Markets Rise Amid Tariff Uncertainty: Oil, Gold, and Tech Stocks in Focus

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Index Update

US stock futures rose about 1% on Monday as investors weighed the impact of the Trump administration’s evolving trade policy. While the administration paused tariffs on computers and electronics, President Trump indicated that new sector-specific tariffs on computers and semiconductors are forthcoming. Despite ongoing uncertainty, hopes for softer levies boosted stocks tied to Chinese supply chains, with Apple, Tesla, and Nvidia futures climbing. Goldman Sachs futures also gained following strong earnings results.

Market Movers

On Friday, the top gainers were  CeriBell, Inc (+16.32%), followed by Zai Lab Limited (+14.72%). On the contrary Texas Instruments Incorporated (-8.08%) and KANZHUN LIMITED (-4.89%) declined the most the same day.

Commodities Update

WTI and Brent crude oil rose 1% on Monday to $62.2 and $65.5, supported by US tariff exemptions on some Chinese tech goods and a 5% rise in China’s March crude imports, mainly from Iran and Russia. However, prices remain under pressure due to US-China trade tensions and slowing global demand. Goldman Sachs cut its 2025–2026 oil forecasts, citing weaker demand, while US-Iran talks may ease supply concerns.

Gold fell to $3,220 per ounce, down from a record $3,245, as trade tensions eased following US tariff exemptions on key electronics. Uncertainty remains with possible new levies on semiconductors. Gold's earlier surge was driven by safe-haven demand amid escalating tariffs. Markets now await Fed Chair Powell’s speech for rate cut signals.

Macro Update

President Trump clarified that the temporary exemption of electronics like phones and computers from steep tariffs is only a procedural pause before imposing targeted sector-specific levies. He stated that the products are being shifted to a different tariff category, with chips and the broader electronics supply chain still under review. While the delay offers companies time to respond, U.S. officials reaffirmed the move as transitional. China welcomed the exemption as a minor positive step but called for full tariff removal and renewed dialogue.

Futures Update

U.S. stock futures rose Monday as investors welcomed the exclusion of electronics from Trump’s China tariffs, despite his warning of more sector-specific levies ahead. By early morning, Dow futures were up 385 points (1%), S&P 500 futures rose 1.3%, and Nasdaq 100 futures gained 1.5%. The gains followed a volatile week marked by shifting tariff announcements and a bond market sell-off that raised concerns about the safety of U.S. Treasuries.

Major index futures were positive as banks posted strong earnings, accompanied by cautious and protective measures. The March Producer Price Index dropped more than anticipated. The S&P 500 index jumped by 95.29 points (1.81%), closing at 5,363.35. The index encountered support at crucial levels and continues on an upward path, indicating the possibility of short-term gains, with support around 5,268 and resistance at 5,527. Furthermore, the 14-period RSI has bounced back from oversold conditions and could continue to rise in the near future.