By Joe Woelfel

Stock futures rose Monday after the Trump administration exempted smartphones and other technology products from sweeping tariffs that were implemented earlier in April. The S&P 500 was coming off its best week since November 2023.

These stocks were poised to make moves Monday:

Apple gained 5.6% in premarket trading, Dell Technologies was up 5.9%, Nvidia rose 3.3%, and Super Micro Computer jumped 5.7% after the U.S. Customs and Border Protection Agency exempted smartphones, computers, hard drives, memory chips, and other electronics from the latest round of tariffs on U.S. importers. The electronics would be excluded from Trump's 125% tariff on Chinese goods and 10% tax on imports from other trading partners. However, Commerce Secretary Howard Lutnick said the exemptions may be temporary. Appearing on ABC's This Week, Lutnick said Sunday those products were going to be part of the semiconductor sector tariffs, which are going to be announced in the coming week.

Apple, down 21% this year, could be the biggest beneficiary should the new rules remain in place. Apple assembles most of its devices in China, plus India and Vietnam. Estimates say that 80% to 90% of iPhones are made in China.

Tesla rose 1.7% in premarket trading. It too will benefit from the exemptions, which included flat-screen displays and integrated circuits. The company's electric vehicles all have flat touchscreen displays and come with advanced onboard computers. Tesla is scheduled to report quarterly earnings next week. Tesla shares have declined 38% this year.

Goldman Sachs reported first-quarter earnings of $14.12 a share, beating analysts' estimates of $12.32. Goldman's sales and trading business turned in a strong quarter. Revenue from fixed-income securities, currencies, and commodities -- known as FICC -- rose 61% from last quarter, or 2% from a year earlier, while equities revenue jumped 27% from a year earlier. The stock was up 1.7%.

Pfizer traded flat after saying it would discontinue the development of an experimental drug for weight loss after one patient fell ill. The participant in the Phase 3 clinical trial of danuglipron, a so-called oral glucagon-like peptide-1 (GLP-1) receptor agonist, experienced a potential drug-induced liver injury which resolved after discontinuation of the treatment, Pfizer said in a statement.

Newmont was down slightly in premarket trading after shares of the gold miner rose nearly 8% on Friday and 24% for the week. The stock followed a jump in the the price of gold, which on Friday rose to above $3,200.

Comcast declined 1.1% to $33.34 after shares of the cable and entertainment company were downgraded to Underweight from Equal Weight at Wells Fargo and the stock's price target was reduced to $31 from $37.

Earnings reports are expected later this week from Bank of America, Citigroup, Johnson & Johnson, UnitedHealth, Netflix, American Express, Taiwan Semiconductor Manufacturing, PNC Financial, United Airlines, Interactive Brokers, ASML Holding, Abbott Laboratories, Travelers Cos., CSX, Blackstone, D.R. Horton, Alcoa, and State Street.

Write to Joe Woelfel at joseph.woelfel@barrons.com

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(END) Dow Jones Newswires

April 14, 2025 07:46 ET (11:46 GMT)

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