U.S. stocks opened higher but closed lower, earnings season is about to kick off [with earnings calendar attached]
Market Overview: Rally Fades After Early Gains, Panic Sentiment Eases
S&P 500: Closed up 0.79%
$NASDAQ Composite Index(.IXIC.US): Closed up 0.64%
$iShares Semiconductor ETF(SOXX.US): Closed up 0.31%
$Dow Jones Industrial Average(.DJI.US): Closed up 0.78%
VIX: Closed down 17.76%
The U.S. government announced a "temporary exemption" on import tariffs for consumer electronics like smartphones, computers, and chips, easing cost pressures on tech companies and directly boosting pre-market and early-session rallies for tech stocks including $Apple(AAPL.US), $Micron Tech(MU.US), and $AMD(AMD.US). Apple surged nearly 7% in early trading before paring gains to over 2% at close. However, Trump later clarified that tariffs were not canceled but shifted to other categories, leaving policy uncertainty and intensifying market volatility. The S&P 500 ultimately retreated 1% from its peak, closing lower after a high open.
Technically, the S&P 500 has nearly filled its gap and now faces dual resistance at a key pressure level and the 20-day moving average, suggesting a potential near-term pullback.
U.S.-Listed Chinese Stocks: Boosted by A/H Shares, Notable Gains
Yesterday’s rallies in the Hang Seng Index and Shanghai Composite Index lifted the Golden Dragon China Index, which opened strong with an early 6% surge before settling at a 3.23% gain.
Magnificent Seven: Mixed Performance, Apple Reclaims Top Market Cap
The "Magnificent Seven" diverged sharply overnight. Apple led gains (+2.21%, with a pre-market peak of +7.24%) on tariff relief, while $Meta Platforms(META.US) led declines due to antitrust trial risks (potential spin-off of WhatsApp/Instagram), erasing a 2% pre-market rise. $NVIDIA(NVDA.US) opened high but failed to hold support, now pressured by the 20MA and 30MA. Its AI supercomputer production news drew muted reaction (+0.5% after-hours). Apple’s early rally faded amid gap-filling and Trump’s "clarification," likely to oscillate between $200-$210 short-term.
Sectors: Semiconductors Lead, Healthcare/Utilities Lag
Defensive sectors (healthcare, banks, insurance, consumer staples) rose over 1%, while consumer electronics (+2.2%) led on tariff news.
Commodities & Forex (Latest): Broad Gains in Metals/Oil, Dollar Dips
WTI crude: +0.34%
Gold: +0.48%
Silver: +0.34%
Copper: +0.15%
DXY: -0.05%
U.S. Treasuries: Mixed
US2Y yield: +0.54%
US5Y yield: Flat
US10Y yield: -0.36%
Quick Interpretation
Tech tariff relief aids margins but uncertainty lingers ahead of semiconductor policy details. S&P 500 faces pullback risks post-gap-fill at 5500 resistance. Favor defensive plays (consumer, banks, insurance). Gold’s dip offers entry points. Earnings season warrants close fundamental monitoring.
Attached: This week’s earnings calendar.
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