U.S. Stocks Close: Tech Tariffs Temporarily Suspended, Three Major Indices Rise Collectively, Chinese Stocks Gain Broadly

On Monday Eastern Time, the US stock market moved downwards after a higher opening, with the three major indices briefly turning negative during the session but ultimately closing higher. The US government announced a temporary suspension of tariffs on certain products in the technology sector, boosting investor sentiment. (Minute-by-minute chart of the three major indices, source: TradingView) At the close, the Dow Jones Industrial Average rose 0.78% to 40,524.79, the S&P 500 gained 0.79% to 5,405.97, and the Nasdaq Composite increased 0.64% to 16,831.48. Documents released last Friday showed that smartphones, computers, memory chips, and several other categories of products would be temporarily exempted from the reciprocal tariffs implemented by the US at the beginning of the month. US President Trump also stated on Monday that he is considering providing tariff relief for some automakers. This statement drove up the stock prices of automakers such as Ford and General Motors. However, the outlook for tariff adjustments on tech products remains uncertain. US Commerce Secretary Lutnick warned on Sunday that many tech products may still face a new round of separate tariffs under the "Section 232" trade act within one or two months. Trump himself emphasized on social media on Sunday that "no one can 'escape' on the issue of tariffs," and stated that the taxation on tech products was merely "shifted to another category." Ross Mayfield, an investment strategist at Baird Private Wealth Management, said, "These exemptions could be revoked at any time. If you are an operator, it is really difficult to have confidence in the continuity of the policy." **Performance of Hot Stocks** Major tech stocks showed mixed performance, with Apple up 2.21%, Microsoft down 0.16%, Nvidia down 0.20%, Google up 1.23%, Amazon down 1.49%, Meta down 2.22%, and Tesla up 0.02%. Popular Chinese stocks generally rose, with the Nasdaq Golden Dragon China Index up 3.23%. Alibaba gained 5.79%, JD.com rose 4.83%, Pinduoduo increased 4.73%, NIO climbed 2.56%, XPeng Motors surged 5.40%, Li Auto advanced 2.67%, Bilibili added 1.98%, Baidu rose 3.03%, NetEase fell 0.03%, and Tencent Music gained 3.27%. **Company News** **Research Firm: Apple Tops Global Smartphone Sales in Q1** According to data released by market research firm Counterpoint Research on Monday, Apple topped global smartphone sales in Q1 this year, driven by the launch of the iPhone 16e and strong demand in countries such as Japan and India. The data showed that despite flat or declining sales in the US, Europe, and China, Apple still captured 19% of the global market share, followed by Samsung with 18%. **Nvidia: Striving to Fully Produce AI Supercomputers in the US** Nvidia announced on April 14 that it is designing and building factories with its manufacturing partners, marking its first full-process production of Nvidia AI supercomputers in the US. Nvidia stated that over the next four years, through partnerships with TSMC, Foxconn, Wistron, Amkor, and SPIL, it plans to build an AI infrastructure system in the US worth up to $500 billion. Nvidia said that the Blackwell chip has already entered production at TSMC's chip factory in Phoenix, Arizona. Nvidia is collaborating with Foxconn and Wistron to build supercomputer manufacturing plants in Texas, located in Houston and Dallas, with mass production expected within the next 12-15 months. Additionally, Nvidia is working with Amkor and SPIL to develop packaging and testing operations in Arizona. **Pfizer Announces Discontinuation of Weight Loss Drug Danuglipron** Pfizer announced on April 14 that it has decided to discontinue the development of Danuglipron, an oral GLP-1 agonist for weight control. Pfizer stated that during a dose study, one participant experienced potential drug-induced liver injury, which resolved after discontinuing Danuglipron. After reviewing all information, Pfizer decided to halt the development of Danuglipron. **Goldman Sachs Q1 Net Revenue of $15.06 Billion, Up 6% YoY** On April 14, Goldman Sachs Group announced that its Q1 2025 net revenue was $15.06 billion, up 6% YoY, with net earnings of $4.74 billion, up 15% YoY. The company disclosed that during the reporting period, its board approved a stock repurchase plan authorizing the buyback of up to $40 billion in common stock. **Meta Antitrust Trial Begins, Faces Potential Forced Breakup** The US Federal Trade Commission (FTC) finally faced off with Meta Platforms Inc. in court, accusing the company of illegally monopolizing the social media market after acquiring Instagram and WhatsApp over a decade ago, and thus requiring a breakup. The long-anticipated case began on Monday in Washington under Chief Judge James Boasberg. FTC lawyers cited the US's long-standing tradition of advocating for competitive markets in their opening statements, with lead trial lawyer Daniel Matheson accusing Meta of violating this principle. If the FTC wins and Instagram and WhatsApp are forcibly divested, years of integration of these apps would be undone, impacting two of the world's most popular digital consumer products and potentially wiping out hundreds of billions of dollars in Meta's market value. This would also raise serious questions about how the government evaluates and approves corporate mergers. The trial is expected to last about two months, with Meta CEO Zuckerberg and former executive Sheryl Sandberg expected to testify as early as this week. Meta argued on the first day of the trial that it faces fierce competition from multiple service providers, especially as social media increasingly shifts toward entertainment rather than just connecting with friends and family, and that it has brought significant benefits to users.