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Magnificent 7 stocks rose during Monday morning trading after reports that the Trump administration is considering excluding some tariffs that are set to go into place on April 2.
Microsoft (MSFT-1.42%) and Apple (AAPL-1.38%) stocks were up by less than 1%, while Alphabet (GOOGL-3.17%) rose by 1.2% at the market open. Amazon (AMZN-2.50%) and Nvidia (NVDA-6.14%) were up by more than 2% during early morning trading, while Meta (META-2.76%) rose by close to 4%, and Tesla (TSLA-7.01%) climbed by more than 5%.
Tesla stock was up by more than 4% before the market open on Monday, while shares of Meta, Nvidia, and Amazon were up by more than 2% during pre-market trading. Alphabet, Apple, and Microsoft stocks were all up by more than 1%.
S&P 500, Nasdaq, and Dow Jones Industrial Average futures all gained in pre-market trading after Bloomberg and the Wall Street Journal reported that the White House is narrowing its focus for reciprocal tariffs that President Donald Trump will announce on April 2.
The Trump administration will exclude some of the reciprocal tariffs it plans to put on other countries, including U.S. allies, on April 2, Bloomberg reported, citing officials familiar with the matter. Additionally, Trump will reportedly not announce the separate, industry-specific tariffs that he has previously spoken about.
Countries without tariffs on the U.S. or that have a trade surplus with the U.S. will not be targeted by the reciprocal tariffs, an official told Bloomberg. However, President Trump reportedly wants to announce rates that are effective immediately.
“April 2nd is going to be liberation day for America,” Trump reportedly said on Friday. “We’ve been ripped off by every country in the world, friend and foe.” He added that the tariffs will bring the U.S. “tens of billions.”
Despite a more targeted approach, the tariffs will still largely impact major U.S. import partners, the Wall Street Journal reported. The White House reportedly now is focused on implementing tariffs on about 15% of nations with which the U.S. has an ongoing trade imbalance.