Dow jumps 300 points as U.S. tariff exemptions boost tech stocks: Live updates

Crypto investment funds saw their third week in a row of outflows as the tariff tumult continued to weigh on sentiment in crypto.

Outflows for last week totaled $795 million, nearly wiping out year-to-date inflows, which now stand at $165 million, according to CoinShares.

CoinShares’ James Butterfill noted that the late-week price rebound helped lift total assets under management from their lowest point on April 8 (also their lowest since November) to $130 billion. That marks an 8% increase from Trump’s “temporary reversal of the economically calamitous tariffs,” he said.

Bitcoin funds – led by BlackRock’s IBIT and Grayscale’s GBTC – accounted for most of the outflows at $751 million for the week, followed by $38 million in outflows of ether funds. However, as some pointed out in highlighting bitcoin’s resilience through the tariff-driven market chaos, year-to-date inflows for bitcoin ETFs remain positive at $545 million.

— Tanaya Macheel

Pfizer‘s decision to scrap development of its weight loss pill danuglipron is stoking speculation that the pharmaceutical giant will now look to acquisitions as a way to enter the lucrative GLP-1 market.

“The question now is: if PFE is still committed to obesity, what will it go out and acquire to stay in the game?” Citi’s health-care trading desk said in a note to clients.

Ahead of the market’s open, Pfizer shares are essentially flat, while stock in Viking Therapeutics is soaring more than 20%.

Citi sees Viking as a likely candidate, but wouldn’t be surprised if other companies in the space trade higher as well. Viking has both oral and subcutaneous GLP-1 drug candidates that have advanced beyond early-stage clinical trials.

Clinical stage biopharma company Structure Therapeutics was up nearly 15%, while Terns Pharmaceuticals and Altimmune both rose about 7%.

—Christina Cheddar Berk

Stocks kicked off Monday’s session in the green.

The Dow jumped 480 points, or 1.2%, shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite climbed 1.8% and 2.3%, respectively.

— Alex Harring

Former Treasury Secretary Janet Yellen said Monday that President Donald Trump’s tariffs have escalated the risks of a recession.

“Recession probabilities have gone way up,” Yellen told CNBC during a “Squawk Box” interview. “I wouldn’t want to go so far as to forecast a recession, but look, estimates suggest that the impact … if they stay where they are on consumers could be in the region of $4,000, and that is a big hit to household income that can lead to less consumer spending on a wide range of goods.”

In addition, she said businesses will be reluctant to spend amid the uncertainty over the levies, risking a “significant recession.”

Nevertheless, Yellen said she thinks the Federal Reserve, where she served as chair prior to her stint at Treasury, will be “reluctant” to cut interest rates given inflation risks from the tariffs.

—Jeff Cox

Check out the companies making headlines before the bell:

• Goldman Sachs — The investment bank gained nearly 2% after reporting a top- and bottom-line beat in the first quarter. Goldman Sachs posted earnings of $14.12 per share while analysts had called for $12.35, according to LSEG. Revenue of $15.06 billion also beat consensus expectations for $14.81 billion. 
• Pfizer — Shares were down slightly in the premarket after the company said it would halt development of its daily weight loss pill. This comes after a patient experienced a liver injury possibly caused by the drug during a trial.
• Apple — The iPhone maker popped more than 5% Monday morning after President Donald Trump announced smartphones, among other electronics, would be exempt from reciprocal tariffs, at least temporarily.

The full list can be found here.

— Hakyung Kim

Goldman Sachs shares popped nearly 3% in Monday’s premarket after first-quarter earnings topped expectations.

The bank earned $14.12 per share on $15.06 billion in revenue. Analysts polled by LSEG forecasted $12.35 earned per share and $14.81 billion in revenue.

Goldman shares have tumbled more than 13% in 2025.

— Alex Harring, Hugh Son

Pfizer shares were down more than 1% in the premarket after the company said it would halt development of its daily weight loss pill. This comes after a patient experienced a liver injury possibly caused by the drug during a trial.

“While we are disappointed to discontinue the development of danuglipron, we remain committed to evaluating and advancing promising programs in an effort to bring innovative new medicines to patients,” Dr. Chris Boshoff, Pfizer’s chief scientific officer, said in the release.

— Fred Imbert, Annika Kim Constantino

Asia-Pacific markets climbed Monday as U.S. President Donald Trump paused tariffs on some consumer electronics, boosting risk sentiment.

Hong Kong stocks led gains in the region, with the Hang Seng Index ending the day 2.4% higher at 21,417.40 to and Hang Seng Tech Index moving up 2.34% to 5,015.12.

Mainland China’s CSI 300 rose 0.23% to close at 3,759.14.

Japan’s benchmark Nikkei 225 ended the day 1.18% higher at 33,982.36, while the broader Topix index rose 0.88% to 2,488.51.

In South Korea, the Kospi index added 0.95% to close at 2,455.89, while the small-cap Kosdaq advanced 1.92% to 708.98.

Meanwhile, Australia’s S&P/ASX 200 increased 1.34% to close at 7,748.60.

Indian markets were closed for a public holiday.

— Amala Balakrishner

While the Trump administration’s move to exempt smartphones, computers and semiconductors, among other electronic devices and components, from “reciprocal” tariffs may have been a win for Big Tech, the market could still be facing “mass uncertainty” around the president’s tariff policy, says Wedbush analyst Dan Ives.

“The White House made the right move in our view as tech leaders and the overall tech industry knew that if these tariffs went into effect it would essentially be a shut off valve for getting products to the US consumers,” Ives wrote in a note dated Sunday.

“[B]ut still there is mass uncertainty, chaos, and confusion about the next steps ahead with all focus on China tariff negotiations being front and center and any progress on this game of high stakes poker between Beijing and DC being crucial to the markets and the economy this week,” he continued.

— Sean Conlon

Daniel Ives, Wedbush Securities

Scott Mlyn | CNBC

Dan Ives, global head of technology research at Wedbush Securities, called the tariff exemptions “the dream scenario for tech investors.”

“Smartphones, chips being excluded is a game changer scenario when it comes to China tariffs,” Ives told CNBC on Saturday.

He said that “no sector was going to be more hurt than big tech” from Trump’s reciprocal tariffs.

“I think ultimately big tech CEOs spoke loudly, and the White House had to understand and listen to the situation that this would have been Armageddon for big tech if were implemented,” Ives said.

— Erin Doherty, Hakyung Kim

Stocks are coming off a positive week despite their wild ride amid the Trump administration’s tariff developments.

• The S&P 500 gained 5.70%, its best weekly performance since Nov. 3, 2023, when it gained 5.85%, and first positive week in three.
• The Dow Jones Industrial Average jumped 4.95%, its best weekly performance since Nov. 3, 2023, when it gained 5.07%.
• The Nasdaq Composite rose 7.29%, its best weekly performance since Nov. 11, 2022, when it gained 8.10%, and first positive week in three.
• The Russell 2000 advanced 1.82%, its best weekly performance since Jan. 17, 2025, when it gained 3.96%, and first positive week in three.

— Sean Conlon, Christopher Hayes

Stock futures opened in the green on Sunday evening.

Shortly after 6 p.m. ET, S&P 500 futures traded up 0.9%, and Nasdaq-100 futures advanced more than 1%. Futures tied to the Dow Jones Industrial Average gained 251 points, or 0.6%.

— Sean Conlon