Nasdaq leads futures gains amid new tariff pivot, Apple jumps 6%

Technology stocks have rebounded and given Nasdaq futures a near 2% increase as of 5am ET Monday.

The rebound, which has also boosted the S&P 500 and Dow Jones by around 1%, follows a further adjustment to President Trump’s tariffs which exempts certain technology products from tariffs. Smartphones and laptops are key elements to this and helped Apple’s stock jump around 6.4% in pre-market trading with Nvidia up 2.9% and Webull Corporation soaring 141%.

Apple was heavily wounded by the tariffs imposed on Chinese imports into the US and also harmed by retaliatory tariffs from China, a big market for the firm’s products. Some estimates put the likely price of a new iPhone with all tariffs in place at around $1500, almost 50% more than its current price tag.

The reprieve for Apple and other tech stocks – remember current US trade policy is transient – may be short lived depending on the final decision on tariffs, which may be lower than for some other goods but higher than what was in place before ‘liberation day’.

Meanwhile, investors are seeking havens and are getting creative as traditional options such as gold continue to gain. Goldman Sachs sees potential for bullion at $4000 by mid-2026 following a 6.6% surge last week.

“Recent flows have surprised to the upside, likely reflecting renewed investor demand in hedging against recession risk and declines in risk asset prices,” Goldman analysts opined. Their recession risk bet is 45% which could fuel demand for gold ETFs and push prices near $3880 by the end of 2025.

While gold is a traditional safe place for investors, others are less so. With concern around US Treasuries and the dollar, the euro is gaining as the greenback struggles. A Bloomberg gauge of the spread between call and put options is below zero for the first time in five years, indicating greater demand for put options than calls as traders anticipate a weaker dollar.