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U.S. stocks surged Monday after a U.S.-China agreement to temporarily reduce tariffs, easing recession fears. The Dow Jones Industrial Average rose 2.81% to 42,410 while the S&P 500 gained 3.26% to 5,844 .The Nasdaq Composite climbed 4.35% to 18,708.34, driven by China-linked tech stocks like Tesla and Apple.
Treasury Secretary Bessent announced U.S. tariffs on Chinese goods would drop to 30% and Chinese tariffs to 10%, with future talks planned in the coming weeks.
Tech and retail stocks saw significant gains: Tesla (+7%), Apple (+6%), Nvidia (+5%), and Amazon (+8%).
Trump indicated the 30% rate was lower than anticipated, though a final deal remains distant.
The Magnificent 7 tech stocks gained $837 billion after the U.S. and China agreed to pause tariffs, marking their biggest collective gain since April 9. Tech stocks, particularly semiconductors and smartphone makers, rallied as the trade tension easing reduced supply chain concerns.
Asia-Pacific markets traded mixed Tuesday after a U.S.-China trade deal. Hang Seng Index fell 1.74% and Tech Index dropped 3.06%, reversing previous gains. Nikkei 225 gained 1.71% and Topix rose 1.28%.
In the crypto market, S&P Global announced on May 12 that Coinbase will join the index on May 19, replacing Discover Financial Services. Coinbase shares rose 8.8% after hours. As the largest U.S. crypto exchange, Coinbase qualified for inclusion after posting Q1 net income of $65.6 million and revenue of $2.03 billion, up 24% year-over-year.
The inclusion will boost Coinbase’s exposure through index fund purchases. The exchange will join the lower tier (0.01-0.2% weighting) of the $49.8 trillion index alongside tech giants like Apple and Nvidia.
XRP gained 4% in 24 hours and 6% weekly. Trading surged, with spot volume reaching $10.83 billion.
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