IXIC: Nasdaq Pumps 2.3% as Traders Bet on Tariff Rollback. Is ‘Everything Rally’ Back?

Risk appetite was through the roof as investors were splurging on anything from tech to consumer stocks.

💸 Nasdaq Surges 2.3%

• The Nasdaq Composite IXIC surged 2.3% to kickstart the trading week after the White House administration moved to assuage investor fears over its hostile tariff plans. It looks like (not certain yet) April 2 — D-Day for global trade — might not be as scary as previously touted by President Donald Trump.
• Tariffs that hit whole industries, a White House representative said, will likely be omitted on April 2, the deadline for reciprocal and wide-ranging tariffs. Major trading partners will still get slapped with tariffs.

👀 Another Pivot on Tariffs

• The actual tariff recipients remain unknown but even if they were known, they would most likely be subject to change. Some analysts are now saying that reciprocal tariffs might be the only ones taking effect on April 2. But again, they might not be widely applied, Trump said, fueling the uncertainty around his agenda.
• The US President said in an interview late Monday afternoon that he may give “a lot of countries” breaks on reciprocal tariffs. He noted that sectors like auto and pharma are still on the hook for tariffs in the “near future.”

🗽 Markets Go Gung-Ho

• Markets didn’t really care about the uncertainty on Monday when all three major stock averages pumped big time. Besides the Nasdaq’s glow-up, the S&P 500 added 1.8% and the Dow Jones Industrial Average soared nearly 600 points, or 1.4%.
• All members of the Mag 7, which were until recently better described as “Lag 7”, were higher on the day, reminiscing of the good old days of the Everything Rally. Tesla TSLA was the leading performer, up nearly 12%. Nvidia NVDA, Amazon AMZN and Meta META were up more than 3% each.