Key Takeaways
- Tech stocks popped in premarket trading Monday after news of a tariff reduction between the U.S. and China.
- Shares of all Magnificent Seven firms rose as the news offered relief to an uncertain market.
- Shares of chipmakers Marvell Technologies, Broadcom, Intel, and AMD also rose sharply.
Shares of tech firms surged in premarket trading Monday after the U.S. and China agreed to temporarily slash tariffs while they work out a long term deal.
All of the Magnificent Seven stocks—Tesla (TSLA), Alphabet (GOOGL), Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Nvidia (NVDA), and Amazon (AMZN)—advanced along with global indexes on the de-escalation of the trade war with China. The Roundhill Magnificent Seven ETF (MAGS) was up 5% about an hour before the opening bell.
Shares of chipmakers Marvell Technologies (MRVL), Broadcom (AVGO), Intel (INTC), and AMD (AMD) also rose sharply.
Tech stocks had gotten hammered after President Donald Trump’s “Liberation Day” tariff announcement in early April prompted one of the worst stock sell-offs in decades, with Apple shares losing 16% of their value in their worst 2-day stretch since September 2008.