US stocks skyrocketed on Monday, with both the S&P 500 and the Nasdaq soaring about 3% and the Dow Jones jumping more than 1,000 points, after the US and China announced a sweeping 90-day reduction in tariffs following trade negotiations over the weekend in Switzerland. The US said it would lower tariffs on Chinese goods from 145% to 30%, while China will cut levies on US imports from 125% to 10%, both for a 90-day period.
The move boosted investor confidence, signalling that both sides are serious about de-escalating trade tensions and encouraging a return to riskier assets. Consumer discretionary was by far the top performing sector, adding about 5.5% while consumer staples and utilities underperformed. Megacaps were also booking strong gains, namely Apple (5.3%), Nvidia (4.5%), Amazon (8.3%), Meta (5%), Alphabet (3.4%), and Tesla (6%). On the other hand, pharmaceutical stocks were lower after Trump said he would sign an executive order to cut prescription drug prices.
Source: Trading Economics
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