Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Apple (NASDAQ:AAPL) led premarket gains on Monday, with its stock jumping as much as 6.4%, after the Trump administration exempted phones, computers, and other popular electronics from its reciprocal tariffs.
Despite the exemptions, President Trump has vowed to impose levies on popular consumer electronics in the future.
KeyBanc upgraded Apple to sector weight from underweight, citing the tariff exemption as "probably the best case scenario." This news spurred a rally among other Magnificent Seven stocks.
Nvidia (NASDAQ:NVDA) saw a 2.5% increase, Amazon (NASDAQ:AMZN) and Meta (NASDAQ:META) each rose by 1.7%, Tesla (NASDAQ:TSLA) saw a 0.9% increase, Alphabet (NASDAQ:GOOGL) went up by 1.2%, and Microsoft (NASDAQ:MSFT) saw a 1% rise.
The Bloomberg Magnificent 7 index, an equal-weighted measure of these stocks, has experienced a decrease of 18% this year, following a 67% rise in 2024. The index includes Apple, Nvidia, Amazon, Meta, Tesla, Alphabet, and Microsoft.
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