Tech Stocks Surge as Tariff Fears Wane

Technology stocks soared on Wall Street amid signs of a strategic approach to tariffs by President Trump's administration. Key players like Nvidia, Meta Platforms, and Amazon saw notable gains, while overall market volatility remained a concern amid potential U.S. economic slowdown fears.

Technology stocks fueled a rally on Wall Street on Monday, buoyed by indications that the Trump administration is adopting a cautious stance on impending tariffs. Media reports suggest that sector-specific tariffs, set to take effect on April 2, might be excluded. This led to a surge in the three major U.S. indexes, with investors eager to capitalize on struggling tech stocks.

Big movers included Nvidia, Meta Platforms, and Amazon with notable gains, while Tesla spiked by 7.3% following a positive previous trading day. "Investors today are highly concerned about the tariff changes proposed by the administration," remarked Peter Andersen of Andersen Capital Management, pointing to increased market volatility.

In a market already grappling with fears of an economic slowdown, recent tariff announcements have added to the uncertainty. Data from LSEG indicates a decline in expected earnings growth amongst S&P 500 companies. Meanwhile, U.S. business activity showed slight improvement in March, but tariff concerns persist as the market awaits further economic indicators.

(With inputs from agencies.)