US stocks rise with Apple shares as investors assess tariff exemptions
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A trader works on the floor of the New York Stock Exchange in New York, on April 14.
PHOTO: EPA-EFE
NEW YORK - US stocks ended higher on April 14, with Apple giving the S&P 500 its biggest boost as the White House exempted smartphones and computers from new tariffs.
Uncertainty over future tariffs kept a lid on optimism, with the main indexes finishing off their highs of the day. Investors remain worried about how companies will manage supply chains as more changes are expected on the tariff front. The United States unveiled the exemptions on April 11, but President Donald Trump said on April 13 that he would be announcing the tariff rate on imported semiconductors over the next week.
Global technology shares mostly rose on the news, especially for companies that rely on imports from China. Shares of iPhone maker Apple rose 2.2 per cent. Dell Technologies gained 4% and HP climbed 2.5 per cent.
At the same time, an index of semiconductors rose just 0.3 per cent and shares of top chipmaker Nvidia were down 0.2 per cent on the day.
April 14’s trading was choppy, as has been the case since Mr Trump announced sweeping tariffs on April 2. Investors, worried that a global trade war will push the economy into recession, have seen some of the biggest swings in the market in years as the Trump tariff news changes.
“Really what we have is just continued uncertainty and inability for consumers and businesses and investors to plan much going forward or have reason to commit to long-term spending plans,” said Mr Jed Ellerbroek, a portfolio manager at Argent Capital Advisors in St. Louis, Missouri.
The Dow Jones Industrial Average rose 312.08 points, or 0.78 per cent, to 40,524.79, the S&P 500 rose 42.61 points, or 0.79 per cent, to 5,405.97 and the Nasdaq Composite rose 107.03 points, or 0.64 per cent, to 16,831.48.
The CBOE Volatility Index, Wall Street’s “fear gauge,” eased to 30.89, its lowest closing level since April 3.
Technical analysts noted, though, that the S&P 500 is now in a “death cross” pattern, which marks a spot where a shorter-term correction could turn into a longer-term downtrend.
A death cross occurs when the 50-day moving average slips below the 200-day moving average.
History suggests the ominous-sounding signal may not necessarily mean equities face more significant downside. The S&P 500 remains down about 8 per cent for the year so far.
Markets will be closed on Good Friday, but this week is still expected to bring some key results from US companies.
US companies have begun to report results for the 2025 first quarter and, with tariff troubles looming, corporate executives may hold back on giving much guidance.
“Everybody knows the future is going to look a fair amount different than the past, and management teams are going to be really hesitant to commit to much,” Mr Ellerbroek said. Still, shares of Goldman Sachs rose 1.9 per cent on April 14 after the bank reported higher first-quarter profit. Quarterly results from companies including Netflix and UnitedHealth Group are also on the radar this week. Also gaining were some drugmakers after Pfizer said it would end the development of its experimental weight-loss pill. Pfizer shares ended 1 per cent higher.
On the Nasdaq, 3,266 stocks rose and 1,200 fell as advancing issues outnumbered decliners by about a 2.72-to-1 ratio. There were 43 new highs and 101 new lows.
On the NYSE, advancing issues outnumbered declining ones by a 4.4-to-1 ratio . There were 45 new highs and 65 new lows.
Volume on US exchanges was 18.2 billion shares, compared with the roughly 18.7 billion average for the full session over the last 20 trading days. REUTERS
