Stocks soared Monday as investors digested reports that the Trump administration could reduce the scope of tariffs that are scheduled to be imposed next week.
The S&P 500 and tech-heavy Nasdaq were up 1.5% and 2%, respectively, in midday trading, while the Dow Jones Industrial Average added 1.1%. The market is looking to extend a nascent recovery from a selloff spurred by concerns about the potential impact of tariffs and uncertainty about the outlook for the economy. Each of the major indexes posted weekly gains last week, with the S&P 500 and Nasdaq Composite doing so for the first time in five weeks.
Investor sentiment got a boost this morning from a Wall Street Journal report that said the White House could exclude certain sectors from wide-ranging reciprocal tariffs that are scheduled to go into effect on April 2. Bloomberg News reported that some countries may also be left out of next week’s announcement.
Trump’s plans for tariffs have raised concerns that inflation could reaccelerate and economic growth could stall. Last week, the Federal Reserve said that, while growth remains solid, the economic outlook has become more uncertain. The Fed decided to hold off on adjusting interest rates as it seeks more clarity on the impact of Trump’s policies.
Shares of the world’s largest technology companies were up across the board on Monday. EV maker Tesla (TSLA), which has fallen for nine straight weeks, jumped 10% to lead S&P 500 gainers, while AI chipmaker Nvidia (NVDA), Amazon (AMZN) and Meta Platforms (META) each advanced more than 3%. Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG) and Broadcom (AVGO) also moved higher.
Among other noteworthy tech movers, data analytics software company Palantir (PLTR) and marketing platform AppLovin (APP), two AI investor favorites that were hit hard during the recent rout, were up 5% and 7%, respectively. Chipmaker Advanced Micro Devices (AMD) added 7%.
Shares of Strategy (MSTR), formerly known as MicroStrategy and the world’s largest corporate holder of bitcoin, jumped 7% as the digital currency moved higher. Bitcoin was trading at $88,100, up from around $84,000 late Friday.
Gold futures were down slightly at around $3,015 an ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, rose 1.1% to $69.05 per barrel.
The yield on the 10-year Treasury note, which has fallen in recent months as concerns about the economy have grown, was at 4.31% this recently, up from 4.25% at Friday’s close.
AZEK Stock Soars on Deal to be Acquired by James Hardie
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Shares of The AZEK Company (AZEK) jumped Monday following news the manufacturer of outdoor living products agreed to be purchased by Australian building materials maker James Hardie Industries (JHX) for $8.75 billion in cash and stock.
The agreement calls for AZEK shareholders to receive $26.45 per share in cash, plus 1.034 James Hardie shares, for a total compensation of $56.88 per share. That’s a 37% premium over AZEK’s closing price on Friday.
James Hardie CEO Aaron Erter called the purchase “an extraordinary opportunity to accelerate our growth strategy, deliver enhanced and differentiated solutions to our customers and drive shareholder value.” Erter said that James Hardie expects “to significantly enhance the combined company’s profitability and cash flow.”
AZEK makes TimberTech decking and railing, Versatex and AZEK Trim, and StruXure pergolas. James Hardie is behind such brands as Hardie Plank, Hardie Panel, Hardie Trim, Cemboard, and Prevail.
The transaction is expected to close in the second half of this year.
AZEK shares were up 15% in afternoon trading Monday. U.S.-listed shares of James Hardie sank 18% on the news.
These Four Companies Joined the S&P 500 Today
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Shares of Williams-Sonoma rose Monday as it and three other companies were added to the benchmark S&P 500 index before trading opened.
Williams-Sonoma (WSM), a retailer whose brands include Pottery Barn and West Elm, was recently up nearly 4%. The other three companies joining the index today—DoorDash (DASH), Expand Energy (EXE) and TKO Group (TKO)—were ahead 4%, 2% and 1%, respectively.
Those four companies replaced BorgWarner (BWA), Teleflex (TFX), Celanese (CE) and FMC (FMC). The changes were part of a periodic rebalance of the index.
Among other index changes today: Palantir Technologies (PLTR), Intuitive Surgical (ISRG) and ServiceNow (NOW) replaced Dow (DOW), Kraft Heinz (KHC) and Ford (F) in the S&P 100, an index of large American companies, while remaining in the S&P 500.
Intuitive Machines Stock Soars on Strong Sales, Outlook
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Shares of Intuitive Machines (LUNR) soared more than 20% Monday when the space technology provider said its sales and backlog soared, and issued a rosy outlook as it added new customers.
The positive news came just two weeks after the company’s lunar lander mission ended following a landing mishap, which had sent shares tumbling.
Intuitive Machines reported fourth-quarter revenue that jumped nearly 80% year-over-year to $54.7 million. However, costs skyrocketed, with adjusted EBITDA sinking 146% to negative $11.2 million.
Backlog increased 22%, hitting a quarterly record of $328.3 million. The firm credited the gain to $303.7 million in new awards primarily associated with contracts from the NASA, and task order modifications to other contracts.
Intuitive Machines sees full-year revenue in the range of $250 million to $300 million. It anticipates positive run-rate adjusted EBITDA by the end of 2025, and it predicts positive adjusted EBITDA for 2026.
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The impact of the moon mission failure slashed the stock price in half. However, with today’s 24% advance, Intuitive Machines shares are still nearly 40% higher over the past 12 months.
Tesla Stock Pops, Adding to Friday’s Big Gains
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Tesla (TSLA) shares surged Monday, extending gains Friday after CEO Elon Musk told employees to “hang on” to their Tesla stock in an all-hands meeting last week.
Shares were up more than 9% at around $272 in recent trading, putting them back in the green since Election Day, though shares have still lost more than 40% of their value since hitting a record high in December.
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Shares of Tesla had rallied following Donald Trump’s election win in November as investors were optimistic about Musk’s proximity to the administration. After Trump was inaugurated in January, however, shares slumped as some investors saw Musk’s involvement as hurting Tesla’s brand amid declining sales and protests, along with uncertainty over how tariffs will impact its business.
At last week’s staff meeting, Musk had argued Wall Street doesn’t fully understand Tesla’s value and potential, based on expected advances in its self-driving software, and other products like its Optimus robot. The company’s stock gained in the wake of the comments.
Supermicro Levels to Watch After Recent Rally
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Super Micro Computer (SMCI) shares moved lower to start the week after leading the S&P 500 higher Friday following bullish remarks from analysts.
JPMorgan upgraded the stock, pointing out that shares in the server maker could receive a boost from increasing demand for AI infrastructure, particularly its hardware that houses Nvidia’s (NVDA) sought-after Blackwell chips as shipments ramp up.
Coming into Monday’s session, Supermicro shares had gained nearly 40% since the start of the year as investors look past highly publicized accounting and corporate governance challenges that have weighed on the company’s stock over the past six months.
Supermicro shares carved out an inverse head and shoulders pattern between August and February before breaking out above the formation’s neckline on heavy trading volume last month. More recently, the stock found buying interest on a pullback to the initial breakout point, lifting the relative strength index (RSI) back above the 50 threshold in the process and potentially setting the stage for another move higher.
Investors should watch crucial support levels on Supermicro’s chart around $35 and $26, while also monitoring key resistance levels near $66 and $97.
Supermicro shares were down nearly 3% at around $41 in early trading Monday. The stock gained nearly 8% on Friday.
Read the full technical analysis piece here.
Futures Point to Sharply Higher Open for Major Indexes
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Futures tied to the Dow Jones Industrial Average were up 0.9% in recent trading.
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S&P 500 futures added 1.2%.
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Nasdaq 100 futures jumped 1.5%.
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