of Altera for $16.7 billion in 2015.

Tesla - Tesla was flat after rising earlier in the session. It too will benefit from the exemptions, which included flat-screen displays and integrated circuits. The company’s electric vehicles all have flat touchscreen displays and come with advanced onboard computers. Tesla is scheduled to report quarterly earnings next week. Tesla shares have declined 38% this year.

General Motors, Ford - General Motors was up 3.5% and Ford Motor rose 4.1% after Trump said he was looking at anautomotive tariff pauseto give car companies more time to adjust. Auto makers face 25% tariffs on imported vehicles and 25% on imported parts starting soon.

Goldman Sachs - Goldman Sachs reported first-quarter earnings of $14.12 a share, beating analysts’ estimates of $12.32. Goldman’s sales and trading business turned in a strong quarter. Revenue from fixed-income securities, currencies, and commodities—known as FICC—rose 61% from last quarter, or 2% from a year earlier, while equities revenue jumped 27% from a year earlier. The stock was up 1.9%.

Palantir - Palantir Technologies was up 4.6% after the North Atlantic Treaty Organization said it would use the company’s artificial intelligence-enabled software to modernize its war-fighting capabilities.

Pfizer - Pfizer was up 1%, even after the company said it would discontinue the development of an experimental drug for weight loss after one patient fell ill. The participant in the Phase 3 clinical trial for danuglipron, a so-called oral glucagon-like peptide-1 (GLP-1) receptor agonist, experienced a potential drug-induced liver injury which resolved after discontinuation of the treatment, Pfizer said in a statement.

Market News

Trump Initiates Chips and Drug Probes, Ahead of More Tariffs

President Donald Trump’s administration pressed forward with plans to impose tariffs on semiconductor and pharmaceutical imports by initiating trade probes led by the Commerce Department.

The moves, announced Monday in the Federal Register, are a precursor to imposing tariffs and threaten to broaden the president’s sweeping US trade war.

The Commerce Department said it had begun investigating the impact on US national security of “imports of semiconductors and semiconductor manufacturing equipment” as well as “pharmaceuticals and pharmaceutical ingredients, including finished drug products” in a pair of register notices.

The probes, which began April 1 and were ordered under Section 232 of the Trade Expansion Act, could play out for months. Under the law, the Commerce Secretary is expected to deliver the results of his investigation within 270 days, though Trump and other officials have signaled these efforts could conclude more quickly.

Trump Floats Temporary Reprieve for Autos as Parts Tariffs Loom

President Donald Trump said he is exploring possible temporary exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up US manufacturing.

“I’m looking at something to help car companies with it,” Trump told reporters Monday in the Oval Office. “They’re switching to parts that were made in Canada, Mexico and other places, and they need a little bit of time, because they’re going to make them here.”

The president was asked what short-lived product exclusions he was considering but did not specify how long a potential pause or lowering of auto levies would remain in place.