US stocks continued to participate in last trading hours on Monday as optimism grew that the Trump administration could adopt a more targeted approach to tariffs and alleviate concerns about a full-scale trade war.
Tech stocks led the earnings, with Nvidia and AMD above 3% and 7% respectively, while Tesla surged 10% after a few weeks of decline.
The report stated that the administration could rule out certain sector-specific tariffs from the April 2 development, but authorities warned that a final decision has not yet been made.
Investors have been shaken up in recent weeks by fear of a recession and weak consumer sentiment, and have responded positively to potential changes in policy.
On the data side, preliminary PMI showed unexpectedly strong growth in the services sector, but manufacturing saw an unexpected decline and accompanied by a sharp increase in input costs due to tariffs.
